This paper focuses on the use of a particular type of the convertible bonds during the privatization process, namely the exchangeable bonds
. The issues of such instruments are dominated mainly by the companies from the private sector.
* Purchase a European put option which allows the buyer to sell the block of the convert's stock at a price equal to the face value of the exchangeable bond
, P(S, X).
Pangilinan noted there are still hospital acquisitions being worked on, but it has just been taking time to conclude the deals because the Metro Pacific hospital group has re-focused attention on the IPO and exchangeable bond
the largest exchangeable bond
ever issued by an unrated entity;
Abu Dhabi: Aabar Investments has issued debt of a e1/42 billion exchangeable bond
with a creative structure that combines Aabar's reputation as a long-term investor with the financial strength of its parent, the International Petroleum Investment Company (IPIC).
The country is gearing up for its second attempt to launch an offshore exchangeable bond
, as it hopes to present a picture of improving credit with a current account surplus in the first nine months of fiscal year 2010-11.
However, it confirmed its fullyear target for a higher pre-tax profit in 2008 when excluding an exceptional gain last year on a Rolls-Royce exchangeable bond
An exchangeable bond
gives the holder the option to exchange the bond for stock of a company other than the issuer at some future date.
This exchangeable bond
will be launched outside the US to non-US persons, pursuant to Regulation S under the US Securities Act.
ISLAMABAD, July 05, 2011 (Balochistan Times): Referring to reports regarding Oil and Gas Development Company Limited (OGDCL) Exchangeable Bond
transaction published/ telecast in a section of print and electronic media during the recent past, a spokesman of the Privatisation Commission (PC) while clarifying the factual situation said that it was the intention of the Government of Pakistan (GoP) to complete the transaction within the previous fiscal year, however, the international financial markets became extremely volatile towards the end of the fiscal year due to the Greece Crisis and weak economic data emerging from USA.
As per newspaper reports, the government is planning raising US$575mn through listing of Exchangeable Bond
(EB), Initial Public Offerings (IPO) and Secondary Public Offerings (SPO) of State-Owned Entities (SOEs).