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Opțiunile emitentului pot fi convertite în obligațiuni

Obligaţiunile convertibile

Etymology[ edit ] In Englishthe word " bond " relates to the etymology of "bind". In the sense "instrument binding one to pay a sum to another"; use of the word "bond" dates from at least the s.

The most common process for issuing bonds is through underwriting. When a bond issue is underwritten, one or more securities firms or banks, forming a syndicatebuy the entire issue of bonds from the issuer and re-sell them to investors.

The security firm takes the risk of being unable to sell on the issue to end investors. Primary issuance is arranged by bookrunners who arrange the bond issue, have direct contact with investors and act as advisers to the bond issuer in terms of timing and price of the bond issue.

The bookrunner is listed first among all underwriters participating in the issuance in the tombstone ads commonly used to announce bonds to the public. The bookrunners' willingness to underwrite must be discussed prior to any decision on the terms of the bond issue as there may be limited demand for the bonds. In contrast, government bonds are usually issued in an auction.

In some cases, both members of the public and banks may bid for bonds. In other cases, only market makers may bid for bonds. The overall rate of return on the bond depends on both the terms of the bond and the price paid.

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  5. Additional features[ edit ] Any convertible bond structure, on top of its type, would bear a certain range of additional features as defined in its issuance prospectus: Conversion price: The nominal price per share at which conversion takes place, this number is fixed at the issuance but could be adjusted under some circumstance described in the issuance prospectus e.
  6. Băncii și alte instituții financiare Organizații supranaționale Tipuri de obligațiuni[ modificare modificare sursă ] Tipuri de obligațiuni în funcție de dobândă[ modificare modificare sursă ] Obligațiune cu rată fixă sau directă negarantată Certificat cu rată flotantă Obligațiune cu cupon zero Obligațiunea cu rată fixă sau directă negarantată nu are nici un fel de caracteristici speciale și raportează investitorilor o dobândă fixă de-a lungul întregii perioade până la scadență.

In the case of an underwritten bond, the underwriters will charge a fee for underwriting. An alternative process for bond issuance, which is commonly used for smaller issues and avoids this cost, is the private placement bond.


Bonds sold directly to buyers may not be tradeable in the bond market. This was called a opțiunile emitentului pot fi convertite în obligațiuni issue or bond tap. Treasury Bond Nominal, principal, par, or face amount is the amount on which the issuer pays interest, and which, most commonly, has to be repaid at the end of the term.

Some structured bonds can have a redemption amount which is different from the face amount and can be linked to the performance of particular assets. Maturity[ edit ] The issuer is obligated to repay the nominal amount on the maturity date. As long as all due payments have been made, the issuer has no further obligations to the bond holders after the maturity date.

The length of time until the maturity date is often referred to as the term or tenor or maturity of a bond. The maturity can be any length of time, although debt securities with a term of less than one year are generally designated money market instruments rather than bonds.

Most bonds have a term shorter opțiunile emitentului pot fi convertite în obligațiuni 30 years. Some bonds have been issued with terms of 50 years or more, and historically there have been opțiunile emitentului pot fi convertite în obligațiuni issues with no maturity date irredeemable.

In the market for United States Treasury securities, there are four categories of bond maturities: short term bills : maturities between zero and one year; medium term notes : maturities between one and ten years; long term bonds : maturities between ten and thirty years; Perpetual: no maturity Period. Coupon[ edit ] The coupon is the interest rate that the issuer pays to the holder. For fixed rate bondsthe coupon is fixed throughout the life of the bond.

For floating rate notesthe coupon varies throughout the life of the bond and is based on the movement of a money market reference rate often LIBOR. Historically, coupons were physical attachments to the paper bond certificates, with each coupon representing an interest payment.

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Opțiuni binare video pentru începători the interest due date, the bondholder would hand in the coupon to a bank in exchange for the interest payment.

Today, interest payments are almost always paid electronically. Interest can be paid at different frequencies: generally semi-annual, i. Yield[ edit ] The yield is the rate of return received from investing in the bond. It usually refers either to: The current yieldor running yield, which is simply the annual interest payment divided by the current market price of the bond often the clean price.

The yield to maturityor redemption yield, which is the internal rate of return earned by an investor who buys a bond at a given market price, receives all interest and principal payments on schedule, and holds the bond to maturity.

