Definition of convertible in English:

convertible

adjective kənˈvəːtɪb(ə)lkənˈvərdəb(ə)l

1Able to be changed in form, function, or character.
（形式，用途，特征）可转化的
a convertible sofa
两用沙发。
nationalism is too easily convertible into bitterness and selfishness
民族主义极易转变为仇恨不满和自私自利。
Example sentencesExamples
- Police are working to stop the flow of convertible guns into Britain, but growing sales on uncontrolled internet sites are worrying.
- There was a queen-size bed, convertible sofa, and pull-down bunk.
- This would usually be a level-term policy with a convertible option which allows you the choice of renewing the life policy in the future, based on your health when you bought the initial term insurance.
- Serena's domination, of course, is directly convertible into dollars.
- Should there be foldout or convertible sofa beds planned for any other rooms?
- Broadband internet access will be available for each student and all apartments will be readily convertible to a multitude of domestic layouts.
- Undoubtedly, his most ingenious wartime design was a convertible shipping crate for a Bofors 90 mm antiaircraft gun.
- Finally, it is possible to buy convertible terms, which allow consumers to switch into other life contracts without further medical investigation.
- One of my purchases was a convertible padded bra.
- But they can postpone the dilution if they add another condition, or contingency, to the standard convertible terms.
- They provided loans which were convertible to equity on certain conditions.
- Police say the weapons were seized as it is suspected that they breach the 1982 Firearms Act, which prohibits the selling of readily convertible blank firing weapons.
- Some of the larger German stadia include areas of convertible seating, introduced mainly because of the demands of Uefa and Fifa.
- The three storey accommodation is easily convertible to a capacious yet intimate restaurant.
- And not only eminently convertible Victorian primaries are in trouble.
- After reassessing the project, the government decided to cancel the original design for a convertible roof.
- Again the convertible mechanism varied from one sofa bed to another.
- No payments will be paid for 3 years, and at that time it will be convertible into equity if he chooses (which he probably will).
Synonyms
changeable, able to be changed, exchangeable
adaptable, adjustable, modifiable
1. 1.1 (of currency) able to be converted into other forms, especially into gold or US dollars.
  （货币）可兑换（为其他形式，尤指黄金或美元）的
  a formal commitment by the East European countries to convertible currencies
  currencies were officially convertible into gold via the dollar
  Example sentencesExamples
  Other currencies would be convertible to dollars at fixed exchange rates.
  In the 1950s European currencies were not convertible and domestic trade was highly protected.
  These interventions involved buying or selling financial assets payable in U.S. dollars or other convertible currencies.
  Permanent, stable, and convertible currencies were introduced in Lithuania and Latvia in 1993.
  In the late nineteenth century, for example, most currencies were convertible into gold, effectively fixing their exchange rates.
  Donations can be made in any convertible currency.
  He did not expect the yuan would become fully convertible in the next five to 10 years.
  But at the same time, the country was economically bankrupt and the population was clamoring for a stable, convertible currency.
  And it has to have the feature of a fully convertible currency, which the Bahamas doesn't have today.
  Nasdaq would form a trading platform once the rupee was made fully convertible.
  Banks will soon stop conducting dollar transactions, and companies or people with dollar-denominated accounts will have to change them to convertible pesos.
  Hong Kong has a strong rule of law, its currency is fully convertible, and there are no restrictions on capital.
  Thus, Studwell notes, promises in the early 1980s that the currency would be convertible as early as 1993 are now put off well into the future.
  The dollar became the only currency still convertible to gold on demand - but only by treasuries and banks, not individuals.
  Late at night, the cargoes leave for another country, where they are sold for dollars or another convertible currency.
  Pegging has typically been a way to substantiate the value of a local currency against the world's convertible currencies and to stabilize the exchange rate.
  Besides, what this would mean is that the air time would then be sold in any convertible currency, further removing the focus on the US dollar.
  However, current-account deficits are not very useful as warning signals for countries that have fully convertible currencies.
  He has imposed his own choice for the country's currency - with a convertible link to the German Mark - and his preference for the design of new coins.
  The gold standard is a monetary system in which paper money is freely convertible into a fixed amount of gold.
  Synonyms
  negotiable, disposable, usable, realizable, obtainable, spendable
2. 1.2 (of a bond or stock) able to be converted into ordinary or preference shares.
  （债券或证券）可兑换（为普通股或优先股）的
  a sale of shares and convertible bonds
  the bonds are convertible into ordinary shares
  Example sentencesExamples
  The market for convertible bonds in particular has picked up steam as companies rush to raise funds while global interest rates remain low.
  Unlike with regular bonds, however, you can exchange your convertible bond for stock in the company at a certain price.
  The approach, which makes an assumption about the functional form of the yield premium, drastically increases the number of convertible bonds examined.
  This allows us to get a first yield spread estimate and, thus, a first price estimate of the equivalent nonconvertible bond for a greater number of convertible bonds.
  Attracted by the opportunity for arbitrage with the stock market, hedge funds have also been big buyers of convertible bonds.
  Furthermore, some of the violations documented in this case can also be the result of nonsynchronous trading between the convertible bond and the underlying stock.
  It buys the convertible bonds of a company and shorts the underlying stock.
  The Tokyo Stock Exchange will relax its rules on issuing convertible bonds to prevent the hollowing out of the domestic market, a press report said yesterday.
  ‘I would never have thought of convertible bonds on my own,’ he says.
  Sometimes, there are very attractive companies that don't have straight high-yield bonds but they do have convertible bonds.
  The remainder is invested into common and preferred stock, and cash and convertible bonds, which can be transformed into equity at an investor's discretion.
  This chart shows the performance of a convertible bond as the stock price rises.
  However, as the convertible bond and the stock can move independently, the arbitrageur can lose on both the bond and the stock, which means the position carries risk.
  Thus, the number of convertible bond prices that can be examined is limited to the availability of nonconvertible corporate bonds in the same cell the convertible bond belongs in.
  Investors favor convertible bonds when stocks are falling because they combine the protection offered by a bond and the potential to profit if the underlying shares rally.
  Convertible preferreds work in the same way as convertible bonds.
  Those enterprises that have managed to maintain good investment-grade credit ratings may be able to raise capital by selling convertible bonds.
  The evidence provided in this paper suggests an underpricing of convertible bonds to the extent that negative conversion option prices are often implied.
  His results, however, are specific model dependent and constitute a test of the particular model employed rather than a test of the pricing behaviour of convertible bonds.
  It has been supported financially by 75-per-cent stakeholder High Fashion International through the issue of convertible notes.
3. 1.3 (of a car) having a folding or detachable roof.
  （汽车）有活动折蓬的
  his white convertible Mercedes
  Example sentencesExamples
  Of course you get jealous of those people with nice convertible cars.
  They approached a convertible car recently left abandoned on the street, and both climbed in.
  A £38,000 BMW M3 convertible car, which had been stolen in a commercial burglary in Leeds, was recovered in East Bowling.
  The convertible segment represents 300,000 U.S. sales annually.
  Despite our country's uncertain climate - or maybe because of it - sales of convertible cars in Ireland have increased dramatically in recent years.
  As I approach 40 I think it is high time I got myself the convertible car I've been dreaming of for 20 years.
  This includes return flights from Dublin via Newark, 14 nights accommodation, six-day convertible car hire, taxes and insurance.
  This lets workers do the convertible roof assembly, allowing convertibles to go down the same line as the sedans.
  Some of the convertible cars speeding beneath us rode topless.
  What's more, a coupe and a convertible version of the G6 are coming.
  Volvo safety engineers have perfected a head protection inflatable curtain for convertible cars which will appear in the next generation of the company's convertibles.
  Of interest to convertible die-hards will be the configuration of the roof which is in the process of being finalised.
  A few days ago, the singer was driving in her convertible Mini Cooper with Sean in the back, facing forward - not a good idea says the State of California.
  There were many efforts to create convertible versions of the old Mini of years gone by, but all involved aftermarket conversions, some of which were pretty rough around the edges.
  After that, following the industry trend, a steel roof coupé / convertible model will be unveiled at the Frankfurt show in September.
  A mother and daughter in a silver convertible BMW with its roof down, were chased and targeted by the violent rider of a Vespa-type moped.
  You enjoy the soundtrack a lot more in the convertible version, and I could often be found in tunnels, gearing down, top down, and enjoying the soundtrack of this engine.
  Sometimes I think a retractable roof over the backyard would be a good idea: one that I could slide out when needed like a convertible car.
  Travis strolled down the main avenue leading to the Capital high rise watching the convertible cars fly overhead to avoid the street traffic.
  There is projected growth in the convertible market in Europe.
4. 1.4Logic (of terms) synonymous.
  〔逻〕（词语）同义的
  Example sentencesExamples
  Euclid uses Analogy and Proportion as convertible terms.
  Toward the end of Eureka, he increasingly phrases his points in tautological formats, such as "symmetry and consistency are convertible terms."

