What is an Exchangeable Bond?

What is an Exchangeable Bond?

James discusses exchangeable bonds by taking a look at the Spanish construction company, ACS. He discusses the size, terms and result of this issuance.
Overview

Exchangeable bonds are similar to convertibles but have some key differences including the pricing of an exchangeable being the option value.

Key learning objectives:

  • Define an Exchangeable bond

  • How they are similar and different to convertibles

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