Driven by the AI boom, global convertible bond issuance has reached $147 billion so far this year, an increase of over 50% compared to the same period last year, and has already surpassed the full-year historical record set in 2021. AI-related companies such as CoreWeave and Nebius Group have flocked to this market, with some newly issued bonds seeing coupons drop to near zero. Investors are actively waiving traditional protective clauses, pushing market risk appetite to its highest level since the pandemic-fueled frenzy of 2021. The average delta, a key metric measuring the equity-like nature of convertible bonds, is currently around 64%, the highest level since 2021.