noun kənˈvəːtɪb(ə)lkənˈvərdəb(ə)l

1A car with a folding or detachable roof.
（汽车）有活动折蓬的
Brendan picked her up in his cherry-red convertible
Example sentencesExamples
- One of the boxes was so big we had to open the roof of the Chrysler convertible in order to get it onto the back seat.
- Or, will the new convertible simply eat into sedan sales?
- The suspension settings have also been adapted from the coupe to suit the convertible's ride characteristics.
- Who wouldn't like to drive a convertible for a week during early March in Michigan?
- Most soft-top convertibles seem like a good idea at the time.
- The boot is of a reasonable size and compared to other convertibles, the roof does not intrude.
- As a quick test, imagine you're in a convertible shooting down some west coast highway (as in California, not Wales), one hand on an illusory steering wheel.
- It will probably rain later, but for now, Tristan Campbell has lowered the convertible's roof, letting the heat and light envelop him.
- Any pulling power seemed to be confined to the engine, as far as I was concerned, and I found the overall look of the car rather staid; without the personality of, say, the Saab convertible.
- Late last year, a two-door coupe made its way to the market, and this year 2006, a two-door convertible will be rolling off the highways.
- Another convertible that caught the eye came from the U.S.
- The Germans offer station wagons, coupes and convertibles, even hatchbacks, in several series.
- Jesse moved past her and got into his convertible, pulling the roof up overhead.
- Traditional wood is still available (in two finishes) which works equally well with brown trim as used on the convertible I drove in the afternoon.
- It was surmised that it was all due to the limited demand that time for coupes and also due to the high price of both models - the coupe and the convertible.
- This lets workers do the convertible roof assembly, allowing convertibles to go down the same line as the sedans.
- Then he drove his convertible into a tree, killing himself and another.
- But at the same time, the platform is so solid it's hard to believe the car is a convertible.
- It's also said to have better bending rigidity than either a coupe or a convertible.
- When these show up in configurations such as convertibles and station wagons, the rest might as well pack up their slide rules or get on the bus.
Synonyms
soft-top, ragtop, targa
British dated drophead
2usually convertiblesA convertible security.
可换证券
an investment in convertibles can bring a higher return than an investment in equities
Example sentencesExamples
- ‘The rating agencies don't give you any equity credit for convertibles, so we see the contingency feature bringing that disparity into line through the accounting rules,’ says Malcolm.
- When John P. Calamos Sr. started buying convertibles in the 1970s, most investors thought of cars, not bonds.
- At their most basic, convertibles provide a sort of security blanket for investors wishing to participate in the growth of a particular company they're unsure of.
- Take your pick: junk bonds, convertibles, emerging market debt, muni debt, credit default swaps, equities and, of course, unprecedented excesses throughout mortgage finance.
- This is a relatively modest discount to the equity return, but an acceptable one in the context of the additional capital value protection offered by convertibles.
- The price of the convertibles has fallen dramatically in line with the shares and they are now yielding 19 per cent to the first ‘poison put’ date in December of next year.
- Higher-premium convertibles act more like bonds since it's less likely that they will offer the chance for a profitable conversion.
- We also rate funds in their individual categories, such as international, high-yield, and convertibles, comparing them only with their peers.
- Thanks to the equity correction we've had over the past year or so, a lot of convertibles are trading at yields that are competitive with high-yield debt.
- From a financial standpoint, convertibles work well for a number of reasons.
- Because of this attractive feature, the interest rate on convertibles is usually lower.
- The current boom in zero-coupon convertibles owes much to the volatility of the equity market.
- But hedge funds, brokerages, and traders have gobbled up convertibles and sold the issuers' stock short, forcing the markets yet lower.
- We target 15% annualized returns for our convertibles products and 12% to 15% in our high-yield products.
- Investments such as stocks and shares in a company, bonds and debentures issued by companies, governments or public authorities, warrants and convertibles, all confer on the investor rights against the issuer.
- If these bonds were regular convertibles, they could be swapped for stock as soon as the price reached $56.50.
- If rates rise and stocks fall, convertibles might not do more than crawl.

