Which of the following statements about convertible bonds is true?

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A convertible bond can be exchanged for a fixed number of shares, usually determined by a conversion ratio specified in the bond's prospectus. The conversion is typically at the bondholder's discretion, although there may be certain conditions that need to be met before conversion can occur. Convertible bonds may be secured or unsecured, just like traditional bonds. The conversion price is not necessarily equal to the bond's par value and is usually determined by the market value of the underlying shares at the time of conversion.

Which of the Following Statements About Convertible Bonds Is True