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lcrcp3 · 2023年10月02日

如题

NO.PZ2023040701000086

问题如下:

Gillette makes the following comments to Bianchi: “My belief is that, over the next year, Raffarin’s share price will appreciate toward the conversion price but not exceed it.”

Exhibit 4. Selected Data for RI Convertible Bond

Based on Exhibit 4 and Gillette’s forecast regarding Raffarin’s share price, the return on the RI bond over the next year is most likely to be:

选项:

A.

lower than the return on Raffarin’s common shares.

B.

the same as the return on Raffarin’s common shares.

C.

higher than the return on Raffarin’s common shares.

解释:

Correct Answer: A

Over the next year, Gillette believes that Raffarin’s share price will continue to increase towards the conversion price but not exceed it. If Gillette’s forecast becomes true, the return on the RI bond will increase but at a lower rate than the increase in Raffarin’s share price because the conversion price is not expected to be reached.

怎么比较债券收益和股票收益的大小?股价在持续上涨,说明股票收益在变大,股价没有超过转换价格,也就是不会把债券转换成股票,那债券有什么收益?coupon的收益?

1 个答案

pzqa015 · 2023年10月02日

嗨,爱思考的PZer你好:


正股价格上涨,转债价格也会上涨,所以,虽然没有转股,但持有转债的收益有两部分,一是coupon,二是转债价格变化带来的资本利得。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

lcrcp3 · 2023年10月03日

1.都在上涨为什么说债券收益低于股票收益? 2.给什么条件债券收益就高于股票收益了?

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NO.PZ2023040701000086 问题如下 Gillette makes the following comments to Bianchi: “My belief is that, over the next year, Raffarin’s share priwill appreciate towarthe conversion pribut not exceeit.”Exhibit 4. Selecteata for RI Convertible Bonasen Exhibit 4 anGillette’s forecast regarng Raffarin’s share price, thereturn on the RI bonover the next yeis most likely to be: A.lower ththe return on Raffarin’s common shares. B.the same the return on Raffarin’s common shares. C.higher ththe return on Raffarin’s common shares. CorreAnswer: AOver the next year, Gillette believes thRaffarin’s share priwill continue to increase towar the conversion pribut not exceeit. If Gillette’s forecast becomes true, the return on the RI bonwill increase but a lower rate ththe increase in Raffarin’s share pribecause the conversion priis not expecteto reache 老师,只要是股票上涨的情况下(不论股价是否超过可转债),可转债收益都要小于股票?只要是股票下降的情况(不论股价是否超过可转债),可转债收益都要大于股票?

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