Derivatives

convertibility

noun kənvəːtəˈbɪlɪti

Dire consequences were predicted when, in 1971, Washington announced that it would no longer guarantee the convertibility of gold.
Example sentencesExamples
- Chinese philosophers believe in the mutual convertibility of blessings and misfortunes and nowhere is this dramatized so vividly as in Chinese officialdom.
- The yuan is already convertible in the current account, but tough controls are still imposed on the currency's convertibility in the capital account.
- To facilitate this, they demanded convertibility for sterling balances.
- With increasing convertibility on the capital account, they will also attract undue attention from currency speculators.

Origin

Late Middle English (in the sense 'interchangeable'): from Old French, from Latin convertibilis, from convertere 'turn about' (see convert).

Rhymes

controvertible, invertible

Definition of convertible in US English:

convertible

adjectivekənˈvərdəb(ə)lkənˈvərdəb(ə)l

1Able to be changed in form, function, or character.
（形式，用途，特征）可转化的
a living room that is miraculously convertible into a bedroom
Example sentencesExamples
- After reassessing the project, the government decided to cancel the original design for a convertible roof.
- Undoubtedly, his most ingenious wartime design was a convertible shipping crate for a Bofors 90 mm antiaircraft gun.
- Again the convertible mechanism varied from one sofa bed to another.
- Serena's domination, of course, is directly convertible into dollars.
- No payments will be paid for 3 years, and at that time it will be convertible into equity if he chooses (which he probably will).
- This would usually be a level-term policy with a convertible option which allows you the choice of renewing the life policy in the future, based on your health when you bought the initial term insurance.
- The three storey accommodation is easily convertible to a capacious yet intimate restaurant.
- Police are working to stop the flow of convertible guns into Britain, but growing sales on uncontrolled internet sites are worrying.
- Finally, it is possible to buy convertible terms, which allow consumers to switch into other life contracts without further medical investigation.
- Broadband internet access will be available for each student and all apartments will be readily convertible to a multitude of domestic layouts.
- Police say the weapons were seized as it is suspected that they breach the 1982 Firearms Act, which prohibits the selling of readily convertible blank firing weapons.
- But they can postpone the dilution if they add another condition, or contingency, to the standard convertible terms.
- Should there be foldout or convertible sofa beds planned for any other rooms?
- There was a queen-size bed, convertible sofa, and pull-down bunk.
- Some of the larger German stadia include areas of convertible seating, introduced mainly because of the demands of Uefa and Fifa.
- And not only eminently convertible Victorian primaries are in trouble.
- They provided loans which were convertible to equity on certain conditions.
- One of my purchases was a convertible padded bra.
Synonyms
changeable, able to be changed, exchangeable
1. 1.1 (of currency) able to be converted into other forms, especially into gold or US dollars.
  （货币）可兑换（为其他形式，尤指黄金或美元）的
  Example sentencesExamples
  He has imposed his own choice for the country's currency - with a convertible link to the German Mark - and his preference for the design of new coins.
  Besides, what this would mean is that the air time would then be sold in any convertible currency, further removing the focus on the US dollar.
  Pegging has typically been a way to substantiate the value of a local currency against the world's convertible currencies and to stabilize the exchange rate.
  However, current-account deficits are not very useful as warning signals for countries that have fully convertible currencies.
  Late at night, the cargoes leave for another country, where they are sold for dollars or another convertible currency.
  In the 1950s European currencies were not convertible and domestic trade was highly protected.
  Nasdaq would form a trading platform once the rupee was made fully convertible.
  He did not expect the yuan would become fully convertible in the next five to 10 years.
  The dollar became the only currency still convertible to gold on demand - but only by treasuries and banks, not individuals.
  Thus, Studwell notes, promises in the early 1980s that the currency would be convertible as early as 1993 are now put off well into the future.
  The gold standard is a monetary system in which paper money is freely convertible into a fixed amount of gold.
  In the late nineteenth century, for example, most currencies were convertible into gold, effectively fixing their exchange rates.
  Donations can be made in any convertible currency.
  These interventions involved buying or selling financial assets payable in U.S. dollars or other convertible currencies.
  And it has to have the feature of a fully convertible currency, which the Bahamas doesn't have today.
  Permanent, stable, and convertible currencies were introduced in Lithuania and Latvia in 1993.
  But at the same time, the country was economically bankrupt and the population was clamoring for a stable, convertible currency.
  Other currencies would be convertible to dollars at fixed exchange rates.
  Banks will soon stop conducting dollar transactions, and companies or people with dollar-denominated accounts will have to change them to convertible pesos.
  Hong Kong has a strong rule of law, its currency is fully convertible, and there are no restrictions on capital.
  Synonyms
  negotiable, disposable, usable, realizable, obtainable, spendable
2. 1.2 (of a bond or stock) able to be converted into ordinary or preference shares.
  （债券或证券）可兑换（为普通股或优先股）的
  Example sentencesExamples
  Thus, the number of convertible bond prices that can be examined is limited to the availability of nonconvertible corporate bonds in the same cell the convertible bond belongs in.
  Convertible preferreds work in the same way as convertible bonds.
  ‘I would never have thought of convertible bonds on my own,’ he says.
  Investors favor convertible bonds when stocks are falling because they combine the protection offered by a bond and the potential to profit if the underlying shares rally.
  The Tokyo Stock Exchange will relax its rules on issuing convertible bonds to prevent the hollowing out of the domestic market, a press report said yesterday.
  The approach, which makes an assumption about the functional form of the yield premium, drastically increases the number of convertible bonds examined.
  His results, however, are specific model dependent and constitute a test of the particular model employed rather than a test of the pricing behaviour of convertible bonds.
  It has been supported financially by 75-per-cent stakeholder High Fashion International through the issue of convertible notes.
  However, as the convertible bond and the stock can move independently, the arbitrageur can lose on both the bond and the stock, which means the position carries risk.
  Unlike with regular bonds, however, you can exchange your convertible bond for stock in the company at a certain price.
  The market for convertible bonds in particular has picked up steam as companies rush to raise funds while global interest rates remain low.
  Those enterprises that have managed to maintain good investment-grade credit ratings may be able to raise capital by selling convertible bonds.
  Sometimes, there are very attractive companies that don't have straight high-yield bonds but they do have convertible bonds.
  Attracted by the opportunity for arbitrage with the stock market, hedge funds have also been big buyers of convertible bonds.
  This allows us to get a first yield spread estimate and, thus, a first price estimate of the equivalent nonconvertible bond for a greater number of convertible bonds.
  Furthermore, some of the violations documented in this case can also be the result of nonsynchronous trading between the convertible bond and the underlying stock.
  It buys the convertible bonds of a company and shorts the underlying stock.
  The remainder is invested into common and preferred stock, and cash and convertible bonds, which can be transformed into equity at an investor's discretion.
  This chart shows the performance of a convertible bond as the stock price rises.
  The evidence provided in this paper suggests an underpricing of convertible bonds to the extent that negative conversion option prices are often implied.
3. 1.3 (of a car) having a folding or detachable roof.
  （汽车）有活动折蓬的
  his white convertible Mercedes
  Example sentencesExamples
  A £38,000 BMW M3 convertible car, which had been stolen in a commercial burglary in Leeds, was recovered in East Bowling.
  Volvo safety engineers have perfected a head protection inflatable curtain for convertible cars which will appear in the next generation of the company's convertibles.
  This includes return flights from Dublin via Newark, 14 nights accommodation, six-day convertible car hire, taxes and insurance.
  A mother and daughter in a silver convertible BMW with its roof down, were chased and targeted by the violent rider of a Vespa-type moped.
  Of course you get jealous of those people with nice convertible cars.
  There were many efforts to create convertible versions of the old Mini of years gone by, but all involved aftermarket conversions, some of which were pretty rough around the edges.
  They approached a convertible car recently left abandoned on the street, and both climbed in.
  Sometimes I think a retractable roof over the backyard would be a good idea: one that I could slide out when needed like a convertible car.
  After that, following the industry trend, a steel roof coupé / convertible model will be unveiled at the Frankfurt show in September.
  This lets workers do the convertible roof assembly, allowing convertibles to go down the same line as the sedans.
  You enjoy the soundtrack a lot more in the convertible version, and I could often be found in tunnels, gearing down, top down, and enjoying the soundtrack of this engine.
  Some of the convertible cars speeding beneath us rode topless.
  As I approach 40 I think it is high time I got myself the convertible car I've been dreaming of for 20 years.
  The convertible segment represents 300,000 U.S. sales annually.
  There is projected growth in the convertible market in Europe.
  Of interest to convertible die-hards will be the configuration of the roof which is in the process of being finalised.
  Despite our country's uncertain climate - or maybe because of it - sales of convertible cars in Ireland have increased dramatically in recent years.
  Travis strolled down the main avenue leading to the Capital high rise watching the convertible cars fly overhead to avoid the street traffic.
  A few days ago, the singer was driving in her convertible Mini Cooper with Sean in the back, facing forward - not a good idea says the State of California.
  What's more, a coupe and a convertible version of the G6 are coming.
4. 1.4Logic (of terms) synonymous.
  〔逻〕（词语）同义的
  Example sentencesExamples
  Toward the end of Eureka, he increasingly phrases his points in tautological formats, such as "symmetry and consistency are convertible terms."
  Euclid uses Analogy and Proportion as convertible terms.

