NO.PZ2018123101000081
问题如下:
Hsu selects the two bonds issued by Whorton, Inc. given in the Exhibit 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 minimum value of Bond 9 is equal to the greater of:
选项:
A.the conversion value of Bond 9 and the current value of Bond 10.
B.the current value of Bond 10 and a call option on Whorton’s common stock.
C.the conversion value of Bond 9 and a call option on Whorton’s common stock.
解释:
A is correct.
考点:对可转债的理解
解析 : 可转换债券的最小价值为 : 可转债的转换价值和纯债券的当前价值 ( 即债券10 ) 中的较大者 。 由于该可转债的Conversion price为50 , 而当前公司的股票价格为30 , 因此可转债的价值为债券价值 , 因此选择A选项 。
根据公式,岂不是股票转换价格越高,premium越高?但实际上不应该是以更便宜的价格转换成股票,然后到市场上以更高的market price卖获利吗?怎么反了,这里不是很理解