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PowerPoint Presentation prepared by
Canadore College
chapter 16 Capital Market Financing:
Hybrid and Other Securities
Corporate Valuation and Hybrid Financing
CH16
Copyright © 2011 by Nelson Education Ltd. 16-3
Topics in Chapter CH16
Types of hybrid and other securities Warrants
Convertibles
Securitized assets Features and risk
Cost concerns to the issuers
Copyright © 2011 by Nelson Education Ltd. 16-4
Warrants CH16
Awarrant is a long-term call option issued along with a bond
Warrants are generally detachable from the bond and trade separately
When warrants are exercised, issuing firm receives additional equity capital, and the original bonds remain outstanding
Copyright © 2011 by Nelson Education Ltd. 16-5
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