可回售債券翻譯

A. 可轉債贖回和回售有什麼區別

贖回和回售的區別：

從投資者角度看：所謂的回售是投資者擁有將手中債券賣回給發行公司的一項選擇權，換句話說是投資者擁有的一項看跌期權，你甚至可以理解為在回售條款中，投資者相當於看跌期權的多頭，擁有賣回去的權利。

但在贖回條款中，正好相反，贖回條款是公司擁有權利按照事先約定的價格把債券買回來，換句話講，對於發行公司，贖回條款相當於一向看漲期權，投資公司擁有將債券買回來的選擇權，而投資者主要承擔將債券賣回去的潛在義務。

拓展資料：

可轉換債券是債券持有人可按照發行時約定的價格將債券轉換成公司的普通股票的債券。如果債券持有人不想轉換，則可以繼續持有債券，直到償還期滿時收取本金和利息，或者在流通市場出售變現。

如果持有人看好發債公司股票增值潛力，在寬限期之後可以行使轉換權，按照預定轉換價格將債券轉換成為股票，發債公司不得拒絕。該債券利率一般低於普通公司的債券利率，企業發行可轉換債券可以降低籌資成本。

可轉換債券持有人還享有在一定條件下將債券回售給發行人的權利，發行人在一定條件下擁有強制贖回債券的權利。

B. 可轉債回售是什麼意思

可轉債回售是指可轉債投資者有權將持有的可轉債賣回給發行可轉債的上市公司的權利。

C. 用通俗的話講一下，可轉換債券中的回售條款是什麼

回售條款： 是指如果可轉債在發行後正股價格大幅下跌，當其正股價格遠低於轉股價格並達到一定條件的，投資者可以依照事先約定以債券面值加利息補償金的方式將可轉債回售給發行人。
該條款的一般格式：本轉債的最後兩個計息年度，公司股票收盤價連續30個交易日低於轉股極價的70%，債券持有人可將部分或全部債券按面值的103%回售給公司。
回首條款是站在投資者角度設立的，一般需要回售的轉債的價格都偏低，轉股也是明顯的虧損，相比之下回售給公司更劃算。一般的轉債發行都有贖回條款和回售條件，具有法律效力，投資者的合法權益可以得到保障。
可轉債交易基本規則及低傭金的開戶流程可以發給你，不清楚的還可以問我哦。

D. 債券回售和債券回購有什麼區別

1、定義不同

債券回售是指發行人承諾在正股股價持續若干天低於轉股價格或非上市公司股票未能在規定期限內發行上市，發行人以一定的溢價（高於面值）收回持有人持有的轉債。

而債券回購是指債券交易的雙方在進行債券交易的同時，以契約方式約定在將來某一日期以約定的價格（本金和按約定回購利率計算的利息），由債券的「賣方」（正回購方）向「買方」（逆回購方）再次購回該筆債券的交易行為。

2、受益方不同

債券回售是在觸發某個條件的情況下投資者有權利將持有的證券賣回給發行人，是針對資產支持證券的一種投資者選擇權。而債券回購條款的設計主要是賦予了原始權益人一種可以提前結束專項計劃的權利，主要是保護原始權益人。

3、發生的條件不同

債券回售這種條款通常出現在期限較長的產品中，例如以不動產、物業收費權等作為基礎資產的ABS產品中往往都會設計這樣的條款。而債券回購是當資產支持證券的未償本金低於某個閾值的時候，原始權益人通過行使清倉回購選擇權提前結束專項計劃。

