Applies mainly to convertible securities ( convertible security). Dollar value at which convertible bonds, debentures, or preferred stock can be converted into common stock, as specified when the convertible is issued. Bloomberg Financial Dictionary
————
The par value of a convertible security divided by the number of shares into which it may be exchanged. Exchange Handbook Glossary
————
It is the price of the underlying shares at which the bond may be converted (see conversion ratio). London Stock Exchange Glossary
Financial and business terms. 2012.