A warrant that cannot be separated from its carrier bond and cannot be traded as a standalone security. It is sold with its bond to be exercised by the bondholder simultaneously with the convertible bond. In terms of transferability, non-detachable warrants can be transferred only together with the beneficial securities. A convertible bond can be viewed as a straight bond plus a non-detachable warrant. Convertible debt, and generally debt, issued with detachable or non-detachable warrants are essentially a form of equity derivative transactions.