that's right folks...convertible bonds are not really bonds...all they are is equity financing via options...in fact it is customary on wall street for converts to be traded off the equity desk...and for preferred stock [which is more akin to a bond] to be traded off the bond desks...the entire value of the deal lies in the equity option that idc has sold to the holders of the debt...so in reality the chance the own the equity is what drives the deal...and the higher the premium the higher the effective price of the sale...the bond component is meaningless...as the holders of the converts could have bought treasuries and options on idc stock instead of the convert
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