Calculation Agents

Many people think of convertible bonds and derivatives as very complicated products which are difficult to understand, and it’s easy to see why, with market practitioners having developed hundreds of acronyms and Greek terms to describe the transactions and their behaviour to each other. The role of a calculation agent is to assist with these issues to make transactions smoother for issuers. In this pathway, Mark will give you an overview of what a calculation agent is, what one does and how they help the market function. 

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3 videos • 24 minutes

  • The Role of Calculation Agents in Capital Markets

    A calculation agent is the party that performs calculations that are set out in a transactional documents, typically related to a corporate financing or corporate derivative transactions. In this video, Mark discusses when these agents may be required, the type of work they do and they way they complete the work required.

    Mark Dalton12:09

  • Convertible Bond Adjustment Calculations

    In the first of this two part series, Mark uses his experience as a calculation agent to provide insight into how the role helps both issuers and investors to understand how calculations impact them. He delves into adjusting the conversion price when an issuer has convertible bonds outstanding and is due to pay a dividend, as well as dealing with cash settlement conversions.

    Mark Dalton05:04

  • Fixed Rate Bond Make-Whole Calculation and Manifest Errors

    In the first part of this two part series, Mark talked about the way a calculation agent helps the issuer of a convertible to deal with anti-dilution adjustments and settlement calculations. In this video he talks about the two examples of situations in which he as a calculation agent, help issuers deal with complex calculations on their transactions.

    Mark Dalton07:13

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