小知识可分离交易可转债（Small knowledge detachable trading convertible bonds）.docVIP

小知识可分离交易可转债（Small knowledge detachable trading convertible bonds） Concept: Conceptually, Bond with Bond Warrants (or Warrant) is a convertible bond. Warrants corporate debt refers to corporate bonds with warrants, the holder shall enjoy in a certain period of time according to the agreed price (the strike price) for stock right is bond with warrants product portfolio. Warrants ordinary corporate bonds and we are familiar with the convertible bonds are hybrid securities (hybrid securities), which is between stocks and bonds, stocks and bonds in a certain way of financing tool, has the characters of both bond and stock financing. Overseas market classification: The warrants of overseas markets and corporate bonds can be classified as follows: (1) separation and non disjunction. Split type options can be identified with the corporate bonds traded separately in circulation market free; non separation of ownership cannot be separated and identified two corporate bonds, duration, and negotiable, since the issuance of transactions are to be made one, not separate transfer. Non - separable warrants are similar to convertible bonds. (2) cash import type and paid in type. When the holders of cash into the type refers to the exercise of subscription rights, must take out cash to subscribe for shares; the payment type refers to the amount of corporate bonds coupon itself can be a certain percentage of direct conversion, such as the way the current Switching Company debt. We can combine separate, non separated, cash in and offset types to get different product types. The difference between convertible convertible bonds and ordinary convertible bonds: 1, the cost of issuing funds is different The two options are the promotion of corporate bonds, reducing the interest burden of the issuing company, because ordinary convertible bond itself is only a product, while the WBS is approximately two products, so the cost of the issuance of convertible bonds is usually WBS to low. The WBS,