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Executive Summary

This report provides detailed information from U.S.-based investors investing in Convertibles, including helpful benchmark data such as:

● Long market value
● Trading volume
● Leverage ratio
● Investment style
 

Graphic slides include:

  • Primary Investment Strategy for U.S. Convertible Investors
  • Capital Flows for Convertible Portfolios Over the Past 6 Months
  • Expected Impact of Rising Interest Rates on Convertibles Investing
  • Total U.S. Convertible Trading Volume for All Institutions on Greenwich Associates Universe
  • Average Proportion of U.S. Convertible Trading Volume on Investment Grade Convertibles
  • Change of Liquidity in Convertible Trading Over the Past Year
  • Changes in Investor Trading Behavior in Response to Lower Liquidity
  • Requirement for Broker Capital Commitment in U.S. Convertible Trading
  • Use of Multi-Dealer Platforms for Convertible Trading
  • Important Considerations in Allocating Convertible Business
  • Payment for Convertible Research, Investment Ideas, Data or Analytics
  • Investor Interest in Convertible Research Services
  • Number of Brokers Used for U.S. Convertibles
  • Concentration of Convertible Business
  • Investment in Synthetic Convertibles – Outright Investors
  • Convertible Asset Allocation by Region
Methodology

Research is based on in-person and telephone interviews with 104 respondents between April and June, 2015. The data in this report is based upon aggregated results from individuals participating in the study.

Buy-side institutional investors were asked to provide quantitative and qualitative evaluations of the broker-dealers they use as well as detailed information on important market trends.