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Because everything equity-linked is under ECM.
Would you say it's fair to say that convertibles is 80% fixed income, and 20% equities related?
I would guess that companies that issue convertibles want equity credit and are hoping for the issuance not to be treated fully as debt by the ratings agencies o runder GAAP/IFRS.
The optionality is the most important part of the instrument and is obviously equity linked, hence it's handled by ECM. Convertible arb is a big part of the game and converts don't even get rated so they're much more aligned with equity than debt.
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