资本市场运作之债券市场-精.pptVIP

Example: Compute and interpret the market conversion premium per share of the BSC bond. Answer: Market conversion premium per share= market conversion price per share– market price Since BSC is selling for $35 per share, the market conversion premium per share for the BSC bond is: $4.40=$39.40- $35. This can be interpreted as the premium that the investors are willing to pay for the chance that the market that the market price of the stock will rise above the market conversion price. Example: Compute and interpret the market conversion premium ratio of the BSC bond. Answer: Market conversion premium ratio= market conversion premium per share/market price of common stock The BSC bond market conversion premium ratio is $4.40/$35=12.57% Example: Compute and interpret the premium payback period of the BSC bond. Answer: Premium payback period=(market conversion premium per share)/(favorable income difference per share) favorable income difference per share=[coupon interest-(conversion ratio-dividends per share)]/(conversion ratio) For BSC bond: Coupon interest=0.07*1,000=$70 Conversion ratio*dividends per share=25*1=$25 favorable income difference per share=($70-$25)/25=$1.80 Premium payback period is $4.40/$1.80=2.44years Example: Compute and interpret the premium over straight value of the BSC bond. Answer: Premium over straight value=(market price of convertible bond/straight value)-1 Answer: The premium over straight value for BSC bond: ($985/$950)-1=3.68% Holding all other factors constant, the greater the premium over straight value, the less attractive the convertible bond. 二、可转换公司债券的发行条件 可转换公司债券较适合资产负债率水平偏低，成长性较好，募股资金项目见效稍慢，并且有着良好现金流量的公司 近3年连续盈利，净资产利润率平均在10％以上 能源、原材料、基础设施类的公司可以略低，但是不得低于7％ 可转债发行后，资产负债率不高于70％ 累计债券余额不超过公司净资产额的40％ 募集资金的投向符合国家产业政策 可转债的利率不超过银行同期存款的利率水平 可转债的发行额不少于1亿元 三、可转换公司债券的发行条款 发行人应在申请文件中列明可转换公司债券发行条款及其依据 可转债发行规模由发行人根据其投资计划和财务状况确定 可转债按面值发行，每张面值100元，最小交易单位为面值1000元 可转债期限为3-5年，由发行人和主承销商根据发行人具体情况商定 可转债转股价格应在募集说明书中约定。价格的确定应以公布募集说明书前30个交易日公司股票的平均收盘价格为基础，