nounkənˈvərdəb(ə)lkənˈvərdəb(ə)l

1A car with a folding or detachable roof.
（汽车）有活动折蓬的
Example sentencesExamples
- It will probably rain later, but for now, Tristan Campbell has lowered the convertible's roof, letting the heat and light envelop him.
- It was surmised that it was all due to the limited demand that time for coupes and also due to the high price of both models - the coupe and the convertible.
- As a quick test, imagine you're in a convertible shooting down some west coast highway (as in California, not Wales), one hand on an illusory steering wheel.
- But at the same time, the platform is so solid it's hard to believe the car is a convertible.
- Then he drove his convertible into a tree, killing himself and another.
- Any pulling power seemed to be confined to the engine, as far as I was concerned, and I found the overall look of the car rather staid; without the personality of, say, the Saab convertible.
- Or, will the new convertible simply eat into sedan sales?
- Jesse moved past her and got into his convertible, pulling the roof up overhead.
- The boot is of a reasonable size and compared to other convertibles, the roof does not intrude.
- One of the boxes was so big we had to open the roof of the Chrysler convertible in order to get it onto the back seat.
- Late last year, a two-door coupe made its way to the market, and this year 2006, a two-door convertible will be rolling off the highways.
- It's also said to have better bending rigidity than either a coupe or a convertible.
- The suspension settings have also been adapted from the coupe to suit the convertible's ride characteristics.
- When these show up in configurations such as convertibles and station wagons, the rest might as well pack up their slide rules or get on the bus.
- Traditional wood is still available (in two finishes) which works equally well with brown trim as used on the convertible I drove in the afternoon.
- Most soft-top convertibles seem like a good idea at the time.
- Another convertible that caught the eye came from the U.S.
- This lets workers do the convertible roof assembly, allowing convertibles to go down the same line as the sedans.
- Who wouldn't like to drive a convertible for a week during early March in Michigan?
- The Germans offer station wagons, coupes and convertibles, even hatchbacks, in several series.
Synonyms
soft-top, ragtop, targa
2usually convertiblesA convertible security.
可换证券
Example sentencesExamples
- The current boom in zero-coupon convertibles owes much to the volatility of the equity market.
- If these bonds were regular convertibles, they could be swapped for stock as soon as the price reached $56.50.
- Thanks to the equity correction we've had over the past year or so, a lot of convertibles are trading at yields that are competitive with high-yield debt.
- We also rate funds in their individual categories, such as international, high-yield, and convertibles, comparing them only with their peers.
- Take your pick: junk bonds, convertibles, emerging market debt, muni debt, credit default swaps, equities and, of course, unprecedented excesses throughout mortgage finance.
- When John P. Calamos Sr. started buying convertibles in the 1970s, most investors thought of cars, not bonds.
- If rates rise and stocks fall, convertibles might not do more than crawl.
- Investments such as stocks and shares in a company, bonds and debentures issued by companies, governments or public authorities, warrants and convertibles, all confer on the investor rights against the issuer.
- Higher-premium convertibles act more like bonds since it's less likely that they will offer the chance for a profitable conversion.
- ‘The rating agencies don't give you any equity credit for convertibles, so we see the contingency feature bringing that disparity into line through the accounting rules,’ says Malcolm.
- At their most basic, convertibles provide a sort of security blanket for investors wishing to participate in the growth of a particular company they're unsure of.
- But hedge funds, brokerages, and traders have gobbled up convertibles and sold the issuers' stock short, forcing the markets yet lower.
- Because of this attractive feature, the interest rate on convertibles is usually lower.
- This is a relatively modest discount to the equity return, but an acceptable one in the context of the additional capital value protection offered by convertibles.
- We target 15% annualized returns for our convertibles products and 12% to 15% in our high-yield products.
- The price of the convertibles has fallen dramatically in line with the shares and they are now yielding 19 per cent to the first ‘poison put’ date in December of next year.
- From a financial standpoint, convertibles work well for a number of reasons.

