Convertible Bonds

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Convertible Bonds

Bondholders can choose to convert bonds into equity shares. If the underlying stock price exceeds the conversion price, investors can choose to convert the bonds into ordinary shares, otherwise they are held as ordinary corporate bonds with a certain bond floor (Bond Floor).

Issuer
發行公司
Securities / Coupon / Maturity
證券名稱/票息/到期日
Currency
幣別
Risk
風險
Rating
債券評等
Sinopec
中國石化
SINOPE 3.25 04/28/25USD
美元
Mid
A1/A+
Huarong Asset Management
華融資產管理
HRAM 4.25 11/07/27USD
美元
High
Baa1/A

Main Risks

  • Normally low or zero coupons, there may be buyback clauses, and Puttable clauses that are investor rights.
  • CBs also have interest rate risk, credit risk, liquidity risk, same as corporate bonds.
Specific terminology of convertible bonds (CB):
  • Face Amount (Denomination)
  • Coupon rate
  • Issue date / issue price
  • Maturity Date / Maturity Redemption Price
  • Conversion Price
  • Conversion ratio = face amount / conversion price
  • Parity = stock price × (conversion ratio / denomination × 100)
  • Premium = (market price / parity) -1

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