请问这道题的考点是什么呢，谢谢

NO.PZ2016070202000030

问题如下：

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

选项：

To make their analysis less easy for investors

To protect against unwanted takeover bids

To reduce duration

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.

请问老师这道题的考点在哪里，或者站在发行人的角度还是投资人的角度呢，还是不太明白为什么选择D，D所叙述的是正确的，但是并不能解释为什么可转债多数是Call吧，难道是因为Call对投资者有利，所以发行人多数选择Call的方式发行可转债？

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1 个答案

李坏_品职助教 · 2022年03月13日

嗨，爱思考的PZer你好：

这道题问的是为什么说可转债内部嵌入了一个看涨期权？

可转债的本质是普通的债券加上投资人享有的可以将债券转换为股票的期权，这个期权其实就是股票的call。只有投资人看好公司的股票他才会选择行使转换权，所以convertible bond一定是嵌入了call。

convertible bond是发行债券的公司卖给了投资人一个call，所以convertible bond等于比普通的bond多了一个权利，自然coupon就低一些。

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NO.PZ2016070202000030 问题如下 Whis the main reason why convertible bon are generally issuewith a call? A.To make their analysis less easy for investors B.To proteagainst unwantetakeover bi C.To reration To forconversion if in-the-money is correct. Companies issue convertible bon because the coupon is lower thfor regulbon. In aition, these bon are callable in orr to forconversion into the stoa favorable ratio. In the previous question, for instance, conversion woulprovi equity capitto the firm the priof $40, while the market priis $45. 请问这道题的考点在哪里啊？哪个章节第几页呢？

2022-11-23 16:39 1 · 回答

NO.PZ2016070202000030 To proteagainst unwantetakeover bi To reration To forconversion if in-the-money is correct. Companies issue convertible bon because the coupon is lower thfor regulbon. In aition, these bon are callable in orr to forconversion into the stoa favorable ratio. In the previous question, for instance, conversion woulprovi equity capitto the firm the priof $40, while the market priis $45. 老师，B我的理解是，有投资者买大量可转债，再转换成股票，如果超过一定额度，比如50%，不就等于发行人被投资者收购了吗？这时候发行人有call的权利，把债券赎回，就可以阻止被收购，所以应该是对的？的force转换，在价内，投资者可以选择转也可以不转，不是一定要转吧？

2021-04-13 07:45 1 · 回答

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

2020-08-13 22:06 2 · 回答

题目里面的call是不是对发行人的？相当于要求投资人变成股东，不然发行人就要把债券赎回？以此给投资者压力？

2019-11-04 17:37 1 · 回答

请问这道题的考点是什么呢，谢谢

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