Among the winners from the recent retail-driven frenzy in U.S. stocks are investors in the niche market of convertible debt, capping a year of gains for the securities and potentially drawing new interest, according to a Reuters analysis. While buyout firm Silver Lake capitalized on a surge in AMC Entertainment, one of the stocks at the epicenter of the retail frenzy linked to a convertible bond, others have also seen their bonds gain. Those holding convertible notes — which allow investors to convert the debt to equity when a company’s shares hit a set price — in Ligand Pharmaceuticals have seen prices rise 10% since Jan. 25. Over the same period, the American Airlines convertible note rose to a record high, as did that of First Majestic Silver, last up 9% and 14% respectively. All three stocks were pushed higher in the retail buying rush.
