NO.PZ2016070202000029
问题如下：
A corporate bond with face value of $100 is convertible at $40 and the corporation has called it for redemption at $106. The bond is currently selling at $115 and the stock’s current market price is $45. Which of the following would a bondholder most likely do?
选项：
A.Sell the bond
B.Convert the bond into common stock
C.Allow the corporation to call the bond at 106
D.None of the above
解释：
The conversion rate is expressed here in terms of the conversion price. The conversion rate for this bond is $100 into $40, or 1 bond into 2.5 shares. Immediate conversion will yield . The call price is $106. Since the market price is higher than the call price and the conversion value, and the bond is being called, the best value is achieved by selling the bond.
这里这个债券，已经被call了，你就必须让他给call吧，人家公司就是行了这个call的权，你偏把它卖了，这不是违约吗？
而且这时候你硬要卖出去，别人接手的时候，如果他是不知情（不知道这个债券是已经被call的），追索下来也是你的责任，要去市场上花115买回这个债券再还回去吧，这不是白折腾吗。
所以这题的不就没有任何意义吗，因为唯一选择就是给别人call回去就行了。
那如果说别人没有call,只是说这是一个可转债,那我理解说目前最优选择确实是把他卖了比转成stock划算。
