Convertible bondsa. have priority over other indebtedness. b. are usually secured by a first or second mortgage. c. pay interest only in the event earnings are sufficient to cover the interest. d. may be exchanged for equity securities.

d. may be exchanged for equity securities.

Explanation:

Convertible bonds

It is a debt security , which is fixed and which yields the  interest payments , but it can be converted to a predetermined number of the equity shares or common stock .

The bond to stock conversion can be done at a number of times during the life of the bond .

These bonds are mostly issued by the companies which have low credit ratings and have potential of higher growth .

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