NO.PZ2016070202000030
问题如下:
What is the main reason why convertible bonds are generally issued with a call?
选项:
A. To make their analysis less easy for investors
B. To protect against unwanted takeover bids
C. To reduce duration
D. To force conversion if in-the-money
解释:
D is correct. Companies issue convertible bonds because the coupon is lower than for regular bonds. In addition, these bonds are callable in order to force conversion into the stock at a favorable ratio. In the previous question, for instance, conversion would provide equity capital to the firm at the price of $40, while the market price is at $45.
老师,B我的理解是,有投资者买大量可转债,再转换成股票,如果超过一定额度,比如50%,不就等于发行人被投资者收购了吗?这时候发行人有call的权利,把债券赎回,就可以阻止被收购,所以应该是对的? D说的force转换,在价内,投资者可以选择转也可以不转,不是一定要转吧?