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What are convertibles?

As with other bonds convertibles typically pay coupons and carry the promise of cash redemption at maturity. A convertible differs from straight debt in that the holder has the right to exchange the bond, usually at any time, for a certain number of the issuing company's ordinary shares, without any extra payment.

Call features are commonplace in European convertibles. They typically permit the issuer to issue a call notice if the company's share price reaches some

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