Investment bankers have been busy the last several years shepherding in a wave of financing via IPOs, secondaries, debt refinancing, and now SPACs. Given the lower rate environment, companies have gravitated to convertible bonds as a less expensive way than straight equity to raise capital. Many investors are unfamiliar with the convertible bond asset class but are digging in to learn more about the unique characteristics of an instrument that can offer both offense and defense. Moreover, unlike traditional fixed income instruments, convertible bonds tend to be positively correlated to interest rates, and thus particularly relevant as long rates are beginning to back up.