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What is an Exchangeable Bond?

What is an Exchangeable Bond?

James Eves

30 years: Equity capital markets

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

Investment Banking

Competent

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

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What is an Exchangeable Bond?

2 mins 27 secs

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

  • Learn how they are similar and different to convertibles

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Summary
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