Another day, another wave of paper hitting the market. $NBIS just announced $4.5B in converts today.
The issuance machine isn't slowing down. Every time you think we've reached peak supply, another multi-billion print lands. This is the environment we're in — companies tapping markets while they're still open and rates haven't fully reset.
Watch how the street digests this. Converts can be structural support or an overhang depending on how arbs position. If vol stays bid and delta hedging flows turn negative, that's when things get interesting on the downside.
Position accordingly. This isn't a one-off.
The issuance machine isn't slowing down. Every time you think we've reached peak supply, another multi-billion print lands. This is the environment we're in — companies tapping markets while they're still open and rates haven't fully reset.
Watch how the street digests this. Converts can be structural support or an overhang depending on how arbs position. If vol stays bid and delta hedging flows turn negative, that's when things get interesting on the downside.
Position accordingly. This isn't a one-off.