[AI Boom Drives Global Convertible Bond Issuance to $147 Billion, Some Bonds with Near-Zero Coupons] According to Bloomberg, global convertible bond issuance has reached $147 billion so far this year, up more than 50% compared to the same period last year and surpassing the full-year record set in 2021. The AI-related financing boom has led investors to accept weaker protective terms, with some bonds offering near-zero coupons. Currently, the average equity sensitivity (Delta) of global convertible bonds is approximately 64%, the highest level since 2021. AI-related companies such as CoreWeave, Lenovo Group, and Nebius have become major issuers; among them, Nebius issued an additional $4.5 billion in convertible bonds last week, following a prior issuance of $9.75 billion. Its bonds maturing in 2030 carry a coupon rate of just 0% to 0.5%.