Origin

Late Middle English (in the sense ‘interchangeable’): from Old French, from Latin convertibilis, from convertere ‘turn about’ (see convert).

单词	convertible
释义	Definition of convertible in English: convertible adjective kənˈvəːtɪb(ə)lkənˈvərdəb(ə)l 1Able to be changed in form, function, or character. （形式，用途，特征）可转化的 a convertible sofa 两用沙发。 nationalism is too easily convertible into bitterness and selfishness 民族主义极易转变为仇恨不满和自私自利。 Example sentencesExamples Police are working to stop the flow of convertible guns into Britain, but growing sales on uncontrolled internet sites are worrying. There was a queen-size bed, convertible sofa, and pull-down bunk. This would usually be a level-term policy with a convertible option which allows you the choice of renewing the life policy in the future, based on your health when you bought the initial term insurance. Serena's domination, of course, is directly convertible into dollars. Should there be foldout or convertible sofa beds planned for any other rooms? Broadband internet access will be available for each student and all apartments will be readily convertible to a multitude of domestic layouts. Undoubtedly, his most ingenious wartime design was a convertible shipping crate for a Bofors 90 mm antiaircraft gun. Finally, it is possible to buy convertible terms, which allow consumers to switch into other life contracts without further medical investigation. One of my purchases was a convertible padded bra. But they can postpone the dilution if they add another condition, or contingency, to the standard convertible terms. They provided loans which were convertible to equity on certain conditions. Police say the weapons were seized as it is suspected that they breach the 1982 Firearms Act, which prohibits the selling of readily convertible blank firing weapons. Some of the larger German stadia include areas of convertible seating, introduced mainly because of the demands of Uefa and Fifa. The three storey accommodation is easily convertible to a capacious yet intimate restaurant. And not only eminently convertible Victorian primaries are in trouble. After reassessing the project, the government decided to cancel the original design for a convertible roof. Again the convertible mechanism varied from one sofa bed to another. No payments will be paid for 3 years, and at that time it will be convertible into equity if he chooses (which he probably will). Synonyms changeable, able to be changed, exchangeable adaptable, adjustable, modifiable 1.1 (of currency) able to be converted into other forms, especially into gold or US dollars. （货币）可兑换（为其他形式，尤指黄金或美元）的 a formal commitment by the East European countries to convertible currencies currencies were officially convertible into gold via the dollar Example sentencesExamples Other currencies would be convertible to dollars at fixed exchange rates. In the 1950s European currencies were not convertible and domestic trade was highly protected. These interventions involved buying or selling financial assets payable in U.S. dollars or other convertible currencies. Permanent, stable, and convertible currencies were introduced in Lithuania and Latvia in 1993. In the late nineteenth century, for example, most currencies were convertible into gold, effectively fixing their exchange rates. Donations can be made in any convertible currency. He did not expect the yuan would become fully convertible in the next five to 10 years. But at the same time, the country was economically bankrupt and the population was clamoring for a stable, convertible currency. And it has to have the feature of a fully convertible currency, which the Bahamas doesn't have today. Nasdaq would form a trading platform once the rupee was made fully convertible. Banks will soon stop conducting dollar transactions, and companies or people with dollar-denominated accounts will have to change them to convertible pesos. Hong Kong has a strong rule of law, its currency is fully convertible, and there are no restrictions on capital. Thus, Studwell notes, promises in the early 1980s that the currency would be convertible as early as 1993 are now put off well into the future. The dollar became the only currency still convertible to gold on demand - but only by treasuries and banks, not individuals. Late at night, the cargoes leave for another country, where they are sold for dollars or another convertible currency. Pegging has typically been a way to substantiate the value of a local currency against the world's convertible currencies and to stabilize the exchange rate. Besides, what this would mean is that the air time would then be sold in any convertible currency, further removing the focus on the US dollar. However, current-account deficits are not very useful as warning signals for countries that have fully convertible currencies. He has imposed his own choice for the country's currency - with a convertible link to the German Mark - and his preference for the design of new coins. The gold standard is a monetary system in which paper money is freely convertible into a fixed amount of gold. Synonyms negotiable, disposable, usable, realizable, obtainable, spendable 1.2 (of a bond or stock) able to be converted into ordinary or preference shares. （债券或证券）可兑换（为普通股或优先股）的 a sale of shares and convertible bonds the bonds are convertible into ordinary shares Example sentencesExamples The market for convertible bonds in particular has picked up steam as companies rush to raise funds while global interest rates remain low. Unlike with regular bonds, however, you can exchange your convertible bond for stock in the company at a certain price. The approach, which makes an assumption about the functional form of the yield premium, drastically increases the number of convertible bonds examined. This allows us to get a first yield spread estimate and, thus, a first price estimate of the equivalent nonconvertible bond for a greater number of convertible bonds. Attracted by the opportunity for arbitrage with the stock market, hedge funds have also been big buyers of convertible bonds. Furthermore, some of the violations documented in this case can also be the result of nonsynchronous trading between the convertible bond and the underlying stock. It buys the convertible bonds of a company and shorts the underlying stock. The Tokyo Stock Exchange will relax its rules on issuing convertible bonds to prevent the hollowing out of the domestic market, a press report said yesterday. ‘I would never have thought of convertible bonds on my own,’ he says. Sometimes, there are very attractive companies that don't have straight high-yield bonds but they do have convertible bonds. The remainder is invested into common and preferred stock, and cash and convertible bonds, which can be transformed into equity at an investor's discretion. This chart shows the performance of a convertible bond as the stock price rises. However, as the convertible bond and the stock can move independently, the arbitrageur can lose on both the bond and the stock, which means the position carries risk. Thus, the number of convertible bond prices that can be examined is limited to the availability of nonconvertible corporate bonds in the same cell the convertible bond belongs in. Investors favor convertible bonds when stocks are falling because they combine the protection offered by a bond and the potential to profit if the underlying shares rally. Convertible preferreds work in the same way as convertible bonds. Those enterprises that have managed to maintain good investment-grade credit ratings may be able to raise capital by selling convertible bonds. The evidence provided in this paper suggests an underpricing of convertible bonds to the extent that negative conversion option prices are often implied. His results, however, are specific model dependent and constitute a test of the particular model employed rather than a test of the pricing behaviour of convertible bonds. It has been supported financially by 75-per-cent stakeholder High Fashion International through the issue of convertible notes. 