E. 什麼是可轉換公司債券的贖回和回售請說明其危害和好處，說的實際店，謝謝

你好，可轉換債券，又簡稱可轉債，是我國上市公司目前最常見的混合融資方式，是一種混合型證券，是公司普通債券和證券期權的組合體。可轉換債券的持有人在一定期限內，可以按照事先規定的價格或者轉換比例將債券轉換為普通股票，也可以放棄轉換權利，持有至債券到期還本付息，獲得固定收益。
可轉換債券的兩種基本類型
不可分離的可轉換債券，是股權與債券不可分離的可轉換債券，債券持有人只能按照債券面額和約定的轉股價格，在規定的期限內完成債券與公司股票的轉換。
可分離交易可轉換債券，是認股權和公司債券可以分離的可轉換債券，其發行時附有認股權證，發行上市後，公司債券和認股權證各自獨立流通和交易。
可轉換債券的投融資價值
對於投資者來說，可轉換債券的持有人具有在未來以一定的價格購買股票的權利，在可轉換債券進入轉股期後，如果公司的股價較高，投資者可以選擇將可轉換債券轉換為公司股票，獲得股價上升的收益；如果公司股價較低，投資者可與選擇不轉換債券，通過在二級市場交易債券獲得溢價收益或者持有至債券到期時獲得債券投資的固定收益。同時，可轉換債券的債權性也確保了發行人在清算的時候其求償權的優先順序高於股票。
對於發行人來說，可轉換債券的利率低於同一條件下普通債券的利率，可以有效降低公司的融資成本。如果投資者在轉股期選擇將債券轉換為普通股票，公司無需另外支付費用，相較於其他權益融資方式也節約了成本。可轉換債券將債務性融資和權益性融資功能相結合，使發行人在融資方式、融資性質和融資時間上更具有靈活性。
可轉換債券投融資雙方的主要風險
對於投資者來說，其主要面臨的是經濟環境所導致的系統性風險以及發行人經營狀況、信用風險等非系統性風險。另外，由於可轉換債券的轉換性，其標的公司的股價波動也有可能對債券價格造成波動。
對於發行人來說，其所面臨的主要為財務壓力，可由兩種情況所導致。第一種情況，如果轉換期內公司股價低迷，持有人不選擇將債券轉換為股票，債券到期時公司還本付息所造成的財務壓力；另一種情況，如果可轉換債券設有回售條款，公司股價又低迷，投資者集中將債券回售給發行人所造成的財務壓力。

