Charakterystyka emisji obligacji zamiennych z opcją reset

• Authors: Damian Kaźmierczak , Jakub Marszałek

Title variants

EN

The Characteristics of Resettable Convertible Bonds Issuance

• Languages of publication: PL

Abstracts

EN

A possibility of modifying a conversion price or a conversion ratio within a maturity period makes resettable convertible bonds an attractive source of capital. The aim of this article is to present the essence of reset convertibles and to define the premises of their issuance by analyzing previous activities of their issuers. It turns out that a possible motive of using reset convertibles may be a tax optimization, not a willingness to increase the equity during an economic turmoil. They were issued mainly by banks and financial institutions, especially in the countries with a lower level of fiscalism. Furthermore, the highest supply of resettables falls to a period of a market boom (2006-2008), when they seem to be the most beneficial for their issuers.

Keywords

PL

Emisja obligacji; Instrumenty dłużne; Instrumenty finansowe; Obligacje zamienne

EN

Bonds issuing; Convertible bonds; Debt instrument; Financial instruments

• Publisher: Uniwersytet Ekonomiczny w Katowicach
• Journal: Studia Ekonomiczne
• Year: 2014
• Volume: 186 cz 2
• Pages: 198-207

Contributors

author

Damian Kaźmierczak

author

Jakub Marszałek

References

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Identifiers

ISSN

2083-8611