NO.PZ2016070202000029
问题如下:
A corporate bond with face value of $100 is convertible at $40 and the corporation has called it for redemption at $106. The bond is currently selling at $115 and the stock’s current market price is $45. Which of the following would a bondholder most likely do?
选项:
A.Sell the bond
B.Convert the bond into common stock
C.Allow the corporation to call the bond at 106
D.None of the above
解释:
The conversion rate is expressed here in terms of the conversion price. The conversion rate for this bond is $100 into $40, or 1 bond into 2.5 shares. Immediate conversion will yield . The call price is $106. Since the market price is higher than the call price and the conversion value, and the bond is being called, the best value is achieved by selling the bond.
这里这个债券,已经被call了,你就必须让他给call吧,人家公司就是行了这个call的权,你偏把它卖了,这不是违约吗?
而且这时候你硬要卖出去,别人接手的时候,如果他是不知情(不知道这个债券是已经被call的),追索下来也是你的责任,要去市场上花115买回这个债券再还回去吧,这不是白折腾吗。
所以这题的不就没有任何意义吗,因为唯一选择就是给别人call回去就行了。
那如果说别人没有call,只是说这是一个可转债,那我理解说目前最优选择确实是把他卖了比转成stock划算。