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Interchangeable Bonds
Source: Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority.)

First read REGISTERED BOND

Bonds that may be converted from coupon to registered form (or vice versa) and back again to coupon (or registered) form.  Most bonds that have once been converted from coupon to registered form cannot be changed back to coupon form.  Registered bonds do not enjoy as ready a market or command as high a price as coupon bonds; for this reason, the option of conversion is valuable.

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