「情報を制する者は世界を制す」をモットーに様々な情報を提供することを目指すブログです。現在はプログラミング関連情報が多めですが、投資関連情報も取り扱っていきたいです。

# ディクテーションの実例226 転換社債型新株予約権付社債について

Convertible Bonds
http://www.investopedia.com/video/play/convertible-bonds/

もし聞き間違えている部分を見付けたら、コメントで教えてくださるととてもありがたいです。

a convertible bond is a bond the investor can exchange for a specific amount of company stock at a later date. it combines a bond and a call option. the bond holder can benefit if there is an increase in the stock's value. the amount of stock that the bond holder can acquire is subject to a predetermined formula. ? buys a \$500 bond from trutone music with a coupon of 5%. if the bond has a conversion ratio of ten to one, it means she can convert it to ten shares of trutone's stock. this gives ? a conversion price of \$50 or \$500 divided by ten. because the company's shares are now trading at \$40, ? determines that she is better off holding on to the bond and receiving a predictable \$25 annual return from her coupon payments. a couple of years later, however, she notices that the company's share price has jumped to \$60 well above the conversion price. because the intrinsic value of a bond is now worth \$60 times the conversion ratio of 10 which is \$600 if converted into equity, she ? for the immediate \$100 gain or premium. that's the \$600 stock value minus the bond's \$500 face value. given the higher upside potential, convertible bonds are generally more attractive to investors than traditional bonds. this benefit explains why many companies like issuing these instruments. if a firm normally requires a 6% coupon to attract investors, it might be able to get by offering 5% for a convertible bond. investors should be aware of the trade-offs, however. after all, there is always a chance that, if the share price doesn't rise, the conversion feature will be useless. but, for those seeking a steady payout now and a chance at bigger returns in the future, these bonds are an interesting option to consider.

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