A convertible bond has a par value of $1,000 but its current market price is $975. The current price of the issuing company's stock is $28 and the conversion ratio is 35 shares. The bond's market conversion value is .

Conversion value =  $980

Explanation:

A convertible bond is that which gives the holder the option of converting the bonds to pre-determined number of ordinary shares at a particular time in future.

When faced with these options , a rational investor who maximizes return would opt for the option with the higher value.

Hence, we would compare the conversion value and the bond price

The conversion  value would be the higher of the value of shares on conversion  and the current price of the bond,

The conversion value can be worked as follows:

C= Price of share × Number of shares

C= $28× 35 = $980

Price of Bond =$975

A rational investor would convert.

Conversion value =  $980

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