Convertible bonds yield advantage

As we know convertible bonds give to the investors a yield advantage compared to conventional bonds. This is given by Equation (9.3) (Example 9.1) ... 

Investors rarely convert voluntarily. They may during an event such as a call or a tender offer, or if the share price has risen by a considerable amount. The main reason why early redemption is not generally in the investors interest is because it will erode the time value of the option element, as well as remove the yield advantage of holding the convertible. It also removes the downside protection afforded by the bond. That is... 

The properties of chlorine azide resemble those of bromine azide. Pon-sold has taken advantage of the stronger carbon-chlorine bond, i.e., the resistance to elimination, in the chloro azide adducts and thus synthesized several steroidal aziridines. 5a-Chloro-6 -azidocholestan-3 -ol (101) can be converted into 5, 6 -iminocholestan-3l -ol (102) in almost quantitative yield with lithium aluminum hydride. It is noteworthy that this aziridine cannot be synthesized by the more general mesyloxyazide route. Addition of chlorine azide to testosterone followed by acetylation gives both a cis- and a trans-2iddMct from which 4/S-chloro-17/S-hydroxy-5a-azidoandrostan-3-one acetate (104) is obtained by fractional crystallization. In this case, sodium borohydride is used for the stereoselective reduction of the 3-ketone... 

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