特别急，高手帮下

来源：百度知道 编辑：UC知道 时间：2024/06/22 22:13:15
In the Appendix to the note we provided a detailed analysis of the value of both options for bondholders. The Par and Discount bond options are equivalent from a valuation perspective. The Par Bond, however, is designed to appeal to retail investors and will be rationed. To the extent that this bond is held by many investors with relatively small positions, liquidity in this bond will be inferior to the Discount Bond. If this exchange is successful, the Discount Bond is likely to attract more institutional buyers and to perform better (despite its 2 year shorter duration).

Many retail investors were attracted to Argentinean bonds because of the high coupons. The Par Bonds, however, have extremely low coupons. It is possible that, upon completion of the exchange, retail investors with Par Bonds will start selling their holdings. Such a scenario will also favour the Discount bond option.

在对笔记的附录我们为债券持有人提供对两个选择的价值的一个详细的分析。 同水准和按面值折扣发行的债券选择从估价方面是等效的。 同水准债券，然而，被设计喜欢零售投资者，并且被定量供应。 在某种程度上这债券由有相对地小位置的许多投资者拿着，在这债券的流动资产将是下等对按面值折扣发行的债券。 如果这交换是成功的，按面值折扣发行的债券可能吸引法团买主和更好执行(尽管它的2年短期)。

由于高优惠券，许多零售投资者被吸引了对阿根廷债券。 同水准债券，然而，有极低的优惠券。 是可能的在完成了交换后，有同水准债券的零售投资者将开始卖他们的藏品。 这样情景也将倾向按面值折扣发行的债券选择。

附录中的注意：我们提供了一份详细的价值分析这两种选择的债券持有人。洞和贴现债券选项是等价从估值角度。标准杆007 ，但是，目的是呼吁散户投资者将配给范围内，这种债券是由许多投资者与相对较小的职位，这一债券的流动性将不如贴现债券。如果这种交流是成功的，贴现债券很可能会吸引更多的机构投资者，并表现得更好（尽管它二年持续时间越短） 。

许多散户投资者被吸引到阿根廷债券，因为高级券。的面值债券，但是，有极低的优惠券。这是可能的是，在完成交换，散户投资者与面值债券将开始出售股份。这种情况也将有利于贴现债券的选择。

In the Appendix to the note we provided a detailed analysis of the value of both options for bondholders. The Par and Discount bond options are equivalent from a valuation perspective. The Par Bond, however, is designed to appeal to retail investors and will be rationed. To the extent that this bond is held by many investors with relatively small positions, liquidity in this bond will be inferior to the Discount B