Convertibles have a lower coupon rate that non-convertible debt, but they offer investors a chance for capital gains in exchange for the lower coupon rate.

可转债的票面利率低于一般公司债，并为投资人提供机会从换股中获得资本利得。

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For instance, Intel just recently issued non-convertible debt for the first time in nearly 25 years in order to repurchase stock and take advantage of the opportunity to capture value for shareholders.

FORBES: Investor Illusions