With respect to convertible bonds, the value the security would have if it were not convertible. That is, the market value of the bond minus the value of the conversion option. Found on http://www.duke.edu/~charvey/Classes/wpg/bfglosb.htm
With respect to convertible bonds, the value the security would have if it were not convertible apart from the conversion option. Found on http://www.encyclo.co.uk/local/20047