1.3 (of a car) having a folding or detachable roof. （汽车）有活动折蓬的 his white convertible Mercedes Example sentencesExamples Of course you get jealous of those people with nice convertible cars. They approached a convertible car recently left abandoned on the street, and both climbed in. A £38,000 BMW M3 convertible car, which had been stolen in a commercial burglary in Leeds, was recovered in East Bowling. The convertible segment represents 300,000 U.S. sales annually. Despite our country's uncertain climate - or maybe because of it - sales of convertible cars in Ireland have increased dramatically in recent years. As I approach 40 I think it is high time I got myself the convertible car I've been dreaming of for 20 years. This includes return flights from Dublin via Newark, 14 nights accommodation, six-day convertible car hire, taxes and insurance. This lets workers do the convertible roof assembly, allowing convertibles to go down the same line as the sedans. Some of the convertible cars speeding beneath us rode topless. What's more, a coupe and a convertible version of the G6 are coming. Volvo safety engineers have perfected a head protection inflatable curtain for convertible cars which will appear in the next generation of the company's convertibles. Of interest to convertible die-hards will be the configuration of the roof which is in the process of being finalised. A few days ago, the singer was driving in her convertible Mini Cooper with Sean in the back, facing forward - not a good idea says the State of California. There were many efforts to create convertible versions of the old Mini of years gone by, but all involved aftermarket conversions, some of which were pretty rough around the edges. After that, following the industry trend, a steel roof coupé / convertible model will be unveiled at the Frankfurt show in September. A mother and daughter in a silver convertible BMW with its roof down, were chased and targeted by the violent rider of a Vespa-type moped. You enjoy the soundtrack a lot more in the convertible version, and I could often be found in tunnels, gearing down, top down, and enjoying the soundtrack of this engine. Sometimes I think a retractable roof over the backyard would be a good idea: one that I could slide out when needed like a convertible car. Travis strolled down the main avenue leading to the Capital high rise watching the convertible cars fly overhead to avoid the street traffic. There is projected growth in the convertible market in Europe. 1.4Logic (of terms) synonymous. 〔逻〕（词语）同义的 Example sentencesExamples Euclid uses Analogy and Proportion as convertible terms. Toward the end of Eureka, he increasingly phrases his points in tautological formats, such as "symmetry and consistency are convertible terms." noun kənˈvəːtɪb(ə)lkənˈvərdəb(ə)l 1A car with a folding or detachable roof. （汽车）有活动折蓬的 Brendan picked her up in his cherry-red convertible Example sentencesExamples One of the boxes was so big we had to open the roof of the Chrysler convertible in order to get it onto the back seat. Or, will the new convertible simply eat into sedan sales? The suspension settings have also been adapted from the coupe to suit the convertible's ride characteristics. Who wouldn't like to drive a convertible for a week during early March in Michigan? Most soft-top convertibles seem like a good idea at the time. The boot is of a reasonable size and compared to other convertibles, the roof does not intrude. As a quick test, imagine you're in a convertible shooting down some west coast highway (as in California, not Wales), one hand on an illusory steering wheel. It will probably rain later, but for now, Tristan Campbell has lowered the convertible's roof, letting the heat and light envelop him. Any pulling power seemed to be confined to the engine, as far as I was concerned, and I found the overall look of the car rather staid; without the personality of, say, the Saab convertible. Late last year, a two-door coupe made its way to the market, and this year 2006, a two-door convertible will be rolling off the highways. Another convertible that caught the eye came from the U.S. The Germans offer station wagons, coupes and convertibles, even hatchbacks, in several series. Jesse moved past her and got into his convertible, pulling the roof up overhead. Traditional wood is still available (in two finishes) which works equally well with brown trim as used on the convertible I drove in the afternoon. It was surmised that it was all due to the limited demand that time for coupes and also due to the high price of both models - the coupe and the convertible. This lets workers do the convertible roof assembly, allowing convertibles to go down the same line as the sedans. Then he drove his convertible into a tree, killing himself and another. But at the same time, the platform is so solid it's hard to believe the car is a convertible. It's also said to have better bending rigidity than either a coupe or a convertible. When these show up in configurations such as convertibles and station wagons, the rest might as well pack up their slide rules or get on the bus. Synonyms soft-top, ragtop, targa British dated drophead 2usually convertiblesA convertible security. 可换证券 an investment in convertibles can bring a higher return than an investment in equities Example sentencesExamples ‘The rating agencies don't give you any equity credit for convertibles, so we see the contingency feature bringing that disparity into line through the accounting rules,’ says Malcolm. When John P. Calamos Sr. started buying convertibles in the 1970s, most investors thought of cars, not bonds. At their most basic, convertibles provide a sort of security blanket for investors wishing to participate in the growth of a particular company they're unsure of. Take your pick: junk bonds, convertibles, emerging market debt, muni debt, credit default swaps, equities and, of course, unprecedented excesses throughout mortgage finance. This is a relatively modest discount to the equity return, but an acceptable one in the context of the additional capital value protection offered by convertibles. The price of the convertibles has fallen dramatically in line with the shares and they are now yielding 19 per cent to the first ‘poison put’ date in December of next year. Higher-premium convertibles act more like bonds since it's less likely that they will offer the chance for a profitable conversion. We also rate funds in their individual categories, such as international, high-yield, and convertibles, comparing them only with their peers. Thanks to the equity correction we've had over the past year or so, a lot of convertibles are trading at yields that are competitive with high-yield debt. From a financial standpoint, convertibles work well for a number of reasons. Because of this attractive feature, the interest rate on convertibles is usually lower. The current boom in zero-coupon convertibles owes much to the volatility of the equity market. But hedge funds, brokerages, and traders have gobbled up convertibles and sold the issuers' stock short, forcing the markets yet lower. We target 15% annualized returns for our convertibles products and 12% to 15% in our high-yield products. Investments such as stocks and shares in a company, bonds and debentures issued by companies, governments or public authorities, warrants and convertibles, all confer on the investor rights against the issuer. If these bonds were regular convertibles, they could be swapped for stock as soon as the price reached $56.50. If rates rise and stocks fall, convertibles might not do more than crawl. Derivatives convertibility noun kənvəːtəˈbɪlɪti Dire consequences were predicted when, in 1971, Washington announced that it would no longer guarantee the convertibility of gold. Example sentencesExamples Chinese philosophers believe in the mutual convertibility of blessings and misfortunes and nowhere is this dramatized so vividly as