Convertible preferred stock
The holder has the right to convert to a specified number of shares of the underlying common stock at any time.
It has a specified dividend rate that is declared by the board of directors, usually quarterly.
There is no maturity date, unlike the convertible bond.
After the call protection expires, the company has the option of redeeming the issue at the stated par value or call price.
Exchangeable feature: gives the company the additional option of exchanging the convertible preferred stock for convertible bonds.