Mayer Brown has extensive experience advising issuers and underwriters around the world on convertible bond offerings. Convertible bonds are typically fixed-rate bonds issued by a company, the terms of which allow the holders of the bonds to convert them into ordinary shares of the company at a prescribed conversion price and during a prescribed conversion period.

Convertible bonds can therefore be seen as a combination of two separate financial instruments:

  • A fixed-rate bond
  • An embedded equity call option

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