I have been buying this fund for three months. The stupid convert arb hedge funds were blown out last year. They have been the only buyers of this stuff for almost a decade. I know because my friend works at one. He says that converts got so cheap that when you compared them to plain bonds of the same company and seniority, the options were priced 20-30 vol points less than exchange traded options. In some cases the options were priced at zero!
The converts have rallied a bit since then, but still are crazy cheap.