Convertible bonds have elements of both fixed-income and equity markets to them, so they tend to be popular when interest rates are high and equity markets are punk. While many investors haven’t paid attention to the sector for much of the past two decades, Wellesley Asset Management has been working closely with converts since 1991 and is here for the revival.
“We really run convertible bonds to be bonds first, equity second,” said Michael Miller, the firm’s president and chief investment officer. “That's contrary to what a lot of the industry does . . .
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