The aim of this research is to provide information and identify the necessary conditions for the development of a Convertible Bond market in Brazil, using as a tool the experience of American corporations and investors in this market. We also aim to better evaluated this financial tool, its risks, advantages and disadvantages, and consequently improve its acceptance among investors, which could then become an important tool in the accumulation of long-term resources as exemplified by the United States of America. The market growth should grant access to a financial instrument suitable for corporations to engage in long-term financing without exclusive dependency on Governmental agencies, or external loans subject to currency exchange volatility. Two Convertible Bonds are presented, CBD`s (Companhia Brasileira de Distribuição), perhaps the only successful Brazilian issue, and Lucent Technologies`, which faced serious problems and where the emission of approximately billion dollars for restructuring was issued with special amendments and a 22- year long term. The following question shall be answered upon completion of this report: Can Convertible Bonds become an efficient financial instrument in the accumulation of long-term resources for Brazilian corporations?