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还是星宇好 · 2020年08月13日

问一道题:NO.PZ2016070202000030

问题如下:

What is the main reason why convertible bonds are generally issued with a call?

选项:

A.

To make their analysis less easy for investors

B.

To protect against unwanted takeover bids

C.

To reduce duration

D.

To force conversion if in-the-money

解释:

D is correct. Companies issue convertible bonds because the coupon is lower than for regular bonds. In addition, these bonds are callable in order to force conversion into the stock at a favorable ratio. In the previous question, for instance, conversion would provide equity capital to the firm at the price of $40, while the market price is at $45.

老撕你好,感觉c也没问题啊,我可转债一转maturity不就小了,Duration不就小了,感觉这个答案很讲道理啊

2 个答案
已采纳答案

品职答疑小助手雍 · 2020年08月14日

嗨,从没放弃的小努力你好:


题目问的是可转债附加一个call的目的,你说转股时(转股权)可以减小duration,这是两个事情啊。(难道说你以为这个call是转股权么,应该不会这么认为吧,这个call是说公司有权可以以XX价格买回来这个可转债的权利。)

而且公司资本结构的调整目的也不一定是减小duration,我要是想增加呢~


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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!


还是星宇好 · 2020年08月15日

对对,,我确实以为是call是convertible,是call+convertible bonds ,头晕了。 么公司加个call,完全对投资者不利啊,如果利率一下降,公司马上call回来,更低的利率再融资?这对投资者也太坑了吧,万一我明明可以convert成stock的,现在突然就被call回来了,我买着玩意干什么啊?

品职答疑小助手雍 · 2020年08月16日

这个call其实也是有前提的,call的时候其实是让投资者选择1.转股,2.被我赎回。

这样可以督促投资者赶紧转股,因为债券还是有利息的(虽然转债利息低),会影响公司的现金流。

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