Exchangeable bonds are shareholders of listed companies; Separable bonds, corporate bonds and convertible bonds are listed companies themselves.
2. The purpose of issuing bonds is different:
Issuing corporate bonds means that an enterprise borrows money from the public in order to raise long-term funds, and promises to unconditionally pay the face value to creditors on the specified maturity date, and pay interest on schedule at the agreed interest rate within a fixed period;
Issuing convertible bonds for specific investment projects;
The purpose of issuing separable bonds is to separate bonds from warrants, and bond subscribers can get a certain number of warrants for free;
The purpose of issuing exchangeable bonds is special, usually not a specific investment project. The purpose of issuing bonds includes equity structure adjustment, investment withdrawal (reduction), market value management and asset liquidity management.
3. The sources of the exchange of shares are different:
Corporate bonds are exchanged for public loans;
Convertible bonds are new shares issued by the issuer itself in the future;
Separable bonds are the shares of the issuer's company;
Exchangeable bonds are shares of other companies held by issuers.
4. The impact on the company's share capital is different:
Corporate bonds will make the company's shares more dispersed;
Separable debt will not expand the total number of shares of the company;
Convertible bonds will expand the issuer's total share capital and dilute earnings per share;
Convertible bonds will not change the company's total share capital, nor will it affect the diluted income.
Extended data:
Although there are many kinds of bonds, they all contain some basic elements in content. These elements refer to the basic contents that must be stated in the bonds issued, and are the main agreements that clarify the rights and obligations of creditors and debtors, including:
1. Bond face value
The face value of bonds refers to the face value of bonds, which is the principal amount that the issuer should repay to the bondholders after the maturity of bonds, and is also the calculation basis for enterprises to pay interest to bondholders on schedule. The face value of bonds is not necessarily the same as the actual issue price of bonds. If the issue price is greater than the face value, it is called premium issue; If it is lower than the face value, it is called discount; And if it is equivalent, it is called parity issue.
2. Repayment period
Bond repayment period refers to the time limit for repaying the principal of the bond stipulated by the corporate bond, that is, the time interval between the bond issuance date and the maturity date. The company should determine the repayment period of corporate bonds in combination with its own capital turnover and various factors affecting the external capital market.
3. Interest payment period
Bond interest payment period refers to the time when an enterprise pays interest after issuing bonds. It can be paid at one time, or 1 year, half a year or three months. Considering the time value of money and inflation, the interest payment period has a great influence on the actual income of bond investors. The interest of a bond that pays interest once at maturity is usually calculated at simple interest; For bonds that pay interest in installments during the year, interest shall be calculated according to compound interest.
4. coupon rate
The coupon rate of bonds refers to the ratio of bond interest to the face value of bonds, which is the calculation standard of the remuneration that the issuer promises to pay to bondholders in a certain period of time. The determination of bond coupon rate is mainly influenced by the bank interest rate, the issuer's credit status, the repayment period and interest calculation method, and the capital supply and demand in the capital market at that time.
5. Name of issuer
The name of the issuer indicates the debt subject of the bond, which provides the basis for the creditor to recover the principal and interest at maturity.
The above elements are the basic elements of the face value of bonds, but not all of them are printed on the face value when they are issued. For example, in many cases, bond issuers announce the term and interest rate of bonds to the public in the form of announcements or regulations.
References:
Baidu Encyclopedia-Debt 30