Crypto and Rates to Drive US Convertible Debt Growth in 2025
Bloomberg 17 December 2024 | Issuance this year is third-highest in more than a decade. Could see up to $90 billion volume in 2025: Citi's Duffield
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Historical high-yeild cash balances
Cash balances held by high-yield mutual funds have continued to decrease, hitting a three year low in the third quarter. Notably, cash balances are now approximately 15% below their long-term average of 3.45%, in large part the result of a significant increase in new-issue volume As shown in the chart from JP Morgan, historically cash balances have tended to peak during periods of market stress and decline in more benign environments.
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International loan activity
New issue activity in the US leveraged loan market is on track to reach an all-time high this year. With a quarter of the year remaining, YTD new issuance has already surpassed every full-year period other than 2017. Issuers have taken advantage of these strong market conditions.
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Distressed bond universe activity
The high yield index posted its fifth consecutive gain in September with CCCs outperforming by the widest margin since December 2019. This rally, coupled with strong new issuance markets has resulted in a steady reduction in the distressed bond universe as highlighted.
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Views from the desk
Time is Money for Creditors in Restructuring
Bloomberg 5 October 2024 | In a restructuring market alert to the dangers of wily debtors, creditors are looking for whatever advantage they can get – including time.
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Convertibles Notch $5 Billion Week as Rate Cuts Appear Distant
Bloomberg 26 February 2024 | A long-awaited wave of convertible bonds made landfall last week, with Global Payments Inc. and Lyft Inc. among the companies tapping investors for relief from the so-called maturity wall at relatively attractive prices.
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2023 EuroHedge Award Nomination – Convertibles & Volatility
The Acasta Global Fund was nominated for the 2023 EuroHedge Award in the “Convertibles & Volatility” category. There are three other nominees for this award.
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Acasta Partners Introduces Inaugural Further Education Scholarship Recipient
18 November 2022 | Acasta Partners, an alternative investment firm, is delighted to introduce the inaugural recipient of the Acasta Partners Further Education Scholarship in partnership with the Eastside Young Leaders’ Academy (EYLA).
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Polygon Convertible Business to Rebrand as Acasta Partners
1 March 2022 | We are pleased to announce the launch of Acasta Partners, the rebranded convertible business of Polygon Global Partners.
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2021 EuroHedge Award Nomination – Convertibles & Volatility
21 January 2022 | The Polygon Convertible Opportunity Fund was nominated for the 2021 EuroHedge Award in the “Convertibles & Volatility” category.
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2020 EuroHedge Award Nomination – Convertibles & Volatility
24 November 2020 | The Polygon Convertible Opportunity Fund was nominated for the 2020 EuroHedge Award in the “Convertibles & Volatility” category. There are four other nominees for this award.
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2019 EuroHedge Award Nomination – Convertibles & Volatility
January 27, 2020 | The Polygon Convertible Opportunity Fund was nominated for the 2019 EuroHedge Award in the “Convertibles & Volatility” category. There are four other nominees for this award.
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2018 HFM European Hedge Fund Performance Award Nomination – Credit – over $500m
April 15, 2019 | The Polygon Convertible Opportunity Fund was nominated for a 2018 HFM European Hedge Fund Performance Award in the Credit - over $500m category, alongside four other nominees.
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2018 HFM European Hedge Fund Performance Award Nomination – Credit long-term performance (5 years) – over $500m
April 15, 2019 | The Polygon Convertible Opportunity Fund was nominated for a 2018 HFM European Hedge Fund Performance Award in the Credit long-term performance (5 years) - over $500m category, alongside five other nominees.
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Polygon nears a decade of unbroken gains with its unique event-driven approach to convertible arbitrage trading | EuroHedge Magazine
The Polygon Convertible Opportunity Fund, founded by veteran convertible bond specialist Mike Humphries, marks its tenth anniversary in May.
