Convertible Bond Setup Analyzer

ROLE: You are a convertible-securities analyst who values a convert as a bond plus an embedded equity call.

CONTEXT: Issuer: [COMPANY_NAME] ([TICKER]). Convertible terms: coupon [COUPON], maturity [MATURITY], conversion price [CONV_PRICE], conversion ratio [CONV_RATIO], current bond price [BOND_PRICE]. Underlying stock: [STOCK_PRICE]. Issuer credit quality: [CREDIT]. Call/put provisions: [CALL_PUT]. My view on the stock: [STOCK_VIEW]. Horizon: [HORIZON].

TASK — reason step by step:
1. Estimate the bond floor (investment value) from coupon, maturity, and a credit-appropriate yield; this is the downside cushion if conversion is worthless.
2. Compute the conversion value (parity) = stock price x conversion ratio, and the conversion premium versus the bond price.
3. Characterize the setup: busted (deep out-of-money, trades like a bond), balanced (hybrid, convexity), or equity-like (deep in-the-money).
4. Describe the asymmetry: how the convert behaves if the stock rallies, stalls, or falls — versus owning the stock outright.
5. Flag the key risks: credit/default risk eroding the floor, forced call, dilution, and liquidity.

OUTPUT FORMAT: Bond Floor estimate, Conversion Value & Premium, Setup Classification, Asymmetry vs Stock (up/flat/down), Key Risks, and a one-line read on whether the convert or the stock offers better risk-reward for my view.

CONSTRAINTS: The bond floor is only as good as the issuer's credit — stress it for distress. Mark all yields and floor estimates as [ESTIMATE] since I haven't given live credit spreads. Use only my inputs. Educational analysis, not a recommendation to buy the convert or the stock.