Opțiunile emitentului pot fi convertite în obligațiuni


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Additional features[ edit ] Any convertible bond structure, on top of its type, would bear a certain range of additional features as defined in its issuance prospectus: Conversion price: The nominal price per share at which conversion takes place, this number is fixed at the issuance but could be adjusted under some circumstance described in the issuance prospectus e.

Underlying stock split. You could have more than one conversion price for non-vanilla convertible issuances.

Motivare și condiții prealabile pentru obligațiunile de stabilitate[1] 1. Context Obiectivul prezentei cărți verzi este de a lansa o amplă consultare publică privind conceptul de obligațiuni de stabilitate, cu toate părțile interesate, adică statele membre, actorii de pe piețele financiare, asociațiile profesionale ale participanților la piețele financiare, specialiștii din mediul academic, din UE și din afara UE, precum și publicul larg, care să permită Comisiei Europene să stabilească pașii care trebuie urmați. Emisiunea de obligațiuni suverane în zona euro se realizează în prezent de către statele membre, în mod descentralizat, utilizând diverse proceduri de emisiune.

Issuance premium: Difference between the conversion price and the stock price at the issuance. Conversion ratio: The number of shares each convertible bond converts into.

It may be expressed per bond or on a per centum per basis. In some cases, for non-vanilla convertible bonds, there is no maturity date i. Final conversion date: Final date at which the holder can request the conversion into shares.

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Might be different from the redemption date. Coupon: Periodic interest payment paid to the convertible bond holder from the issuer.

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  • Prin natura lor, obligaţiunile convertibile sunt instrumente hibride, deoarece încorporează trăsături atât ale pieţei de datorii, cât şi ale pieţei de titluri, pentru investitori şi emitenţi; totodată, ele prezintă rate ale cupoanelor mai scăzute decât obligaţiunile convenţionale, deoarece oferă un profit potenţial mai mare.
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  • ​Instrumente Financiare Care Pot fi Tranzacționate [Ghid Complet]
  • Băncii și alte instituții financiare Organizații supranaționale Tipuri de obligațiuni[ modificare modificare sursă ] Tipuri de obligațiuni în funcție de dobândă[ modificare modificare sursă ] Obligațiune cu rată fixă sau directă negarantată Certificat cu rată flotantă Obligațiune cu cupon zero Obligațiunea cu rată fixă sau directă negarantată nu are nici un fel de caracteristici speciale și raportează investitorilor o dobândă fixă de-a lungul întregii perioade până la scadență.

Could be fixed or variable or equal to zero. Yield: Yield of the convertible bond at the issuance date, could be different from the coupon value if the bond is offering a premium redemption.

In those cases the yield value would determine the premium redemption value and intermediary put redemption value. Convertibles could bear other more technical features depending on the issuer needs: Call features: The ability of the issuer on some bonds to call a bond early for redemption.

This should not be mistaken for a call option. A Softcall would refer to a call feature where the issuer can only call under certain circumstances, typically based on the underlying stock price performance e. A Hardcall feature would not need any specific conditions beyond a date: that case the issuer would be able to recall a portion or the totally of the issuance at the Call price typically par after a specific date.

Put features: The ability of the holder of the bond the lender to force the issuer the borrower to repay the loan at a date earlier than the maturity. These often occur as windows of opportunity, every three or five years and allow the holders to exercise their right to an early repayment.

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Contingent conversion aka CoCo : Restrict the ability of the convertible bondholders to convert into equities. More recently some CoCo's issuances have been based on Tier-1 capital ratio for some large bank issuers. Reset: Conversion price would be reset to a new value depending on the underlying stock performance.

Convertible bond

Typically, would be in cases of underperformance e. Change of control event aka Ratchet : Conversion price would be readjusted in case of a take-over on the opțiunile emitentului pot fi convertite în obligațiuni company. There are many subtype of ratchet formula e. Make-whole base, time dependent ClubMed, to significant e. Aegis, Often, this clause would grant as well the ability for the convertible bondholders to "put" i.

