英文名称：Convertible Bond 中文名称：可转换债券
债券持有人在特定的时间内可以根据债券发行时约定的条件以一定的转化比率将债券转化为公司股票的债券。可转换债券兼具债券和股票的特征，在一定的存续期内，以债券形式投资，在行使转换权后，又以普通股形式投资。其实质就是在发行公司债券的基础上，附加了允许债券持有人以特定条件将其购买的债券转换为公司股票的期权。由于附有投资者选择权，可转换债券的票面利率通常较低。eb1619e81e59668d2db8098284f6daa5
e.g. She urged investors to be on the alert to investment in newly issued convertible bonds.

A bond that can be converted into a predetermined amount of the company's equity at certain times during its life, usually at the discretion of the bondholder. 

Convertibles are sometimes called "CVs". 

Issuing convertible bonds is one way for a company to minimize negative investor interpretation of its corporate actions. For example, if an already public company chooses to issue stock, the market usually interprets this as a sign that the company's share price is somewhat overvalued. To avoid this negative impression, the company may choose to issue convertible bonds, which bondholders will likely convert to equity anyway should the company continue to do well.

From the investor's perspective, a convertible bond has a value-added component built into it; it is essentially a bond with a stock option hidden inside. Thus, it tends to offer a lower rate of return in exchange for the value of the option to trade the bond into stock.