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  • Ultima actualizare: Nov 27, Scris de Conspecte Team Accesări: 11, Caracteristici ale obligaţiunilor Obligaţiunea este un înscris care certifică deţinătorului său calitatea de creditor.
  • Prin natura lor, obligaţiunile convertibile sunt instrumente hibride, deoarece încorporează trăsături atât ale pieţei de datorii, cât şi ale pieţei de titluri, pentru investitori şi emitenţi; totodată, ele prezintă rate ale cupoanelor mai scăzute decât obligaţiunile convenţionale, deoarece oferă un profit potenţial mai mare.
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Because it takes into account the present value of a bond's future interest payments, it is a more accurate measure of the return on a bond than current yield. Credit quality[ edit ] The quality of the issue refers to the probability that the bondholders will receive the amounts promised at the due dates.

In other words, credit quality tells investors how likely the borrower is going to default. This will depend on a wide range of factors.

High-yield bonds are bonds that are rated below investment grade by the credit rating agencies. As these bonds are riskier than investment grade bonds, investors expect to earn a higher yield.

These bonds are also called junk bonds'. Market price[ edit ] The market price of a tradable bond will be influenced, among other factors, by the amounts, currency and timing of the interest payments and capital repayment due, the quality of the bond, and the available redemption yield of other comparable bonds which can be traded in the markets. The price can be quoted as clean or dirty. The net proceeds that the issuer receives are thus the issue price, less issuance fees. The market price of the bond will vary over its life: it may trade at a premium above par, usually because market interest rates have fallen since issueor at a discount price below par, if market rates have risen or there is a high probability of default on the bond.

Clasificarea obligatiunilor

Others[ edit ] Indentures and Covenants—An indenture is a formal cum se practică opțiunile binare agreement that establishes the terms of a bond issue, while covenants are the clauses of such an agreement. Covenants specify the rights of bondholders and the duties of issuers, such as actions that the issuer is obligated to perform or is prohibited from performing. In the U. The terms may be changed only with great difficulty while the bonds are outstanding, with amendments to the governing document generally requiring approval by a majority or super-majority vote of the bondholders.

Optionality: Occasionally a bond may contain an embedded option ; that is, it grants option-like features to the holder or the issuer: Callability—Some bonds give the issuer the right to repay the bond before the maturity date on the call dates; see call option.

These bonds are referred to as callable bonds.

opțiunile emitentului pot fi convertite în obligațiuni

Most callable bonds allow the issuer to repay the bond at par. With some bonds, the issuer has to pay a premium, the so-called call premium. This is mainly the case for high-yield bonds. These have very strict covenants, restricting the issuer in its operations. To be free from these covenants, the issuer can repay the bonds early, but only at a high cost.

Puttability—Some bonds give the holder the right to force the issuer to repay the bond before the maturity date on the put dates; see put option.

opțiunile emitentului pot fi convertite în obligațiuni

These are referred to as retractable or putable bonds. Call dates and put dates—the dates on which callable and putable bonds can be redeemed early.

There are four main categories: A Bermudan callable has several call dates, usually coinciding with coupon dates. A European callable has only one call date. This is a special case of a Bermudan callable. An American callable can be called at any time until the maturity date.

A death put is an optional redemption feature on a debt instrument allowing the beneficiary of the estate of a deceased bondholder to put sell opțiunile emitentului pot fi convertite în obligațiuni bond back to the issuer at face value in the event of the bondholder's death or legal incapacitation. This is also known as a "survivor's option". Sinking fund provision of the corporate bond indenture requires a certain portion of the issue to be retired periodically.

The entire bond issue can be liquidated by the maturity date; if not, the remainder is called balloon maturity. Issuers may either pay to trustees, which in turn call randomly selected bonds in the issue, or, alternatively, purchase bonds in the open market, then return them to trustees. Bonds are often identified by its international securities identification number, or ISINwhich is a digit alphanumeric code that uniquely identifies debt securities.

Bond certificate for the state of South Carolina issued in under the state's Consolidation Act. The following descriptions are not mutually exclusive, and more than one of them may apply to a particular bond: Fixed rate bonds have a coupon that remains constant throughout the life of the bond.

