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- Convertible Bond Arbitrage
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- Convertible Securities
- Importance of Trading Bonds
Two platforms operated by the WSE a regulated market and an alternative trading system are dedicated to retail investors; two BondSpot markets regulated market and ATS are dedicated to wholesale investors. All platforms support trading in non-Treasury debt instruments: municipal bonds, corporate bonds, and mortgage bonds.
The Catalyst architecture ensures that the market can accommodate issues of different sizes and parameters and serve the needs of different investor groups: wholesale and retail investors, institutions and individuals. The rules of trading on the regulated markets and in the alternative trading systems are identical and the only differences apply to block trades. Execution of transactions on all Catalyst markets is guaranteed by the National Depository for Securities. Issuers are bound by reporting requirements including current and periodic reports.
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Catalyst Authorisation Authorisation of bonds on Catalyst means that issuers accept reporting requirements set out in the Rules and the issue is registered in the Catalyst information system. Be sure to understand all risks involved with each strategy, including commission costs, before attempting to place any trade.
Convertible Bond Arbitrage
Clients must consider all relevant risk factors, including their own personal financial situations, before trading. Market volatility, volume, and system availability may delay account access and trade executions. Past performance of a security or strategy does not guarantee future results or success. Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
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Options trading subject to TD Ameritrade review and approval. Please read Characteristics and Risks of Standardized Options before investing in options. Supporting documentation for any claims, comparisons, statistics, or other technical data will be supplied upon request.
This is not an offer or solicitation in any jurisdiction where we are not authorized to do business or where such offer or solicitation would be contrary to the local laws and regulations of that jurisdiction, including, but not limited to persons residing in Australia, Canada, Hong Kong, Japan, Saudi Arabia, Singapore, UK, and the countries of the European Union. TD Ameritrade, Inc.
All rights reserved. A Different Mode of Investment Learn about convertible bonds, what appeal they might have for investors, and how they differ from corporate bonds.
Convertible Securities
By Bruce Blythe March 21, 5 min read. Focused on fixed income? Refine your strategy. Start your email subscription. General Terms:. Indenture, but without regard to any adjustments to the Applicable Conversion Rate pursuant to Sections Net Share Exercise: Any exercise of Options that relates to the Relevant Convertible Notes for any Conversion Date i following the date on which Counterparty has made the irrevocable election to satisfy its conversion obligation by paying principal in cash and any excess of the conversion obligation over the principal amount in Shares in accordance with Section Notice of Exercise: Notwithstanding anything to the contrary in the Equity Definitions, Dealer shall have no obligation to make any payment or delivery in respect of any exercise of Options hereunder unless Counterparty notifies Dealer in writing prior to PM, New York City time, on the Notice Deadline in respect of such exercise of i the number of Options being exercised on such Exercise Date, ii the scheduled settlement date under the Indenture for the Relevant Convertible Notes for the related Conversion Date, iii whether such Relevant Convertible Notes are Net Share Settled Relevant Convertible Notes and iv if such exercise is a Net Share Exercise, the first Scheduled Trading Day of the relevant Observation Period.
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Notwithstanding the foregoing, in the case of any Net Share Exercise of Options hereunder in connection with the conversion of any Relevant Convertible Notes for any Conversion Dates occurring during the Final Conversion Period, a the Notice Deadline shall be p. New York City time on the Scheduled Trading Day immediately following the relevant Exercise Date and the content of such notice shall be as set forth in clauses i , ii and iii above. Giving Notice:. To: Credit Suisse, New York branch. Eleven Madison Avenue.
Delivery Obligation Value: The value of the Delivery Obligation determined without regard to the exception at the end of the first. Convertible Obligation Value: The Applicable Percentage of the difference of i the value of the Convertible Obligation, as determined by the Calculation Agent using a per Share value for any Shares comprising the Convertible Obligation equal to the Obligation Value Price, minus ii the principal amount of the Relevant Convertible Notes for the related Conversion Date.
For the avoidance of doubt, the Convertible Obligation Value shall be determined based on the actual Convertible Obligation, and Counterparty shall not be deemed to have made the Net Share Conversion Election, and the Relevant Convertible Notes shall not be deemed to be Net Share Settled Relevant Convertible Notes, for purposes of such determination. Other Applicable Provisions: To the extent Dealer is obligated to deliver Shares hereunder, the provisions of Sections 9.
Restricted Certificated Shares: Notwithstanding anything to the contrary in the Equity Definitions, Dealer may, in whole or in part, deliver Shares in certificated form representing the Number of Shares to be Delivered to Counterparty in lieu of delivery through the Clearance System.
Extraordinary Events:. Sections Notice of Merger Consideration: Upon the occurrence of a Merger Event that causes the Shares to be converted into the right to receive more than a single type of consideration determined based in part upon any form of stockholder election , Counterparty shall reasonably promptly but in any event prior to the Merger Date notify the Calculation Agent of the weighted average of the types and amounts of consideration received by the holders of Shares entitled to receive cash, securities or other property or assets with respect to or in exchange for such Shares in any Merger Event who affirmatively make such an election.
Nationalization, Insolvency or Delisting: Cancellation and Payment Calculation Agent Determination ; provided that in addition to the provisions of Section Additional Disruption Events:. Agreements and Acknowledgments. Regarding Hedging Activities:. Account Name: Credit Suisse International. Account No. T o be provided by Counterparty. Exton, PA Credit Suisse, New York branch. New York, NY Commodity Exchange Act, as amended. Other Provisions :. The occurrence of i an event of default with respect to Counterparty under the terms of the Convertible Notes as set forth in Section 5.
New York City time on such Exchange Business Day or if such volume-weighted average price is unavailable, the market value of one Share on such Exchange Business Day, as determined by the Calculation Agent using a volume-weighted method.
Importance of Trading Bonds
For the avoidance of doubt, Counterparty is not obligated to purchase Shares under any circumstances under this Section 8 d unless it elects to do so pursuant to Section 8 d iii. If for any reason the foregoing indemnification is unavailable to any Indemnified Party or insufficient to hold harmless any Indemnified Party, then Counterparty shall contribute, to the maximum extent permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability.
In addition, Counterparty will reimburse any Indemnified Party for all expenses including reasonable counsel fees and expenses as they are incurred after notice to Counterparty in connection with the investigation of, preparation for or defense or settlement of any pending or threatened claim or any action, suit or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto and whether or not such claim, action, suit or proceeding is initiated or brought by or on behalf of Counterparty.
This indemnity shall survive the completion of the Transaction contemplated by this Confirmation and any assignment and delegation of the Transaction made pursuant to this Confirmation or the Agreement shall inure to the benefit of any permitted assignee of Dealer.