问题如下:
Hsu selects the two bonds issued by Whorton, Inc. given in the table below. These bonds are close to their maturity date and are identical, except that Bond #9 includes a conversion option. Whorton’s common stock is currently trading at $30 per share.
The value of Bond #9 is equal to the value of Bond #10:
选项:
A.plus the value of a put option on Whorton’s common stock.
B.plus the value of a call option on Whorton’s common stock.
C.minus the value of a call option on Whorton’s common stock.
解释:
B is correct.
考点:考察对可转债的理解
解析 : 可转换债券包括转换期权 , 该期权为投资者所有 , conversion option的实质是Call option on issuer’s common stock. 此期权使债券持有人有权将其持有的债券按照约定的条款转换为股权 。 因此 , 债券9 ( 可转债 ) 的价值等于债券10 ( 不含权债券 ) 的价值加上标的物为Whorton普通股的看涨期权的价值 。
请问下,Call Option在Fix Income中是否普遍对Issuer有利。如是,解答中说此call option是对投资人的有利的原因是为什么呢?