A financial security that combines the features of two or more distinct securities. An example of combination securities is a convertible bond that, by nature, has the same characteristics of a standard bond and at the same time can be converted into the shares of a company. In effect, a convertible bond can be decomposed into two components: a bond plus a call option. Other examples include convertible debentures, convertible preferreds, hybrid convertibles, equity notes, payment in kind (PIK) bonds, commodity-backed bonds, stock-indexed bonds, LYONs, etc. Typically, each of those securities has a close relationship to another type of instruments or assets.
Finance
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