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Finance Dictionary and Glossary of Investment Terms
fixed income equivalent
Definition 1.
A convertible security for which the market price of the common stock is so low that the convertible feature is nearly worthless, and the security trades almost as if it were a fixed income investment. also called busted convertible.
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Definition 2.
Also called a busted convertible. Convertible security that is trading like a straight security because the optioned common stock is trading well below the conversion price.
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