李同学2019-03-09 20:24:23
10.单选题 已收藏 标记 纠错 Assume that a convertible bond has a par value of $1,000,000 and is currently priced at $1,200,000. The underlying share price is $50,000 and the conversion ratio is 30:1. The conversion condition for this bond is: A parity. B above parity. C below parity. 查看解析 上一题 下一题 正确答案B 您的答案B本题平均正确率:89% Convertible bond难度:一般 推荐: 答案解析 The conversion value of the bond is 50,000 x 30 = $1,500,000. The price of the convertible bond is $1,200,000. 'Thus, the conversion value of the bond is greater than the bond's price, and this condition is referred to as above parity. 问:1.这里的5w$一股指的是转化价对吧?2.通常情况下,市场价应该比这个高对吧,就是市场价可能是5.5w$每股才会决定转?但是这道题考的不是什么时候转换,所以不用考虑,是这样吗?请逐次回答 谢谢
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孙亚军2019-03-11 15:52:22
同学你好,(1)conversion ratio是指一张债券可以转换成多少股票。此处,conversion ratio=30,所以转换价格=面额/30=3.3333w。(2)你说的5w是股票的市场价格,通常高于转换价格。(3)至于转不转,考虑债券的市场价格和转换成股票的市场价格。如果转换成股票的市场价格高,就转,否则就不转。根据题意,转换成股票价值150w,债券市场价格120w,所以应该转。其中,120w为parity,即股票价值为120w时不赚不亏。现在,为150w,为above parity。
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