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2018 EuroHedge Award Nomination – Convertible & Volatility
January 24, 2019 | The Polygon Convertible Opportunity Fund was nominated for the 2018 EuroHedge Award in the “Convertibles & Volatility” category. There were four other nominees for this award.
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Polygon Convertible Opportunity Fund wins Eurohedge Convertibles & Volatility award for the fifth time
January 28, 2018 | Polygon Global Partners LLP, the London-based investment firm, is pleased to announce that the Polygon Convertible Opportunity Fund has won the 2017 Eurohedge Award in the Convertibles & Volatility category. There were three other nominees for this award.
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Polygon Convertible Opportunity Fund Wins Alt Credit Intelligence US Performance Award 2017
The Polygon Convertible Opportunity Fund won the Convertible arbitrage category at the Alt Credit Intelligence US Performance Awards held in New York on February 15, 2017. The Polygon Distressed Opportunities Fund was also one of eight nominees in the Distressed securities category.
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Polygon Convertible Opportunity Fund wins Eurohedge Convertibles & Volatility award for the fourth time
Polygon Global Partners LLP, the London-based investment firm, is pleased to announce that the Polygon Convertible Opportunity Fund has won the 2016 Eurohedge Award in the Convertibles & Volatility category. There were four other nominees for this award.
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Polygon Wins Manager of the Year and Convertible Fund of the Year
Polygon Global Partners LLP won the 2016 "management firm of the year" award at the Alt Credit Intelligence European Performance Awards held in London on 1 December 2016. The Polygon Convertible Fund also received an award on the evening, being named the convertible fund of the year.
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2015 EuroHedge Award Nomination – Convertible & Volatility category
The Polygon Convertible Opportunity Fund was nominated for a 2015 EuroHedge Award in the Convertibles & Volatility category. There were four other nominees for this award.
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2015 HFMWeek Award Winner – Relative Value
The Polygon Convertible Opportunity Fund won the 2015 HFMWeek Award in the Relative Value category. There were five other nominees for this award.
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2014 EuroHedge Award Nomination – Long Term Performance – Macro, Fixed Income & Relative Value
The Polygon Convertible Opportunity Fund was nominated for a 2014 EuroHedge Award in the Long Term Performance - Macro, Fixed Income & Relative Value category. There were seven other nominees for this award.
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2014 EuroHedge Award Winner – Convertible & Volatility category
The Polygon Convertible Opportunity Fund won the 2014 EuroHedge Award in the Convertible & Volatility category. There were four other nominees for this award.
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2014 HFMWeek Award Nomination – Relative Value category
The Polygon Convertible Opportunity Fund was nominated for a 2014 HFM Week Award in the Relative Value category, alongside four other nominees.
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2014 HFMWeek Award Nomination – Credit over $250m category
The Polygon Convertible Opportunity Fund was nominated for a 2014 HFM Week Award in the Credit Over $250m category, alongside five other nominees.
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2014 HedgePo Investor’s Choice Awards Nominee – Credit Fund Long Term Performance
The Polygon Convertible Opportunity Fund was nominated for a 2013 HedgePo Award in the Credit Fund Long Term Performance Fund of 2013 category, alongside ten other nominees.
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2013 EuroHedge Award Winner – Convertible & Volatility category
The Polygon Convertible Opportunity Fund won the 2013 EuroHedge Award in the Convertible & Volatility category. There were five other nominees for this award.
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2013 EuroHedge Award Nomination – Convertible & Volatility category
The Polygon Convertible Opportunity Fund was also nominated for 2012 EuroHedge Awards in the Convertible & Volatility category. There were six other nominees for this award.
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2013 HFMWeek Award Nomination – Relative Value category
The Polygon Convertible Opportunity Fund was nominated for a 2013 HFMWeek Performance Award in the Relative Value category. There were five other nominees for this award.
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2012 EuroHedge Award Nomination – Convertible & Volatility category
The Polygon Convertible Opportunity Fund was nominated for 2012 EuroHedge Awards in the Convertible & Volatility category. There were six other nominees for this award.
