Convertible market lost $10.7 billion of value in March, Merrill says

New York, April 1 - The market value of outstanding U.S. convertibles fell $10.7 billion in March to $266.4 billion from $277.1 billion, according to research by Merrill Lynch & Co. analyst Tatyana Hube.

Hube attributed the shrinkage to negative performance and a "lackluster" primary.

Total market value was $289.4 billion at the end of 2004 and $292.8 billion at the end of 2003 although the current figure is still above the $212.0 billion at the end of 2002.

By Merrill's figures, March saw $2.7 billion of new issuance, way below the $8.1 billion removed through redemptions, puts, buybacks and conversions.

Year-to-date net new issuance is now negative $7.2 billion.

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