Overview
Overview
Our bottom-up fundamental research is designed to find attractive converts that balance debt and equity with the features a bond structure offers.
Convertibles Team
Convertibles Team
Our team began working together in 1999 and has employed a disciplined valuation process throughout our tenure.
“Our years of experience have taught us to adhere to our repeatable, disciplined investment process such that we strive to capture the favorable risk/reward potential uniquely offered by converts.”— Edward Silverstein, Team Head
Insights
Insights
FEATURED INSIGHTS
Convertibles 4Q25 Outlook
The U.S. convertible market posted strong year-to-date gains, supported by robust issuance and sector strength in AI and technology. With valuations elevated, we remain selective and focused on fundamentals.
Convertibles 3Q25 Outlook
Convertible bonds continue to demonstrate their asymmetric return potential, offering equity-like upside with downside resilience amid a strong issuance environment and disciplined positioning.
Convertibles 2Q25 Outlook
Read below to see the U.S. convertible market's 1Q performance and strategic issuance, and expectations for 2Q 2025.
Convertibles 4Q23 Outlook
Look ahead on convertible bonds to see what sets this asset class apart from traditional straight bonds.
MacKay Shields Convertibles Market Update – August 2023
Edward Silverstein, Head of Convertibles at MacKay Shields shares his observations of the Convertibles market for August 2023.
Convertibles Mid-Year-Outlook
Look ahead on convertible bonds to see what sets this asset class apart from traditional straight bonds.
Downside Mitigation and Upside Exposure
Edward Silverstein delves into the historical volatility and performance of convertible bonds and presents a compelling case towards risk-averse investors.
Issuance, Interest Rates, and Investment Process
Edward Silverstein, Head of Convertibles, gives his outlook on convertibles as an asset class in 2023, their investment process, and more.
Convertibles 2022 Mid-year Outlook
As the rate differential rises between convertibles and straight bonds the quality of companies issuing converts will likely improve.
Low Delta Convertible Opportunities
Seeking to reduce interest rate and inflation risk? We see opportunities in the low delta part of the convertibles space.
Convertibles: Why Now?
At 2% of the US investment-grade market and 15% of the US high yield market, US convertibles are often overlooked by investors.
Convertibles Team - 2022 Outlook
Convertibles Team - 2022 Outlook