This article is intended to be brief. It is not intended to deliver a detailed analysis of equity-linked debt but is aimed at corporate treasurers and finance directors who are considering an issue of convertible bonds. Clearly, individual circumstances are of paramount importance in forming a view, and general remarks may not be appropriate in all circumstances. Familiarity with capital markets mechanisms and the basics of convertibles and their benefits are assumed. The intention is to raise some valid concerns which should not be overlooked.