in Chinese officialdom. The yuan is already convertible in the current account, but tough controls are still imposed on the currency's convertibility in the capital account. To facilitate this, they demanded convertibility for sterling balances. With increasing convertibility on the capital account, they will also attract undue attention from currency speculators. Origin Late Middle English (in the sense 'interchangeable'): from Old French, from Latin convertibilis, from convertere 'turn about' (see convert). Rhymes controvertible, invertible Definition of convertible in US English: convertible adjectivekənˈvərdəb(ə)lkənˈvərdəb(ə)l 1Able to be changed in form, function, or character. （形式，用途，特征）可转化的 a living room that is miraculously convertible into a bedroom Example sentencesExamples After reassessing the project, the government decided to cancel the original design for a convertible roof. Undoubtedly, his most ingenious wartime design was a convertible shipping crate for a Bofors 90 mm antiaircraft gun. Again the convertible mechanism varied from one sofa bed to another. Serena's domination, of course, is directly convertible into dollars. No payments will be paid for 3 years, and at that time it will be convertible into equity if he chooses (which he probably will). This would usually be a level-term policy with a convertible option which allows you the choice of renewing the life policy in the future, based on your health when you bought the initial term insurance. The three storey accommodation is easily convertible to a capacious yet intimate restaurant. Police are working to stop the flow of convertible guns into Britain, but growing sales on uncontrolled internet sites are worrying. Finally, it is possible to buy convertible terms, which allow consumers to switch into other life contracts without further medical investigation. Broadband internet access will be available for each student and all apartments will be readily convertible to a multitude of domestic layouts. Police say the weapons were seized as it is suspected that they breach the 1982 Firearms Act, which prohibits the selling of readily convertible blank firing weapons. But they can postpone the dilution if they add another condition, or contingency, to the standard convertible terms. Should there be foldout or convertible sofa beds planned for any other rooms? There was a queen-size bed, convertible sofa, and pull-down bunk. Some of the larger German stadia include areas of convertible seating, introduced mainly because of the demands of Uefa and Fifa. And not only eminently convertible Victorian primaries are in trouble. They provided loans which were convertible to equity on certain conditions. One of my purchases was a convertible padded bra. Synonyms changeable, able to be changed, exchangeable 1.1 (of currency) able to be converted into other forms, especially into gold or US dollars. （货币）可兑换（为其他形式，尤指黄金或美元）的 Example sentencesExamples He has imposed his own choice for the country's currency - with a convertible link to the German Mark - and his preference for the design of new coins. Besides, what this would mean is that the air time would then be sold in any convertible currency, further removing the focus on the US dollar. Pegging has typically been a way to substantiate the value of a local currency against the world's convertible currencies and to stabilize the exchange rate. However, current-account deficits are not very useful as warning signals for countries that have fully convertible currencies. Late at night, the cargoes leave for another country, where they are sold for dollars or another convertible currency. In the 1950s European currencies were not convertible and domestic trade was highly protected. Nasdaq would form a trading platform once the rupee was made fully convertible. He did not expect the yuan would become fully convertible in the next five to 10 years. The dollar became the only currency still convertible to gold on demand - but only by treasuries and banks, not individuals. Thus, Studwell notes, promises in the early 1980s that the currency would be convertible as early as 1993 are now put off well into the future. The gold standard is a monetary system in which paper money is freely convertible into a fixed amount of gold. In the late nineteenth century, for example, most currencies were convertible into gold, effectively fixing their exchange rates. Donations can be made in any convertible currency. These interventions involved buying or selling financial assets payable in U.S. dollars or other convertible currencies. And it has to have the feature of a fully convertible currency, which the Bahamas doesn't have today. Permanent, stable, and convertible currencies were introduced in Lithuania and Latvia in 1993. But at the same time, the country was economically bankrupt and the population was clamoring for a stable, convertible currency. Other currencies would be convertible to dollars at fixed exchange rates. Banks will soon stop conducting dollar transactions, and companies or people with dollar-denominated accounts will have to change them to convertible pesos. Hong Kong has a strong rule of law, its currency is fully convertible, and there are no restrictions on capital. Synonyms negotiable, disposable, usable, realizable, obtainable, spendable 1.2 (of a bond or stock) able to be converted into ordinary or preference shares. （债券或证券）可兑换（为普通股或优先股）的 Example sentencesExamples Thus, the number of convertible bond prices that can be examined is limited to the availability of nonconvertible corporate bonds in the same cell the convertible bond belongs in. Convertible preferreds work in the same way as convertible bonds. ‘I would never have thought of convertible bonds on my own,’ he says. Investors favor convertible bonds when stocks are falling because they combine the protection offered by a bond and the potential to profit if the underlying shares rally. The Tokyo Stock Exchange will relax its rules on issuing convertible bonds to prevent the hollowing out of the domestic market, a press report said yesterday. The approach, which makes an assumption about the functional form of the yield premium, drastically increases the number of convertible bonds examined. His results, however, are specific model dependent and constitute a test of the particular model employed rather than a test of the pricing behaviour of convertible bonds. It has been supported financially by 75-per-cent stakeholder High Fashion International through the issue of convertible notes. However, as the convertible bond and the stock can move independently, the arbitrageur can lose on both the bond and the stock, which means the position carries risk. Unlike with regular bonds, however, you can exchange your convertible bond for stock in the company at a certain price. The market for convertible bonds in particular has picked up steam as companies rush to raise funds while global interest rates remain low. Those enterprises that have managed to maintain good investment-grade credit ratings may be able to raise capital by selling convertible bonds. Sometimes, there are very attractive companies that don't have straight high-yield bonds but they do have convertible bonds. Attracted by the opportunity for arbitrage with the stock market, hedge funds have also been big buyers of convertible bonds. This allows us to get a first yield spread estimate and, thus, a first price estimate of the equivalent nonconvertible bond for a greater number of convertible bonds. Furthermore, some of the violations documented in this case can also be the result of nonsynchronous trading between the convertible bond and the underlying stock. It buys the convertible bonds of a company and shorts the underlying stock. The remainder is invested into common and preferred stock, and cash and convertible bonds, which can be transformed into equity at an investor's discretion. This chart shows the performance of a convertible bond as the stock price rises. The evidence provided in this paper suggests an underpricing of convertible bonds to the extent that negative conversion option prices are often implied. 