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시장보고서
상품코드
2078722
전환사채 시장 : 시장 규모, 점유율 및 성장 분석 - 유형별, 발행체 업종별, 전환 조건별, 만기별, 지역별 업계 예측(2026-2033년)Convertible Bond Market Size, Share, and Growth Analysis, By Type (Vanilla Convertible Bonds, Exchangeable Bonds), By Issuer Industry (Technology, Healthcare), By Conversion Feature, By Maturity, By Region - Industry Forecast 2026-2033 |
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세계의 전환사채 시장 규모는 2024년에 5,525억 2,000만 달러로 평가되었고, 2025년 5,797억 달러에서 2033년까지 8,528억 5,000만 달러로 확대될 전망이며, 예측 기간(2026-2033년) CAGR 4.92%로 성장할 전망입니다.
전환사채는 부채와 주식의 요소를 모두 갖추고 있어, 투자자는 보유한 채권을 주식으로 전환할 수 있습니다. 오랜 세월 동안 전환사채는 틈새 상품에서 수십억 달러 규모 시장으로 발전했으며, 위험 회피 성향이 강한 투자자나 재무 부담 경감을 목표로 하는 기업들에게 매력적인 투자 수단이 되고 있습니다. 현재의 저금리 환경이 이러한 성장을 뒷받침하고 있어, 기업들은 쿠폰 금리를 낮추면서도 투자자들에게 잠재적 수익을 제공할 수 있는 채권을 발행할 수 있게 되었습니다. 이러한 추세는 주식 특유의 변동성 없이 주식과 유사한 수익률을 추구하는 기관 투자자들을 끌어들이고 있는 최근 주목할 만한 발행 사례에서 여실히 드러나고 있습니다. 또한, 지원적인 규제 체계 덕분에 은행들은 고정 수익 포트폴리오의 일부를 전환사채에 배정하게 되었으며, 이는 시장의 유동성을 높이고 스프레드를 축소시켜, 결과적으로 이 부문의 매력을 한층 더 공고히 하고 있습니다.
세계 전환사채 시장의 원동력
세계 전환사채 시장의 주요 성장 동인은 위험과 수익의 균형이 잘 잡힌 유연한 투자 기회에 대한 수요가 증가하고 있다는 점입니다. 투자자들이 변동성이 심한 주식 시장을 헤쳐 나가려는 가운데, 전환사채는 독자적인 하이브리드형 해결책을 제시하여, 주가 상승 여력에서 이익을 얻는 동시에 고정 수익 상품의 특성을 통해 하락 위험에 대한 보호 기능도 제공합니다. 이러한 매력은 기존의 고정 수익 증권이 제한적인 수익률밖에 제공하지 못하는 저금리 환경에서 더욱 부각되고 있습니다. 또한, 특히 신흥 부문에서 자금 조달을 목적으로 한 기업의 발행 동향이 증가하고 있는 점도, 기업의 성장 잠재력을 활용하는 수단으로서 전환사채에 대한 투자자들의 관심을 높이고 있습니다.
세계 전환사채 시장의 제약
세계 전환사채 시장에서 중요한 시장 성장 억제요인 중 하나는 금리 상승 가능성입니다. 금리가 상승하면 투자자들이 더 높은 수익률을 제공하는 고정금리 증권을 선호하게 될 가능성이 있으므로, 전환사채의 매력에 부정적인 영향을 미칠 우려가 있습니다. 또한, 금리 상승은 기업의 차입 비용 증가로 이어져, 그 결과 기업이 전환사채를 발행하려는 의욕을 저하시킬 가능성이 있습니다. 이러한 투자자 심리와 기업의 자금 조달 전략의 변화는 전환사채에 대한 수요를 감소시켜, 결과적으로 시장의 성장을 제한하고 이 부문의 전반적인 투자 활동을 저해할 우려가 있습니다.
