The price of a convertible as quoted including its two components the clean price and accrued interest (or accrued coupon). The total price of the bond is the actual price in the market- i.e., the price paid for the bond:
Total price of a convertible = clean price + accrued coupon
For example, if the clean value of a convertible is $500 and its accrued coupon is $10, then:
Total price = 500 + 10 = $510
Or in percentage terms:
Total price = 100% + 2% = 102%
Euroconvertibles (especially French convertibles) that have domestically traded tranches are often quoted using total price.
The total price is also known as gross price of a convertible.
