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Postion>>Products>>Warrant Bond>>分离交易可转换公司债券
Warrant Bond
分离交易可转换公司债券
6-6-2014
  • 分离交易可转换公司债券(以下简称“分离交易债”)是一种新型可转债,全称为“认股权和债券分离交易的可转换公司债券”,其特征就是把原来的可转债中所包含的债券部分和认股权证部分分离开来,分别上市交易。这样可转债的债券部分和权证部分就可以面向不同的投资者,满足其各自的风险收益需求,流动性也将得到相当的改善。
  • 对发行人而言,与传统的可转债相比,分离交易债最大的优点是“二次融资”。在分离交易债发行时,投资者需要出资认购债券;而如果投资者行权(权证到期时公司股价高于行权价时),会再次出资认购股票。而且由于有权证部分,分离交易债的债券部分票面利率可以远低于普通可转债,亦即其整体的融资成本相当低廉。
  • 发行人不得不负担归还债券的责任。
  • 查看分离交易科转换公司债券评级报告



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