세계 전환사채 시장 동향
세계 전환사채 시장에서는 ESG(환경·사회·지배구조) 중심의 투자로의 전환이 점점 더 두드러지고 있으며, 이는 지속 가능하고 사회적 책임을 다하는 금융상품에 대한 투자자들의 폭넓은 선호를 반영하고 있습니다. 이러한 시장 동향은 안전성과 지속 가능한 노력을 기울이는 기업과의 협력이라는 두 가지 이점을 모두 제공하는 '일석이조의 금융상품'으로서 전환사채의 매력을 부각시키고 있습니다. 발행사는 지속가능성 연계형 전환 가격이나 그린 이니셔티브에 대한 지정 배분과 같은 ESG 요소를 적극적으로 도입하여, 재무적 유연성을 유지하면서 발행 상품 시장성을 높이고 있습니다. 이러한 추세가 지속적으로 발전하는 가운데, 전환사채는 책임 있는 자금 조달의 매력적인 수단으로 부상하고 있으며, 수익과 사회적 영향력을 모두 추구하는 환경 의식이 높은 투자자들을 끌어모으고 있습니다.
자주 묻는 질문
목차
서론
조사 방법
주요 요약
시장 역학 및 전망
주요 시장 인사이트
세계의 전환사채 시장 규모 : 유형별
세계의 전환사채 시장 규모 : 발행체 업종별
세계의 전환사채 시장 규모 : 전환 조항별
세계의 전환사채 시장 규모 : 만기별
세계의 전환사채 시장 규모 : 지역별
경쟁 정보
주요 기업 개요
결론 및 제안
AJY 26.07.13Global Convertible Bond Market size was valued at USD 552.52 Billion in 2024 and is poised to grow from USD 579.7 Billion in 2025 to USD 852.85 Billion by 2033, growing at a CAGR of 4.92% during the forecast period (2026-2033).
Convertible bonds combine debt and equity, enabling investors to convert their holdings into shares. Over the years, they have evolved from a niche offering to a multi-billion-dollar market, appealing to risk-averse investors and companies aiming to ease financial burdens. The current low-interest rate landscape has catalyzed this growth, allowing firms to issue bonds with diminished coupon rates while still providing potential returns to investors. This trend is exemplified by recent high-profile issuances, attracting institutional investors seeking equity-like returns without the typical volatility of stocks. Additionally, a supportive regulatory framework has prompted banks to allocate portions of their fixed-income portfolios to convertible bonds, enhancing market liquidity and reducing spreads, thereby further solidifying the segment's attractiveness.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Convertible Bond market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Convertible Bond Market Segments Analysis
Global convertible bond market is segmented by type, issuer industry, conversion feature, maturity and region. Based on type, the market is segmented into Vanilla Convertible Bonds, Exchangeable Bonds and Mandatory Convertibles. Based on issuer industry, the market is segmented into Technology, Healthcare, Consumer Discretionary and Financial Services. Based on conversion feature, the market is segmented into Fixed Conversion Price and Variable Conversion. Based on maturity, the market is segmented into Short-Term (<5 years), Medium-Term (5-10 years) and Long-Term (>10 years). Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Driver of the Global Convertible Bond Market
A key market driver for the global convertible bond market is the increasing demand for flexible investment opportunities that balance risk and return. As investors seek to navigate volatile equity markets, convertible bonds offer a unique hybrid solution, allowing them to benefit from potential equity upside while providing downside protection through fixed income features. This appeal is further enhanced by the low interest rate environment, where traditional fixed income securities offer limited returns. Additionally, the growing trend of corporate issuances for financing purposes, particularly in emerging sectors, is fueling investor interest in convertible bonds as a means to capitalize on corporate growth potential.