1.3 (of a car) having a folding or detachable roof. （汽车）有活动折蓬的 his white convertible Mercedes Example sentencesExamples A £38,000 BMW M3 convertible car, which had been stolen in a commercial burglary in Leeds, was recovered in East Bowling. Volvo safety engineers have perfected a head protection inflatable curtain for convertible cars which will appear in the next generation of the company's convertibles. This includes return flights from Dublin via Newark, 14 nights accommodation, six-day convertible car hire, taxes and insurance. A mother and daughter in a silver convertible BMW with its roof down, were chased and targeted by the violent rider of a Vespa-type moped. Of course you get jealous of those people with nice convertible cars. There were many efforts to create convertible versions of the old Mini of years gone by, but all involved aftermarket conversions, some of which were pretty rough around the edges. They approached a convertible car recently left abandoned on the street, and both climbed in. Sometimes I think a retractable roof over the backyard would be a good idea: one that I could slide out when needed like a convertible car. After that, following the industry trend, a steel roof coupé / convertible model will be unveiled at the Frankfurt show in September. This lets workers do the convertible roof assembly, allowing convertibles to go down the same line as the sedans. You enjoy the soundtrack a lot more in the convertible version, and I could often be found in tunnels, gearing down, top down, and enjoying the soundtrack of this engine. Some of the convertible cars speeding beneath us rode topless. As I approach 40 I think it is high time I got myself the convertible car I've been dreaming of for 20 years. The convertible segment represents 300,000 U.S. sales annually. There is projected growth in the convertible market in Europe. Of interest to convertible die-hards will be the configuration of the roof which is in the process of being finalised. Despite our country's uncertain climate - or maybe because of it - sales of convertible cars in Ireland have increased dramatically in recent years. Travis strolled down the main avenue leading to the Capital high rise watching the convertible cars fly overhead to avoid the street traffic. A few days ago, the singer was driving in her convertible Mini Cooper with Sean in the back, facing forward - not a good idea says the State of California. What's more, a coupe and a convertible version of the G6 are coming. 1.4Logic (of terms) synonymous. 〔逻〕（词语）同义的 Example sentencesExamples Toward the end of Eureka, he increasingly phrases his points in tautological formats, such as "symmetry and consistency are convertible terms." Euclid uses Analogy and Proportion as convertible terms. nounkənˈvərdəb(ə)lkənˈvərdəb(ə)l 1A car with a folding or detachable roof. （汽车）有活动折蓬的 Example sentencesExamples It will probably rain later, but for now, Tristan Campbell has lowered the convertible's roof, letting the heat and light envelop him. It was surmised that it was all due to the limited demand that time for coupes and also due to the high price of both models - the coupe and the convertible. As a quick test, imagine you're in a convertible shooting down some west coast highway (as in California, not Wales), one hand on an illusory steering wheel. But at the same time, the platform is so solid it's hard to believe the car is a convertible. Then he drove his convertible into a tree, killing himself and another. Any pulling power seemed to be confined to the engine, as far as I was concerned, and I found the overall look of the car rather staid; without the personality of, say, the Saab convertible. Or, will the new convertible simply eat into sedan sales? Jesse moved past her and got into his convertible, pulling the roof up overhead. The boot is of a reasonable size and compared to other convertibles, the roof does not intrude. One of the boxes was so big we had to open the roof of the Chrysler convertible in order to get it onto the back seat. Late last year, a two-door coupe made its way to the market, and this year 2006, a two-door convertible will be rolling off the highways. It's also said to have better bending rigidity than either a coupe or a convertible. The suspension settings have also been adapted from the coupe to suit the convertible's ride characteristics. When these show up in configurations such as convertibles and station wagons, the rest might as well pack up their slide rules or get on the bus. Traditional wood is still available (in two finishes) which works equally well with brown trim as used on the convertible I drove in the afternoon. Most soft-top convertibles seem like a good idea at the time. Another convertible that caught the eye came from the U.S. This lets workers do the convertible roof assembly, allowing convertibles to go down the same line as the sedans. Who wouldn't like to drive a convertible for a week during early March in Michigan? The Germans offer station wagons, coupes and convertibles, even hatchbacks, in several series. Synonyms soft-top, ragtop, targa 2usually convertiblesA convertible security. 可换证券 Example sentencesExamples The current boom in zero-coupon convertibles owes much to the volatility of the equity market. If these bonds were regular convertibles, they could be swapped for stock as soon as the price reached $56.50. Thanks to the equity correction we've had over the past year or so, a lot of convertibles are trading at yields that are competitive with high-yield debt. We also rate funds in their individual categories, such as international, high-yield, and convertibles, comparing them only with their peers. Take your pick: junk bonds, convertibles, emerging market debt, muni debt, credit default swaps, equities and, of course, unprecedented excesses throughout mortgage finance. When John P. Calamos Sr. started buying convertibles in the 1970s, most investors thought of cars, not bonds. If rates rise and stocks fall, convertibles might not do more than crawl. Investments such as stocks and shares in a company, bonds and debentures issued by companies, governments or public authorities, warrants and convertibles, all confer on the investor rights against the issuer. Higher-premium convertibles act more like bonds since it's less likely that they will offer the chance for a profitable conversion. ‘The rating agencies don't give you any equity credit for convertibles, so we see the contingency feature bringing that disparity into line through the accounting rules,’ says Malcolm. At their most basic, convertibles provide a sort of security blanket for investors wishing to participate in the growth of a particular company they're unsure of. But hedge funds, brokerages, and traders have gobbled up convertibles and sold the issuers' stock short, forcing the markets yet lower. Because of this attractive feature, the interest rate on convertibles is usually lower. This is a relatively modest discount to the equity return, but an acceptable one in the context of the additional capital value protection offered by convertibles. We target 15% annualized returns for our convertibles products and 12% to 15% in our high-yield products. The price of the convertibles has fallen dramatically in line with the shares and they are now yielding 19 per cent to the first ‘poison put’ date in December of next year. From a financial standpoint, convertibles work well for a number of reasons. Origin Late Middle English (in the sense ‘interchangeable’): from Old French, from Latin convertibilis, from convertere ‘turn about’ (see convert).
随便看	subleases subleasing sub-lessee sublessee sublessees sub-lessor sublessor sublet sublethal sublethally sublets subletter subletting sublettings sublevation sublevel sublevels sublicence sublicense sublicense sublicensing sub-lieutenancy sub lieutenant sub-lieutenant sub-lieutenants