银洛希尔04年10月关于可转换债券交易品种的培训资料.pptVIP

Convertible bonds Presentation to Agenda OVERVIEW What are convertible bonds? Convertible bond structures Exchangeable bonds Equity-linked market conditions Arbitrage techniques What are convertible bonds? What is a convertible bond? Convertible bonds are hybrid instruments that stand somewhere between a debt instrument and equity Convertible is effectively a bond which gives its holders the right to convert for a fixed number of ordinary shares at a fixed price Bondholders receive: At maturity, if not previously converted, convertibles are worth: The greater of their cash redemption v