概览

可转换债券一般指公司发行的固定利率债券,债券持有人可按照规定的换股价在规定的换股期限内将其转换为发行人的普通股。

持有人行使转换权利时,可转换债券转换为发行人(或其母公司)的股份。

因此,可转换债券被视为两个独立的金融工具的组合:

  • 固定利率债券
  • 附有股票认购期权

相较普通债券或普通股,这种组合为发行人和投资者带来许多潜在的好处。

发行公司就将于以后某个时间发行的普通股接收通常高于市场价格的预付款项。公司认为其普通股在债券定价时被估价过低,以致相比发行普通股,发行可转换债券是更有吸引力的选择。此外,鉴于股份认购期权的额外价值,投资者对可转换债券的利率要求比普通债券低。这将有助于公司更好地把握其债务清偿及杠杆比率。此外,倘若公司的普通股收益稳健,债券将转换为普通股,公司将无需偿还借款。最后,由于可转换债券投资者由对冲基金和“做多(long-only)”投资者组成,公司将获得更广泛的投资者基础。

另一方面,投资者享受到的好处是,即使公司的普通股业绩不佳,投资者仍可通过债券息票获得固定利率的收益,在最后到期日时还将获得保障本金返还。此外,倘若公司破产或被清算,在清算程序中,可转换债券的偿债顺序排在普通股之前,与公司无担保债务的偿债顺序相同。同时,投资者可参与公司普通股业绩的潜在上升,原因在于,债券按固定的换股价转换成普通股,债券持有人因而能够从高于固定换股价的普通股市值的任何增值中得利。

不可避免地,对发行人及投资者双方而言,可转换债券也有很多潜在的负面影响。

如需了解有关可转换债券的更多信息,请点击下文链接下载Mayer Brown《可转换债券-发行人指南》欧洲刊副本,或索要一份复印文本。该指南的主要目的是帮助企业借款人的财务部门及内部法律顾问评估可转换债券对其融资项目的好处,更好地了解可转换债券的商业条件、时间表以及相关文件。我们相信,该指南对其他市场参与方(例如:承销银行、律师行、其他财务顾问或法律顾问)也多有助益。

下载《可转换债券-发行人指南》

精选内容
Of Interest

执业经验

Recent convertible and exchangeable bond offerings and other related matters on which Mayer Brown lawyers have advised include:

  • St. Modwen Properties PLC in connection with a "cash box" offering of £100 million Guaranteed Convertible Bonds.
  • Assystem in connection with its offering of €92 million 4% Convertible Bonds due 2017.
  • GFI Informatique S.A in connection with its offering of €50 million 5.25% Convertible Bonds due 2017.
  • The Bank of New York Mellon as trustee in connection with the issuance of US$150 million 3.25% Covertible Senior Notes due 2019 by 51job, Inc.
  • The Bank of New York Mellon as trustee in connection with the issuance of US$55 million Zero Coupon Convertible Bonds due 2019 by Sanyang Industry Co., Ltd.
  • The Bank of New York Mellon as trustee in connection with the issuance of US$135 million 2.75% Convertible Senior Notes due 2018 by E-House (China) Holdings Limited.
  • Citicorp International Limited as trustee in connection with the issuance of US$350 million 2.00% Convertible Senior Notes due 2018 by Soufun Holdings Limited.
  • Promotora de Informaciones, S.A. in connection with its offering of €434 million Mandatory Convertible Bonds.
  • China Overseas Grand Oceans Finance (Cayman) Limited in connection with its offering of HK$2.2 billion 2% Guaranteed Convertible Bonds due 2017.
  • Helical Bar plc in connection with a "cash box" offering of £100 million Guaranteed Covertible Bonds.
  • The Bank of New York Mellon as trustee in connection with the issuance of US$75 million Zero Coupon Convertible Bonds due 2018 by TransAsia Airways Corporation.
  • Beijing Enterprises Group (BVI) Company Limited in connection with its offering of HK$4.3 billion zero-coupon Exchangeable Bonds due 2019.
  • The Bank of New York Mellon as trustee in connection with the issuance of US$800 million 1.00% Convertible Senior Notes due by 2018 by Sina Corporation.
  • The Bank of New York Mellon as trustee in connection with the issuance of US$700 million 1.25% Convertible Senior Notes due 2018 by Ctrip.com International, Limited.
  • Tsinlien Group Company Limited in connection with its offering of USD settled RMB1.638 billion 1.25% Exchangeable Bonds due 2016.
  • Citicorp International Limited as trustee in connection with the issuance of US$250 million Zero Coupon Convertible Bonds due 2018 by Epistar Corporation.
  • The Bank of New York Mellon as trustee in connection with the issuance of US$160 million 0.50% Convertible Senior Notes due 2017 Convertible into ADRs by Ctrip.com International Limited.
  • Wharf Finance (2014) Limited in connection with its offering of HK$6.22 million 2.3% Guaranteed Convertible Bonds due 2014.
  • Bright North Limited in connection with its offering of RMB 1.638 million Guaranteed Exchangeable Bonds due 2016.
  • Citicorp International Limited as trustee in connection with the issuance of US$175 million Zero Coupon Convertible Bonds due 2015 by Zhen Ding Technology Holding Limited and optional closing of an additional US$13,000,000 Zero Coupon Convertible Bonds.
  • Citicorp International Limited as trustee in connection with the issuance of US$300 million Zero Coupon Convertible Bonds due 2017 by Pegatron Corporation.
  • The Hongkong and Shanghai Banking Corporation Limited as trustee in connection with the amendment of indenture provisions pursuant to a written resolution of noteholders in respect of 6.50% Convertible Notes due 2018 of ASEAN City (BVI) Limited, a subsidiary of China South City Holdings Limited.
  • The Hongkong and Shanghai Banking Corporation Limited as trustee and shared security agent in respect of addition of new subsidiary guarantors and incurrence of PPSI in respect of US$250 million 13.50% Senior Notes due 2016 and US$125 million 13.50% Senior Notes due 2017 of China South City Holdings Limited and HK$975 million 6.50% Convertible Notes due 2018 of ASEAN City (BVI) Limited, a finance subsidiary of China South City Holdings Limited.
亚洲