On the level



Starting in 2000—while investors were still sitting pretty in the speculative bubble—convertible debt securities began to gain a foothold in the fixed-income market. The asset class appealed to issuers and investors alike: the former were drawn to favorable financing costs while the latter could look forward to a debt investment with the potential for equity appreciation. Convertible supply nearly set a record last year, with $97 billion flowing into the market, making up 7% of all US corporate