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Total Price of a Convertible


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.



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