NO.PZ2023040701000087
问题如下：
Harding subadvises a core-plus bond fund that allows for up to 5% of assets to be invested in convertible debt. Hamilton has read research from Stellwagen’s equity team that has identified StorageTech equity as a top idea, with a price target of $120 per share. The stock does not pay a dividend and is trading for $90.00 per share on 2 April 2017. Harding asks Hamilton to provide him with the current conversion price, conversion value, and market conversion premium per share based on data in Exhibit 3.
Exhibit 3 StorageTech Convertible Bond Data
Based on this information, Hamilton calculates the conversion value to be $937.50 and the market conversion premium per share to be $10.80 per share.
Is Hamilton most likely accurate regarding her convertible bond calculations?
选项：
A.Yes
B.No. The conversion value is incorrect.
No. The market conversion premium is incorrect.
解释：
Correct Answer: A
The conversion ratio is the par value of the bond divided by the conversion price per share: $1,000/$96 = 10.4167. The conversion value of a convertible bond is equal to the underlying share price times the conversion ratio: 10.4167 × $90.00 = $937.50. The market conversion premium is the convertible bond price divided by the conversion ratio minus the stock price: $1,050/10.4167 = $100.80 – $90.00 = $10.80.
最开始的转债价格=1000，ratio=10.4167, conversion price= 96, 股价=80， mkt conversion prem.= 16块 （即20%）
后来市场转债价格=1050，ratio=10.4167, mkt conversion price= 1050/10.4167=100.8, 股价=90, mkt conversion prem.=10.8块
我的问题是: 为什么后来转换为股票的时候不用conversion price（也就是strike price)来算mkt conversion prem.呢？（即为什么不是96-90）而是要用当前的可转债价格再算一次的price(100.8-90)来算prem.?
