Struggling companies desperate for cash during the coronavirus crisis are raising money in a way that has not been this widely used since the 2008 recession: selling bonds that can convert into stocks.

Nearly 60% of all money raised in equity capital markets in April through 28 April —totalling more than $12.5bn —has been through convertible bond sales, according to Dealogic. That is the highest percentage since early 2008, and bankers say they expect to see many more convertible deals in the coming weeks.