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Postion>>Products>>Exchangeable Bond>>可交换公司债券
Exchangeable Bond
可交换公司债券
6-6-2014
  • 可交换公司债券(Exchangeable Bonds,简称为 EB)是成熟市场存在已久的固定收益类证券品种,它赋予债券投资人在一定期限内有权按照事先约定的条件将债券转换成发行人所持有的其它公司的股票。
  • 可交换公司债券是指上市公司的股东依法发行、在一定期限内依据约定的条件可以交换成该股东所持有的上市公司股份的公司债券。
  • 属于股票质押债券,《规定》强调要求在可交换公司债券发行前,公司债券受托管理人应当就预备用于交换的股票与上市公司股东签订股票质押合同,并向证券登记结算机构办理股票质押登记,取得股票质押权权利证明文件。所质押股票及其孳息用于债券持有人按照约定条件交换股份和对债券提供质押担保。并且为在一定程度上保持用于交换的股票作为质押品的信用,对用于交换的上市公司股票的资质提出了要求。
  • 投资人同时获得了按照票面利率享受利息和按换股价格交换股票的期权,股票价格上涨,可以分享股价上升的收益,股票价格下跌,投资者则可以当作债券长期持有直至到期。
  • 由于可交换债券与可转债、分离债相似,债券中含有认股期权,因此其发行利率一般会大幅低于普通公司债券的利率或者同期银行贷款利率,发行人可以节约大笔利息支出。
  • 查看可交换公司债券评级报告



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