Global convertible bond issuance has reached $147 billion this year, up more than 50% from the same period last year and already exceeding the full-year record set in 2021. The AI financing boom has helped issuers secure funding with weaker investor protections, and some bonds carry coupons close to zero. Average equity sensitivity, or Delta, for global convertible bonds is about 64%, near its highest level since 2021. AI-related companies including CoreWeave, Lenovo Group and Nebius have been among the main issuers. Nebius added $4.5 billion of convertible bonds last week, following $9.75 billion issued previously; its bonds maturing in 2030 carry coupons of just 0% to 0.5%.