RE:RE:RE:RE:RE:RE:Time to force conversion of the convertible debentureConvert investors often short the underlying stock as they have an embedded option to buy the stock. Often they will lock in a short position against the long option they have to ensure a certain return. They can trade around the option by shorting it, unwinding the short and shorting again.
That is why these convertible debentures are in demand. The interest rate is cheap but it allows the investors to get a 5 year stock option on the equity, and they likely to get all their capital back if the shares underperform.
How many shorts are there as a result of the convert is hard to say. If you look at the short interest it jumped by 7 million shares between the dates when the convert was enterested into. It went from 7.8 M shares on March 4, 2021 to 14.2 M shares on March 18, 2021. It now sits at 26.6 M shares.