An asset swap which has a callable convertible bond as underlying. The underlying convertible bond is associated with a credit call, i.e., it will be called by the issuer when the credit spread tightens. Convertible bonds can be conditionally callable (subject to a trigger stipulated in the agreement) and unconditionally callable (the issuer will be at liberty to call if parity exceeds the call level by a specific percentage- 5%, 10%, etc.)
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