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Resettable Convertible

A convertible which allows the holder to adjust the coupon, conversion ratio, conversion price, or maturity date of the underlying security if a specific event (s) occurs. For example, if the underlying stock price drops below a certain level, the bondholder can enhance the bond value by increasing the conversion ratio or the coupon amount. Reset features are usually offered by speculative-grade issuers as “sweeteners” in order to attract buyers.


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