Analyzing Convertible Bonds

Michael Brennan and Eduardo S. Schwartz

Journal of Financial and Quantitative Analysis, 1980, vol. 15, issue 4, 907-929

Abstract: The convertible bond is a hybrid security which, while retaining most of the characteristics of straight debt, offers, in addition, the upside potential associated with theunderlying common stock. As a quid pro quo for the upside potential the convertible bond is typically subordinated to other corporate debt and carries a lower coupon rate than would an otherwise equivalent straight bond.

Date: 1980
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