A real binge

Something odd is happening in the world of US real estate investment trusts (Reits). A bunch of them have flogged record amounts of debt that can be converted into stock. They normally can’t issue these convertible bonds. But the housing market’s woes have actually made these securities more attractive to investors. And a bit of demand may be coming from those betting against the real estate market. Over the past six months, US Reits issued $14.5bn worth of convertible bonds, according to Dealo...