F. 債券回售什麼意思

債券回售是指發行人承諾在正股股價持續若干天低於轉股價格或非上市公司股票未能在規定期限內發行上市，發行人以一定的溢價（高於面值）收回持有人持有的轉債。

G. 哪個好心人能幫忙找一篇英文論文關於「可轉換債券」方面的。如果隨有翻譯成中文的就更加謝謝了了

Convertible bonds depends primarily on the performance of the investment and financing of the operating conditions of the issuing company. Of financiers, the convertible bonds can lead to low-cost financing, equity dilution is relatively weak, to improve the capital structure, flexibility and strong performance; For investors, convertible bonds provide both the safety of the outstanding principal and give access to potential stock earnings growth opportunities. Convertible bonds for the use of effective investment and financing activity, we need to scientifically measured convertible bond performance of the investment and financing, investment and financing in order to avoid errors in decision-making.
First, the performance of convertible bond financing analysis
The issuance of convertible bonds by the financing of the performance of earnings per share to reflect. At the operational effectiveness of certain circumstances, the higher the earnings per share, stock value, the more a more shareholder wealth, the better the performance of financing. Analysis in order to facilitate understanding, the following examples.
Example: the original capital of the company FeiDa 9 000 million, 0.3 yuan per share, the original debt capital of 5 000 million, the annual interest rate of 3%, 33% income tax rate. Refinancing is to be 10 1 0 million yuan investment in new projects, the company decided to issue a face value of 1 000 million, interest rate 1.5% (simple interest), 5-year convertible bonds 100,000, Convertible price of 10 Yuan / shares, the conversion period of six month bonds to the maturity of the bonds after the day ended, and an agreement: If the closing price of shares FeiDa 30 consecutive trading days below the 70% Convertible Price, creditors have the right to hold all or part of convertible bonds to 105% of face value (including the current interest) price to sell the company FeiDa; FeiDa shares if the closing price for 30 trading days the price is higher than 130 percent Convertible, FeiDa companies have the right to 105% of face value (including the current interest) will be the price of the Convertible Bonds have not yet bought back. In addition, if the company is issuing shares FeiDa financing, according to the current stock market price of 8 / 1 125 million shares issued; if the general issue of bond financing, to issue a face value of 1 000 million, the interest rate 3% (simple interest), 5 years 100,000 bonds.
FeiDa company in the investment project under the premise of change, set up new projects of interest to achieve an annual pre-tax profit for the EBIT, the various modes of financing under the earnings per share (EPS) were calculated as follows:
Convertible bonds can be converted before: EPS1 = [(EBIT-10 000 × 1.5%) (1-33%) ÷ 9 000] +0.3;
After Convertible Convertible Bonds: EPS2 = [EBIT (1-33%) +0.3 × 9 000] ÷ (1 000 +9 000) (Note: The number of Convertible = 10 000 ÷ 10 = 1 000 million);
Issue of ordinary shares: EPS3 = [EBIT (1-33%) +0.3 × 9 000] ÷ (1 125 +9 000);
General bond issue: EPS4 = [(EBIT-10 000 × 3%) (1-33%) ÷ 9 000] +0.3.
It is clear that investment in new projects no matter how effective are EPS1> EPS4, EPS2> EPS3, that is, if the failure Convertible convertible bonds and convertible bond financing is always better than the performance of bond financing; Convertible convertible bonds, if successful, Convertible bond financing is always superior to the performance of common stock financing.
Order EPS1 = EPS3, the mode of financing can be obtained in two of the non-points: EBIT1 =
-2 680 (million).
Order EPS2 = EPS4, the mode of financing can be obtained in two of the non-points: EBIT2 =- 1 030 (million).
(1) When the return on investment in new projects is very poor, that is, at EBIT <-2 680 million cases, because of new projects FeiDa cause of the decline in the overall effectiveness of the company, stock prices down not up, Convertible bound to fail, then there is EPS3> EPS1> EPS4, convertible bond financing at this time is better than the performance of bond financing in general worse than the common stock financing.
(2) when the new investment projects in poor, that is, although EBIT at more than -2 680 million, but still not enough to promote the exercise of creditors to the case of equity, then there is EPS1> EPS3, EPS1> EPS4, at this time Convertible bond financing is better than the performance of common stock financing and bond financing in general, is the best option.
(3) When the new project a very good investment returns, that is, companies in the Mainland share prices have risen, and the exercise of incentive to creditors to the case of equity, EBIT necessarily much higher than -1 030 million, while there is EPS4> EPS2> EPS3 at this time could be better than the performance of convertible debt financing to facilitate the financing of ordinary shares in the general bond financing bad.
The above analysis results show that the interests of the shareholders, in most cases, the use of convertible bond financing are favorable, the main reasons are:
1. Low-cost financing. Convertible bond interest rates below the general rate bonds and tax credits have the effect. If the Convertible failure, which is equivalent to the company issued bonds with lower interest rates. Of course, the convertible bond financing, low-cost advantage will graally disappear as the Convertible, but compared with the direct offering financing, or saving some of the costs of pre-Convertible.
2. Diluted share capital of the relatively weak role. Diluted share capital of the new shareholders equity refers to the old shareholders equity dilution resulting from the specific performance of the non-operating earnings per share decline, stock prices fell. Although graally Convertible convertible bonds, the equity dilution effect will graally, but the dilution effect has lagged behind, offering direct financing to avoid the rapid expansion of equity shares arising problem down. In addition, higher prices because of Convertible financing a lot of issued shares, the total amount of financing certain circumstances, the Convertible is less than the number of shares the number of direct, to some extent, reced equity dilution effect.
3. To improve the capital structure. The use of bond financing, is bound to improve the company balance sheet, increased financial risk. General Notes to this effect until the maturity of the bonds to repay, and convertible bonds of this effect in most cases are temporary, with the exercise-to-equity swap, the original principal amount of the debt into a permanent capital inputs at the same time rece the liabilities increased by the interests of capital, financial risks decline, the company's capital structure improved.

