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Mia Li · 2024年07月23日

Delta股价

  1. CFA II
  2. Fixed Income

NO.PZ2023040701000118

问题如下：

Another short-term trading opportunity that Smith and Chan discuss involves the merger and acquisition market. SGS believes that Delta Corporation may make an unsolicited bid at a premium to the market price for all of the publicly traded shares of Zega, Inc. Zega’s market capitalization and capital structure are comparable to Delta’s; both firms are highly levered. It is anticipated that Delta will issue new equity along with 5- and 10-year senior unsecured debt to fund the acquisition, which will significantly increase its debt ratio.

A profitable equity-versus-credit trade involving Delta and Zega is to:

选项：

A.

short Zega shares and buy protection on Delta using the 10-year CDS

B.

go long Zega shares and buy protection on Delta using 5-year CDS

C.

go long Delta shares and buy protection on Delta using 5-year CDS

解释：

Correct Answer: B

The shares of Zega can be sold at a higher price as a result of the unsolicited bid in the market. If Delta Corporation issues significantly more debt, there is a higher probability that it may default. If the Fund sells protection on Delta now, the trade will realize a profit as credit spreads widen. An equity-versus-credit trade would be to go long (buy) the Zega shares and buy protection on Delta.

并购后Delta股价是会下降吗？所以C选项不选？

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1 个答案

品职答疑小助手雍 · 2024年07月24日

同学你好，是的。通常是被收购方涨，收购方跌。

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