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2011 EuroHedge Award Winner – Convertible, Volatility and Event Driven
The Polygon Convertible Opportunity won the 2011 EuroHedge Award in the Convertible, Volatility and Event-Driven category. There were eight other nominees for this award.
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2011 HFMWeek Award Nomination – Newcomer – Other category
The Polygon Convertible Opportunity Fund was nominated for a 2011 HFMWeek Performance Award in the Newcomer - Other category, alongside five other nominees.
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Approaching Convertibles from a Different Angle – The Hedge Fund Journal
By: The Hedge Fund Journal By Mike Humphries The failure of Lehman Brothers doesn’t conjure up many images of salvation […]
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2010 EuroHedge Award Nomination – Best Smaller Fund category
The Polygon Convertible Opportunity was nominated for a 2010 EuroHedge Award in the Best Smaller Fund category. There were five other nominees for this award.
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Awards
Acasta’s flagship multi-disciplinary strategy has won nine performance awards and has been nominated for 24 awards since its inception in 2009, including five awards and eight nominations from EuroHedge (now known as With Intelligence EuroHedge). *
The With Intelligence EuroHedge Awards are organised by EuroHedge magazine, a publication of With Intelligence. To be considered for an award, funds must submit performance data to the HFM Database and have at least a 12-month track record history. Please see the EuroHedge website for the full details of the awards methodology, available at www.withintelligence.com. Please see each award press release for important information about each award.
2023
Nominee
- EuroHedge
- Convertibles & Volatility
2021
Nominee
- EuroHedge
- Convertibles & Volatility
2020
Nominee
- EuroHedge
- Convertibles & Volatility
2019
Nominee
- EuroHedge
- Convertibles & Volatility
2018
Nominee
- HFMWeek
- Credit Long Term Performance 5 years over $500m
2018
Nominee
- EuroHedge
- Convertibles & Volatility
2018
Nominee
- HFMWeek
- Credit over $500m
2017
Winner
- EuroHedge
- Convertibles & Volatility
2017
Nominee
- EuroHedge
- Long Term Performance: Macro, Fixed Income, and Relative Value
2016
Winner
- EuroHedge
- Convertibles & Volatility
2016
Winner
- Alt Credit Europe
- Convertible Arbitrage
2016
Winner
- Alt Credit US
- Convertible Arbitrage
2016
Nominee
- HFMWeek
- Relative Value
2016
Nominee
- Allocator Investors Choice
- Volatility Fund
2016
Nominee
- HFMWeek
- Credit Long Term Performance 5 years
2016
Nominee
- HFMWeek
- Credit under $500m
2016
Nominee
- HFMWeek
- Event-Driven over $250m
2015
Nominee
- EuroHedge
- Convertibles & Volatility
2014
Winner
- EuroHedge
- Convertibles & Volatility
2014
Winner
- HFMWeek
- Relative Value
2014
Nominee
- EuroHedge
- Long Term Perfornance: Macro, Fixed Income, and Relative Value
2014
Nominee
- HedgePo Investors Choice
- Credit Fund of the Year
2014
Nominee
- HedgePo Investors Choice
- Credit Fund Long Term Performance
2013
Winner
- Hedge Fund Journal Europe 50
- Best Performing Convertible Fund
2013
Winner
- EuroHedge
- Convertibles & Volatility
2013
Nominee
- HFMWeek
- Credit over $250m
2013
Nominee
- HFMWeek
- Relative Value
2013
Nominee
- HedgePo Investors Choice
- Credit Fund, Long Term Performance Award
2012
Nominee
- EuroHedge
- Convertibles & Volatility
2012
Nominee
- HFMWeek
- Relative Value
2011
Winner
- EuroHedge
- Convertibles & Volatility
2011
Nominee
- HFMWeek
- Newcomer Other
2010
Nominee
- EuroHedge
- Smaller Fund
2010
Nominee
- HFMWeek
- Newcomer Other
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