A convertible which is embedded with a par-strike put option prior to final maturity. In other words, the holder has the right to put (force the issuer to redeem) the convertible at par value anytime during its life. The issuer is usually required to do so for cash (and hence the convertible is said to have a hard put) or with shares (therefore, it is a soft-put convertible). The put option, in general, helps increase the investment value of a convertible in light of the shorter effective maturity associated with it. Therefore, investors consider the yield-to-put (YTP) rather than the yield-to-maturity (YTM).