NO.PZ2018123101000096
问题如下:
Armand Gillette, a convertible bond analyst, stops by Bianchi’s office to discuss the convertible bonds issued by DeLille Enterprises (DE). The relevant information about the convertible bonds are shown below:
Gillette makes the following comments: - I expect that DeLille Enterprises will soon announce a common stock dividend of € 0.70 per share.-
If DeLille Enterprises pays the dividend expected by Gillette, the conversion price of the DE bond will:
选项:
A. be adjusted downward.
B. not be adjusted.
C. be adjusted upward.
解释:
A is correct.
考点:考察企业行为对Conversion price的影响。
解析:
企业的一些行为 , 如拆股 、 分红 、 兼并重组等 , 会对股价产生较大的影响 , 进而会影响到Convertible bond投资者的利益 , 因此在Convertible bond的发行文件里 , 会提前约定好若发生此类企业行为 , Convertible bond的转换价格Conversion Price怎么调整。
由题干可知 , Threshold dividend为0.5 per share , 当前预测的分红是0.7 per share , 超过了门槛值 , 因此Convertible bond的转换价格将向下调整。
老师,我在课程上听到,bondholder还没有转换成股票,所以dividend调高,bondholder得不到这波红利,所以会把股价调高来补偿bondholder呀。