4. Flexibility. The adoption of common stock and common bond financing, in the scale of financing, financing companies on the issue of time and financial requirements, such as on the law have more stringent controls, such as the previous fund-raising time of less than a year, continue to use these financing methods will be limited. At this point the use of convertible bond financing to avoid the law. In addition, the form of convertible bonds a variety of distribution companies in accordance with the needs of investors and companies choose their own different way of convertible bond financing.
Two, convertible bond investment performance analysis
Convertible bonds of investment performance can be reflected through the investment income. Investment units in the operational effectiveness of the circumstances must, at the same time to obtain higher return on investment, better investment performance. FeiDa is to invest in the above analysis shows the company as an example. To simplify the analysis process, ignores the impact of personal income tax, and assuming that investors in the Convertible Notes after the expiration of the period to the transfer of ownership does not.
1. When issued in good company when the share prices will rise even more than the price Convertible, Convertible are favorable at this time, investors will transfer some or all of the exercise of options. Must be noted that the investors receive shares of Convertible is not the same as premium income when the stock market in the Convertible Convertible prices and bad, because after the Convertible bring the equity share capital increase will lead to dilution effects of stock price declines, thereby share premium will offset some of the proceeds.
Example bid on, set the price for the Convertible at P0, all Convertible Notes may convert the price after the P1, based on the principle of no-arbitrage equilibrium, there is: P1 = (9 000P0 +1 000 × 10) ÷ (9 000 +1 000) = 1 +0.9 P0.
The assumption that investors in convertible bonds before maturity Convertible, then:
A 5-year convertible bonds amounted to earnings: R1 = 1 000 × 1.5% × 5 + (1 +0.9 P0-10) × (1 000 ÷ 10); a general 5-year revenue bond amount: R2 = 1 000 × 3% × 5 = 150 (million).
So that R1 = R2, can be obtained for receipts of non-point: P0 = 10.83 (RMB / share). It is clear that only in the stock market value of more than 10.83 yuan / exercise-to-equity shares, convertible bonds before the investment performance is superior to the general bond investments. If bond investors select a certain time before the expiration of the Convertible, analysis of its investment performance, the need to consider the dividend increase and loss of revenue bonds the difference between the interest income. Therefore, this case of convertible bonds are usually poor investment performance of investment in common stock.
2. When the issue of poor business, the company's share price changes can be difficult to break through the conversion of the Convertible Bond Price, Convertible usually ended in failure, but basically the principal and interest of bonds or guaranteed. If there fell back to the agreed conditions of sale, investors usually buy back the right to exercise.
Example for on, at the first n-based investors to sell in the exercise of the right, then:
N 1 convertible bonds amounted to years of income: R3 = 1 000 × [5% +1.5% × (n-1)]; a general revenue bond amount n years: R4 = 1 000 × 3% × n.
So that R3 = R4, non-point gains obtained: n = 2.33 (year). In other words, if the conditions to the sale of time shorter than 233 years, the convertible bond investment performance is superior to the general bond investment; if the conditions to the sale of time longer than 2.33 years, or even has not been the emergence of the exercise should not Back to the sale of rights, convertible bonds may be poor investment performance bonds in general. Therefore, this case of convertible bond investment performance is usually better than the common stock investment.
3. When the deterioration of operating conditions of the issuing company, which e to insolvency and bankruptcy, the company's shareholder value is zero, to lose everything invested. At this point, the principal amount of convertible bonds and bonds in general, can only get partial reimbursement, and other living in order to repay the secured creditor's rights after the mortgage, bankruptcy pre-interest income is also lower than the general bond. Therefore, this case of convertible bond investment performance is superior to common stock investments in bad bond investments in general.
This shows that investors select the following principles should be based on convertible bonds: ① issued the company's operating performance despite a certain degree of volatility, but more optimistic about the prospects. Such as the issuance of the company's operating performance has been increasing steadily, should be directly invested in stocks; such as the operation of the issuing company are pessimistic about the prospects, should invest in bonds in general. ② convertible bond interest rates and bond interest rates in general should not differ too much, otherwise, too much loss of interest income to pay the high cost of the options. ③ with the terms of a premium to the sale, when the company's share price fell a serious issue, they can rece the loss of investors. ④ the issuing company a higher credit rating, at least "Baa" level and above, because the safety of convertible bonds is lower than the level of protection secured mortgage debt.

H. 說明可回售條款對債券價格的各種影響

可回售條款對債券的影響主要在於當可回售時點前，當債券市場價格低於回售價格時，存在理論上無風險套利機會，部分市場資金會借用這些機會套取超出市場正常水平的利息差，其計算方式是(債券回售價格-債券市場價格-相關費用)/債券市場價格*365(或360，這要視乎具體情況)/當前距離回售時點的天數(或當前距離預期回售後收回相關現金的天數)，計算得出來的是年化收益，用這個年化收益率對比當前相關時間段內的短期資金利率水平，當這個年化收益率高於當前相關時間段內短期資金利率水平時就會存在套利機會，直到這種套利機會弱化時對債券價格推升就會相應減弱。
很多時候對於普通類債權債券(主要是指非可轉債)有可回售條款時都附有在可回售發生時點前，債券發行人調整回售時點後債券票面利率的公告(只能不調整或上調，不能下調)，這是防範債券在發行時票面利率偏低，而發行後市場利率大幅走高，導致有較大面積發生回售的情況發生，對發行人的短期償付能力造成壓力，一般當市場預期債券票面利率會在回售時點後上調時對當前的該債券的市場價格會起到一定的支撐作用。

I. 可轉債贖回和回售有什麼區別

簡單點說

贖回是公司行為，達到規定條件，發行人可以贖回債券

回售是投資人行為，達到規定的條件，投資人有權把債券賣給發行人