Nokia Corporation (NYSE:NOK) plans to issue convertible bonds to raise €750 million, or approximately $989 million, to strengthen its diminishing cash position, as the company tries to increase its competitiveness in the smartphone market and eventually emerge from its existing financial condition. The Finnish mobile phone manufacturer ended the third quarter with € 3.6 billion net cash. During the third quarter, its nets sales were down by 4 percent and posted an EPS loss of € 0.7. Although Nokia reported negative earnings, analysts believed that the company's third quarter financial performance is better than expected. Analysts are still uncertain and advised investors to " wait and see ", particularly regarding the competitiveness of its latest smartphones- the Lumia 920, Lumia 820, and Asha. It is imperative for Nokia Corporation (NYSE:NOK) to make strategic moves to gain investor confidence for its recovery. The credit rating agencies downgraded its status to junk.