Global convertible bond issuance reached $147 billion so far this year, up more than 50% from a year earlier and already above the full-year record set in 2021. Strong demand for AI-linked financing has led investors to accept weaker protections, while coupon rates on some deals have fallen close to zero. The average delta of global convertibles now stands at about 64%, near the highest level since 2021. AI-related issuers including CoreWeave, Lenovo Group and Nebius have been among the most active. Nebius added a $4.5 billion convertible bond sale last week after previously issuing $9.75 billion, with its 2030 notes carrying coupons of just 0% to 0.5%.