Non-dilutive: The non-dilutive feature has been popularised with the lower interest rates e. In a non-dilutive placement, the issuer would simultaneously enter in an OTC option agreement with the underwriter or a third party. This option would often match the strike of the convertible as well as its maturity.

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This would result in cancelling out the dilution in case of a conversion of the convertible at maturity if the stock price is above the strike.

Typically, in order to fully prevent dilution the convertible prospectus would constraint possibility of early conversion. Structure and terminology[ edit ] Due to their relative complexity, convertible bond investors could refer to the following terms while describing convertible bonds: Parity: Immediate value of the convertible if converted, typically obtained as current stock price multiplied by the conversion ratio expressed for a base of May also be known as Exchange Property.

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Bond floor: Value of the fixed income element of a convertible i. Premium: Defined as current convertible price minus the parity Exchangeable bond: Convertible bond where the issuing company and în cazul în care în net pentru a face bani underlying stock company are different companies e.

De Sebastian Bodu 2. Conversia obligațiunilor Obligațiunile sunt împrumuturi contractate de societate [48] sub forma emisiunii unor titluri de valoare, astfel că transformarea acestora în acțiuni [49]prin conversia prevăzută la art. Obligațiunile pot fi emise de la început cu mențiunea că sunt convertibile [50]adică împreună cu o opțiune de conversie acordată în mod distinct fie emitentului, pentru obligațiunile emise pe termen foarte lung [51]fie obligatarului deținătorului [52]inclusiv în anumite condiții precum schimbarea controlului acționarial sau restructurarea fuziune ori divizarea [53].

This distinction is usually made in terms of risk i. Synthetic : synthetically structured convertible bond issued by an investment bank to replicate a convertible payoff on a specific underlying equity e.

Most reverse convertibles are opțiunile emitentului pot fi convertite în obligațiuni. Please note the Packaged Convertibles e. Similarly, a replicated structure using straight bonds and options would be considered as a package structure. Markets and Investor profiles[ edit ] The global convertible bond market is relatively small, with about bn USD as of Janexcluding syntheticsas a comparison the straight corporate bond market would be about 14, bn USD.

Opțiunile emitentului pot fi convertite în obligațiuni those bn, about bn USD are "Vanilla" convertible bonds, the largest sub-segment of the asset class. This market is more standardised than the others with convertible structures being relatively uniform e.

Regarding the trading, the American convertible market is "centralised" around TRACE which helps in terms of price transparency. Most of the trading operation are based in New-York. Because of that lack of standardisation, it is often considered to be more technical and unforgiving than the American market from a trading perspective.

A very tiny amount of the volumes is traded on exchange while the vast majority is done OTC without a price reporting system e. Liquidity is significantly lower than on the Northern American market. Trading convention are NOT uniform: French Convertibles would trade dirty in units while the others countries would trade clean in notional equivalent.

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Most of the trading is done in Hong-Kong with a minor portion in Singapore. It mostly shrunk because of the low interest environment making the competitive advantage of lowering coupon payment less appealing to issuers.

Ultima actualizare: Nov 27, Scris de Conspecte Team Accesări: 11, Caracteristici ale obligaţiunilor Obligaţiunea este un înscris care certifică deţinătorului său calitatea de creditor. Ea reprezintă un titlu de creanţă negociabil.

One key specificity of the Japanese market is the offering price of issuance being generally abovemeaning the investor would effectively bear a negative yield to benefit from the potential equity underlying upside. Most of the trading is done out of Tokyo and Hong-Kong for some international firms. Convertible bond investors get split into two broad categories: Hedged and Long-only investors. Buying the convertible while selling the stock is often referred to as being "on swap".

Hedged investors would modulate their different risks e.

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They would typically be exposed to the various risk. Globally the split is about balanced between the two categories.