How do bonds with warrants (BWs) and convertible bonds (CBs) differ as bonds?

With a convertible bond, exercising the conversion right turns the bond into shares, and the bond is extinguished.

With a bond with warrants, exercising the right to buy new shares (the warrant) extinguishes only the warrant portion; the bond itself remains outstanding and in effect until maturity. As a result, BW investors can expect both bond interest and gains from a rise in the share price, but they also continue to bear the issuer's credit risk until maturity.