I disagree with both those answers. The world is a big place and there has probably been secured convertible debt, but I managed risk at a convertible arb shop for years and I never saw one (which means that they weren't very big issues if there was one). Further, it would be a pretty odd security. Imagine that as the stock price goes up the convert starts being a stock equivalent (with a big dividend). That makes the security irrelevant mostly but that security can't be pledged on some other bond issue to drop interest expense. If this exists it is from some deeply credit unworthy place that needs to all but hand out toasters to raise funds.
The notion that convertibility has nothing to do with security is simply wrong and stupid.
Possibly. The convertibility has nothing to with the security.
