Real control of the arbitrage new law the right hand of the left hand premium discount will increase www.jlxw.cn

The actual control "arbitrage" Law: the left hand right hand set by "discount premium bonds for three years will increase because of the discount rate is high, the popular listed company actual control people; and private equity may exchange the debt generally high premium, so take the issue of private equity may exchange the debt financing to fund the subscription period of three years increase can be effective achieve arbitrage." An investment bank said. "Private equity may exchange the debt + three year period set by the" left high premium on the issue of private right may exchange the debt, high discount rate set by the subscription period of three years, a large arbitrage space "inspired" listed company actual control people in pursuit of this "arbitrage" new gameplay. However, the play from the moment of birth in the gray zone of regulation in the travel. In addition, because of the involvement of a period of three years set by the game, around the private creditors may exchange the guide right becomes more and more complicated. Arbitrage new play Li Chao (a pseudonym) is a real control of a listed company, the company plans to set up three years in the future will increase the plan, there are plans to subscribe to the Li Chao. However, just had no cash holdings, "surplus" he is how to raise capital at. Until recently, an investment bank, Wang Gang (a pseudonym) came to visit, Li Chao introduced a can for the rescue artifact – Private exchangeable bonds. According to Wang Gang introduction, may exchange the debt refers to the listed company’s shares holders of its shares held by the mortgage to depository institutions and bonds holders, in some future period in accordance with the agreed conditions for the bond issuer in exchange for equity mortgage. "In 2008, there were Tentative Provisions for exchangeable debt, but it has been lukewarm. As the policy is relaxed, credit debt "rigid payment is broken," "asset shortage" is spreading from the beginning of the second half of last year, may exchange the debt began to heat up, especially the issue of flexible private exchangeable bonds, and more recently the fire was in a complete mess." Wang Gang told the China Securities Journal reporter. From the view of investors, private equity may exchange the debt of both stocks and bonds, back into the attack and defend; from the perspective of private issuers, exchangeable bonds can be used for financing, and convenient reduction, so the steel supply and demand. For Li Chao, due to the use of structured products to participate in the three year period has been set by regulators halted, equity pledge financing costs are too high, and the pledge of the discount rate, in contrast, private equity may exchange the debt with the competition coupon dropped lower and lower, more and more low cost. Private exchangeable debt + three years set by the combination has become a new way of arbitrage, causing more and more listed companies interested in the real control. "The three years period will increase because of the discount rate is high, so popular with the listed company actual control people; and private equity may exchange the debt generally high premium, so take the issue of private equity may exchange the debt financing to fund for a period of three years will increase can effectively achieve arbitrage." Wang Gang said. Although the play is not a lot of cases, but it is enough to provide the real control of listed companies to provide inspiration". In December 24, 2015, Merck Home Furnishing as an example, the controlling shareholder of the company swept all three years period set by the program approved by the Commission; then, the controlling shareholder of the group in December 2015 and January 2016 issue of Markor two private may exchange the debt – 15 EB and 16 grams EB grams. Among them, the above fixed price increase of 10.57 yuan shares, while the number of two;相关的主题文章: