Market conversion price

Hi all!

I struggle a bit with understanding the concept of market conversion price. The price at which you can convert a bond is set at begining as initial conversion price and it defines conversion ratio as par / conversion price. So far so good right?

However as bond is traded, that initial conversion ratio is used to determine market conversion price as MV of bond / conversion ratio. That should tell you how much you are effectively paying for opportunity to profit from conversion right?

Now I got the example below that confused me:

Current share price: 38.23$

Bond A:

Market price: 154 688$, Straight bond value: 97 658, Initial conversion price: 25, Initial conversion rate: 4000

Bond B:

Market price: 102 653$, Straight bond value: 101 390, Initial conversion price: 40, Initial conversion rate: 2500

So you get higher market conversion premium for bond B. Why would market conversion price be higher for convertibe bond that is out-of-the money? Is that a normal occurence?

Also some more context: Company name is MGM and bond A is defined as MGMA25 and bond b as MGMB40. I would interpret this as amortized and bullet with B having longer maturity, although that is not stated explicitly anywhere and also no mention of issuance date.

My understanding is that a convertible can be exchanged for shares whenever the bond holder chooses to. Hence, whether this option is exercised is a question of current market price of bond vs value if converted.

The two bonds likely have different coupons, maturities, and/or bond B may be subordinate to bond A: This is my conclusion from looking at the straight values of each.