A lot of firms are doing just that, the street is getting fat again with underwriting commissions, not from IPO, but from converts of all kinds, and they are getting conversion premium too.
Not that Money markets had out flows in the $16 B range or so, but inflow into equities fund was a pale $2 B or so and normal bonds fund in the few hundred millions. Now, the consumer did not "consume" that differential of about $13 B, I think a lot went into reliquifaction of corporate balance sheet via convertible debt.
Zeev
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