Private equity may exchange the debt to become the new darling of fixed gain + exchangeable bonds pl

Private equity may exchange the debt to become the new darling of fixed gain + exchangeable bonds play supporting hot – fund channel due to the unique advantages of debt and revitalize the stock of assets, to the holdings of major shareholders of private equity, may exchange the debt is becoming the new darling of the capital market. And, with the competition set by the "Red Sea" is more and more intense, fixed gain + exchangeable bonds "supporting the play also in the public offering and private equity fund accounts in the increasingly popular. However, fund sources, may exchange the debt on the game of buyers and sellers are not a small test, for most of the participants barriers remain high, investors need ability to corporation qualification and product managers have a clear understanding, on the other hand, to understand the current limitations on the bond volume. Fixed gain + exchangeable bonds "is a popular game supporting may exchange the debt that may exchange the corporation stock bond", refers to the shareholders of listed companies to issue, within a certain period of time according to agreed conditions can be exchanged into the listed company held by the shareholders of the company bonds. Exchangeable bonds can be seen as a kind of embedded options of financial derivatives, similar to convertible bonds. But the issuance of convertible bonds is incremental, and may exchange the debt stock is issued without dilution of shares of listed companies under the process of implementation of debt to equity swap. At the same time, due to the flexibility in terms of regulation, exchangeable debt is also seen as a major shareholder of the reduction of the outside world". Because of this, the reporter learned that many public offering accounts and private teams are keen to play in supporting the fixed gain + exchangeable debt ". The so-called matching game, is set by the project, the actual control of listed companies with private placement may exchange the debt financing to fund subscription companies (mainly for three years will increase due to a period of three years), usually set by the higher discount rate, while private equity may exchange the debt generally high premium, so usually can achieve effective arbitrage. The combination of fixed and exchangeable bonds is the direction of our efforts now." A well-known public accounts team responsible person told the reporter, "may exchange the debt and increase natural meeting point, point is that it is a major shareholder to complete a financing tool, but this tool for current regulation is also more flexible, may exchange the debt is prepared, no need for a long time audit. Major shareholders in the exchange of exchangeable debt is generally two purposes, one is financing, and set by the same; the other is to reduce their own shares. We put the "fixed gain + exchangeable bonds" as a kind of base supporting play will increase, because may exchange the debt when no conversion is part of the fixed income, and in the future when the controlling shareholder intends to holdings, has also made a high price momentum." In addition, he noted, "when the money effect of this kind of product more and more obvious, the future may exchange the debt will be out of small state, one of the tools used to." But there are private questioned the sustainability of this model. This arbitrage model may only be in theory. Major shareholders of listed companies to assume 5 yuan shares in listed companies increased, then the change in the issue price of 10 yuan shares of convertible debt, if investors choose the convertible, relative to the issuer need only a bridge funds will achieve 5 yuan stock arbitrage. But, after all, the issue of fixed and exchangeable bonds issued by the Commission’s supervision.相关的主题文章: