可转债对issuer不是也有利吗？

问题如下：

Which of the following provisions is a benefit to the issuer?

选项：

A.

Put provision

B.

Call provision

C.

Conversion provision

解释：

B is correct.

A call provision (callable bond) gives the issuer the right to redeem all or part of the bond before the specified maturity date. If market interest rates decline or the issuer’s credit quality improves, the issuer of a callable bond can redeem it and replace it by a cheaper bond. Thus, the call provision is beneficial to the issuer.

A is incorrect because a put provision (putable bond) is beneficial to the bondholders. If interest rates rise, thus lowering the bond’s price, the bondholders have the right to sell the bond back to the issuer at a predetermined price on specified dates. C is incorrect because a conversion provision (convertible bond) is beneficial to the bondholders. If the issuing company’s share price increases, the bondholders have the right to exchange the bond for a specified number of common shares in the issuing company.

考点：含权债券

解析：A选项及C选项均对债券持有人有利，而非发行人，均不正确。B选项对债券发行人有利，故正确。