The price of a convertible as quoted inclusive of accrued interest. Some Euroconvertibles such as French convertible bonds are normally quoted on this basis, not as a percentage of the nominal value. As such, the bond price will fall by the extent of the coupon on the date of exercise, other things held equal. By convention, the exercise date for French convertibles is the payment date itself, not the last trading day for which settlement falls before the coupon payment date. For example, suppose the interest accrued on a Euroconvertible is EUR 5% 2007 with a settlement date of 200 days after the coupon date. The dirty price is calculated as follows:

Dirty price = clean price + (day count) x accrued interest

Dirty price = 100% + (200/365) x 5% = 100% + 2.74% = 102.74%

The dirty price is also known as a gross price.