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Finance Dictionary and Glossary of Investment Terms
The estimated price a convertible security would sell for on the open market if it lacked convertibility. also called straight value.
Applies mainly to dealer securities. Fixed income value of a convertible, the price at which the convert would have to sell as a straight debt instrument relative to the yield of other bonds of like maturity, or size, and quality; represents a presumed floor to the bond, assuming the continued creditworthiness of the issuer and the general level of interest rates. Bond value. See: conversion value.