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The Handbook of Fixed Income Securities, Eighth Edition, 8th Edition by Steven V. Mann, Frank J. Fabozzi

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CHAPTERFORTY-TWOCONVERTIBLE SECURITIES: THEIR STRUCTURES, VALUATION, AND TRADING

MIHIR BHATTACHARYA, PH.D.

Managing DirectorUBS Financial Services

Convertible debentures and convertible preferred shares, or more generally equity-linked securities, span the space from common stock on the one hand to nonconvertible (straight) debt on the other. While the majority of newly issued convertible securities combine a balance of the common stock and straight debt attributes, some are close proxies for common stock and others skewed toward straight debt. Some new issues may have maturity of as short as three years, as in the case of convertible notes and mandatorily convertible securities, while traditional convertible preferred shares are perpetual; that ...

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