[

(CP)
(CP)

AAA

A1

AA

A2

A3

BBB

CCC

CC
C

AAB , A2B +, 0, -

,
.

1. CB()
(1)

(Convertible Bond)?
.


-
- ( )
- ,


1

(option)

(2)

,
() ()

(3)

(Parity),
: (10,000)

: 10,000
(%) = / x 100
() = / x 10,000





< :
> :


: 1

= /

(4)

.
,
11CB 2% 6%
. .
0441 .

: , , ,

# 0441

11CB 122.590%. 2%
6%
1,000,000 1,225,900 .

10,000

7075 . 6 3 11CB
10,101. 1,000,000 10,101 1,010,100.
( 1 )
2% 1 ,
(122.59%) 1,303,653 .
(1,303,653- 1,010,100)/ 1,010,100/ 1,356* 365=
6.0% .

7.822%

()
.


# 0484

( 11CB )

2. BW ( )
(1)

(Bond with Warrant : BW)?

-

-
.

- (cf. )
-
- ,
-

(2)

2
()
( )

(3) (6
(6
(6 4 )
)

) 145

# 0441() (BW)
() .
145 BW .

)
3, 6%, 9%, 110.2016%
(

)
2009- 06- 21, 2012- 04- 21
9,710
(

 6 3 ( )

1

.

9,213
8

12,200

12,200( ) 9,710() = 2,490

= 2,800= (2,490) + (310)

9

3. EB()
(1)

-

(Exchangeable Bond : EB)?

( ) ()
,



,


.

(2)

-
-



-

,
.
10

4.

, 1
10 15 ( 1
. ) .
, 1
( )

CB, BW

(CB,EB,BW) /
.
10,000 1 CB
8,000 8,000 1
.

- 1(2009 428 )
1) BW

# 7921

BW . 8,970

11

2)

# 7910

3)

. 26,800

# 7021

. 34,750

.
BW
7,950
34,750 - 26,800 = 7,950

4)

8,970(= 7,950 + 1,020)

.

1,020

(8,970- 7,950)

12

But 5)

# 7091

TR 7077 9,200

?
9,200 .
26,800 9200 24,656
26800- 24656=2,144 .

(
2,144 )

6)

2,144
.

1,020

1,124

1,124 .
34,750 0.8%( ) 278
BW 8,970 0.5%( )
45
24,656 0.3%() 74
278+45+74=397
( 1,124- 397=727
.
727/ 34,750=2.09% .)

13

2 (2009 428 )
1) BW

3,020

BW

2)

6,880

14

3)

10,150

.
BW
3,270( - )
()
3,020
(250

4)

= 3,270- 3,020)

?
, ,

5)

6,880 9690
6,680 6,627 = 213 .

6,667

250 + 213 = 463 ,

15

 125 .
10,150 * 0.8% = 81
3,020 * 0.5% = 15
6,627 * 0.3% = 20
= 116(81 + 15 + 20)
463- 116=347
.

3.42%(347/ 10,150

=3.42%)

16

17

85%

6,880

5,850

12,850

85%

7,820

6,650

10,250

90%

26,800

24,150

36,850

85%

9,710

8,260

10,500

70%

23,050

16,150

19,150

75%

12,250

9,190

10,800

85%

5,650

4,810

4,865

85%

5,000

4,250

3,695

85%

22,200

18,900

16,250

1 .

= (100%) x /
( , )

100% x 6,880 / 5,850 = 117.60683 % (1 1.170683 )

100% x 7,820 / 6,650 = 117.59398 % (1 1.1759398
)

100% x 26,800 / 24,150 = 110.97308 % (1 1.1097308 )

100% x 9,710 / 8,260 = 117.55447 % (1 1.1755447 )

100% x 23,050 / 16,150 = 142.72445 % (1 1.4272445
)

100% x 12,250 / 9,190 = 133.29706 % (1 1.3329706
)

100% x 5,650 / 4,810 = 117.46361 % (1 1.1746361
)

100% x 5,000 / 4,250 = 117.64705 % (1 1.1764705
)

100% x 22,200 / 18,900 = 117.46031 % (1 1.1746031
)

18