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What is Busted Convertible?

Definition of Busted Convertible

Related: Fixed income equivalent. Mainly applies to convertible securities. Convertible bond selling essentiallyas a straight bond. Assuming the issuer is "money good," or will continue to meet credit obligations, such issues can be highly attractive since the price makes virtually no allowance for the bond's call on the common stock, when most such issues usually carry premiums.
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