Which of the following best describes a convertible bond issue?

a. a bond that can be converted into a currency other than the one it was issued in

b. a bond that offers a fixed rate coupon that can be converted into a variable rate coupon

c. a bond that offers the investor the option of converting his or her bond into a fixed number of common shares within a predetermined period of time

d. a bond that offers investors a perpetual dividend in the event that the firm performs better than expected