Other variations include stepped-coupon bonds, whose coupon increases during the life of the bond. Floating rate notes FRNs, floaters have a variable coupon that is linked to a reference rate of interest, such as Libor or Euribor. Opțiunile emitentului pot fi convertite în obligațiuni coupon rate is recalculated periodically, typically every one or three months. Zero-coupon bonds opțiunile emitentului pot fi convertite în obligațiuni pay no regular interest.

They are issued at a substantial discount to par valueso that the interest is effectively rolled up to maturity and usually taxed as such. The bondholder receives the full principal amount on the redemption date. An example of zero coupon bonds is Series E savings bonds issued by the U. Zero-coupon bonds may be created from fixed rate bonds by a financial institution separating "stripping off" the coupons from the principal. In other words, the separated coupons and the final principal payment opțiunile emitentului pot fi convertite în obligațiuni the bond may be traded separately.


High-yield bonds junk bonds are bonds that are rated below investment grade by the credit rating agencies.

Convertible cum se utilizează semnale de tranzacționare let a bondholder exchange a bond to a number of shares of the issuer's common stock. These are known as hybrid securitiesbecause they combine equity and debt features.

Exchangeable bonds allows for exchange to shares of a corporation other than the issuer. Inflation-indexed bonds linkers US or Index-linked bond UKin which the principal amount and the interest payments are indexed to inflation.

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The interest rate is normally lower than for fixed rate bonds with a comparable maturity this position briefly reversed itself for short-term UK bonds in December However, as the principal amount grows, the payments increase with inflation. The United Kingdom was the first sovereign issuer to issue inflation linked gilts in the s.

opțiunile emitentului pot fi convertite în obligațiuni

Receipt for temporary bonds for the state of Kansas issued in Other indexed bonds, for example equity-linked notes and bonds indexed on a business indicator income, added value or on a country's GDP. Asset-backed securities are bonds whose interest and principal payments are backed by underlying cash flows from other assets. Subordinated bonds are those that have a lower priority than other bonds of the issuer in case of liquidation. In case of bankruptcy, there is a hierarchy of creditors.

First the liquidator is paid, then government taxes, etc. The first bond holders in line to be paid are those holding what is called senior bonds. After they have been paid, the subordinated bond holders are paid.

opțiunile emitentului pot fi convertite în obligațiuni

As a result, the risk is higher. Therefore, subordinated bonds usually have a lower credit rating than senior bonds.

The main examples of subordinated bonds can be found in bonds issued by banks, and asset-backed securities. The latter are often issued in tranches. The senior tranches get paid back first, the subordinated tranches later.

Covered bonds are backed by cash flows from mortgages or public sector assets. Contrary to asset-backed securities the assets for such bonds remain on the issuers balance sheet.

Perpetual bonds are also often called perpetuities or 'Perps'. They have no maturity date. Some of opțiunile emitentului pot fi convertite în obligațiuni were issued back in and still trade today, although the amounts are now insignificant. Some ultra-long-term bonds sometimes a bond can last centuries: West Shore Railroad issued a bond which matures in i. The Methuselah is a type of bond with a maturity of years or longer. The issuance in Methuselahs has been increasing in recent years due to demand for longer-dated assets from pension plans, particularly in France and the United Kingdom.

Issuance of Methuselahs in the United States has been limited, however, as the U. Treasury does not currently issue Treasuries with maturities beyond 30 years, which would serve as a reference level for any corporate issuance.

Bearer bond is an official certificate issued without a named holder. In other words, the person who has the paper certificate can claim the value of the bond. Often they are registered by a number to prevent counterfeiting, but may be traded like cash. Bearer bonds are very risky because they can be lost or stolen. Especially after federal income tax began in opțiuni binare concrete United States, bearer bonds were seen as an opportunity to conceal income or assets.

opțiunile emitentului pot fi convertite în obligațiuni

Treasury stopped inand state and local tax-exempt bearer bonds were prohibited in It is the alternative to a Bearer bond. Interest payments, and the principal upon maturity are sent to the registered owner. A government bondalso called Treasury bond, is issued by a national government and is not exposed to default risk.

It is characterized as the safest bond, with the lowest interest rate. For that reason, for the major OECD countries this type of bond is often referred to as risk-free. A supranational bond also known as a "supra" is issued by a supranational organisation like the World Bank. They have a very good credit rating like government bonds.

May 1, Municipal bond is a bond issued by a state, U.