Restraints in the Global Convertible Bond Market
One significant market restraint for the global convertible bond market is the potential for rising interest rates. An increase in interest rates can negatively impact the attractiveness of convertible bonds, as investors may prefer fixed-income securities that offer higher yields. Additionally, higher interest rates can also lead to increased borrowing costs for corporations, potentially making them less inclined to issue convertible bonds. This shift in investor sentiment and corporate financing strategies can reduce demand for convertible securities, thereby limiting market growth and hindering overall investment activity within the sector.
Market Trends of the Global Convertible Bond Market
The Global Convertible Bond market is increasingly witnessing a shift toward ESG-driven investments, reflecting a broader investor preference for sustainable and socially responsible financial products. This market trend highlights the appeal of convertible bonds as dual-purpose instruments that offer both safety and engagement with companies committed to sustainable practices. Issuers are actively integrating ESG elements, such as sustainability-linked conversion prices and designated allocations for green initiatives, enhancing the marketability of their offerings while preserving financial flexibility. As this trend continues to evolve, convertible bonds are emerging as a compelling avenue for responsible funding, attracting environmentally conscious investors seeking both returns and impact.
Table of Contents
Introduction
- Objectives of the Study
- Market Definition & Scope
Research Methodology
- Research Process
- Secondary & Primary Data Methods
- Market Size Estimation Methods
Executive Summary
- Global Market Outlook
- Key Market Highlights
- Segmental Overview
- Competition Overview
Market Dynamics & Outlook
- Macro-Economic Indicators
- Drivers & Opportunities
- Restraints & Challenges
- Supply Side Trends
- Demand Side Trends
- Porters Analysis & Impact
- Competitive Rivalry
- Threat of Substitute
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers
Key Market Insights
- Key Success Factors
- Market Impacting Factors
- Top Investment Pockets
- Ecosystem Mapping
- Market Attractiveness Index 2025
- PESTEL Analysis
- Regulatory Landscape
Global Convertible Bond Market Size by Type & CAGR (2026-2033)
- Market Overview
- Vanilla Convertible Bonds
- Exchangeable Bonds
- Mandatory Convertibles
Global Convertible Bond Market Size by Issuer Industry & CAGR (2026-2033)
- Market Overview
- Technology
- Healthcare
- Consumer Discretionary
- Financial Services
Global Convertible Bond Market Size by Conversion Feature & CAGR (2026-2033)
- Market Overview
- Fixed Conversion Price
- Variable Conversion
Global Convertible Bond Market Size by Maturity & CAGR (2026-2033)
- Market Overview
- Short-Term (<5 years)
- Medium-Term (5-10 years)
- Long-Term (>10 years)
Global Convertible Bond Market Size & CAGR (2026-2033)
- North America (Type, Issuer Industry, Conversion Feature, Maturity)
- US
- Canada
- Europe (Type, Issuer Industry, Conversion Feature, Maturity)
- Germany
- Spain
- France
- UK
- Italy
- Rest of Europe
- Asia Pacific (Type, Issuer Industry, Conversion Feature, Maturity)
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America (Type, Issuer Industry, Conversion Feature, Maturity)
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa (Type, Issuer Industry, Conversion Feature, Maturity)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Competitive Intelligence
- Top 5 Player Comparison
- Market Positioning of Key Players, 2025
- Strategies Adopted by Key Market Players
- Recent Developments in the Market
- Company Market Share Analysis, 2025
- Company Profiles of All Key Players
- Company Details
- Product Portfolio Analysis
- Company's Segmental Share Analysis
- Revenue Y-O-Y Comparison (2023-2025)
Key Company Profiles
- Goldman Sachs
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- JPMorgan Chase
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Morgan Stanley
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Bank of America Merrill Lynch
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Deutsche Bank
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Citigroup
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- UBS Group
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Credit Suisse (UBS)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Barclays Capital
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- BNP Paribas
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- HSBC Holdings
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Societe Generale
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Nomura Holdings
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Jefferies Financial
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Piper Sandler
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Cowen Inc.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Wells Fargo Securities
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- RBC Capital Markets
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- TD Securities
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Lazard Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
