diff --git a/peps/pep-0750.rst b/peps/pep-0750.rst
index 92ec3c34cea..c1e2c92a000 100644
--- a/peps/pep-0750.rst
+++ b/peps/pep-0750.rst
@@ -455,7 +455,9 @@ The debug specifier, ``=``, is supported in template strings and behaves similar
 to how it behaves in f-strings, though due to limitations of the implementation
 there is a slight difference.
 
-In particular, ``t'{value=}'`` is treated as ``t'value={value!r}'``:
+In particular, ``t'{value=}'`` is treated as ``t'value={value!r}'``. The first
+static string is rewritten from ``""`` to ``"value="`` and the ``conversion``
+defaults to ``r``:
 
 .. code-block:: python
 
@@ -465,8 +467,11 @@ In particular, ``t'{value=}'`` is treated as ``t'value={value!r}'``:
     assert template.interpolations[0].value == "World"
     assert template.interpolations[0].conversion == "r"
 
-If a separate format string is also provided, ``t'{value=:fmt}`` is treated
-instead as ``t'value={value!s:fmt}'``.
+If a conversion is explicitly provided, it is kept: ``t'{value=!s}'``
+is treated as ``t'value={value!s}'``.
+
+If a format string is provided without a conversion, the ``conversion``
+is set to ``None``: ``t'{value=:fmt}'`` is treated as ``t'value={value:fmt}'``.
 
 Whitespace is preserved in the debug specifier, so ``t'{value = }'`` is
 treated as ``t'value = {value!r}'``.