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cika · 2023年01月29日

Bond tender offer

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NO.PZ202209060200004106

问题如下:

Which of the following strategies would Maestre most likely recommend for retiring the Cávado bond?

选项:

A.Bond tender offer B.Cash flow matching with government bonds C.Duration matching with corporate bonds

解释:

Solution

A is correct. Because the outstanding bond issue can likely be purchased for a small premium over market value, there is no reason to engage in a more complicated and likely more expensive retirement process using a cash flow-matching or duration-matching strategy.

B is incorrect because there is no need to engage in the more complicated process when the outstanding bond issue can be purchased at little premium.

C is incorrect because there is no need to engage in the more complicated process when the outstanding bond issue can be purchased at little premium.

请问老师,Bond tender offer什么意思,这道题为什么选Bond tender offer

2 个答案
已采纳答案

pzqa015 · 2023年01月29日

嗨,从没放弃的小努力你好:


公司在公司市场买回自己的债券。因为发行在外的债券只有很小的溢价,所以,用tender offer买回债券的成本不会太高。所以选tender offer。

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丁丁 · 2023年02月12日

老师,我想问下tender offer的cost 是不是都比cash flow match 的cost 低,我怎么记得讲义上写的是tender offer的成本更高一点

pzqa015 · 2023年02月12日

嗨,努力学习的PZer你好:


一般情况下tender offer成本高,因为债券流动性差,不断买入有溢价。除非题目说了发行在外的债券流动性好,溢价低,就像本题这样。

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加油吧,让我们一起遇见更好的自己!

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