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Ascot (finance)
An ASCOT, or Asset Swapped Convertible Option Transaction, is an option on a convertible bond used to separate the cash flows of the underlying bond from the equity option embedded in the convert. Buyers of ASCOTs include fixed income portfolio managers and other investors that want exposure to the rate and credit risks of the convert issuer; cashflows from the convert would be passed through to these buyers. Sellers of ASCOTs typically include trading desks that want to retain exposure to the potentially lucrative equity optionality. Further reading * Calamos, Nick P., ''Convertible Arbitrage: Insights and Techniques for Successful Hedging'', John Wiley & Sons, 2003, 272 pages. . * Fabozzi, Frank J., ''The Handbook of Fixed Income Securities, 6th ed.'', McGraw-Hill McGraw Hill is an American educational publishing company and one of the "big three" educational publishers that publishes educational content, software, and services for pre-K through postgraduate education. The co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Convertible Bond
In finance, a convertible bond or convertible note or convertible debt (or a convertible debenture if it has a maturity of greater than 10 years) is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company or cash of equal value. It is a hybrid security with debt- and equity-like features. It originated in the mid-19th century, and was used by early speculators such as Jacob Little and Daniel Drew to counter market cornering. Convertible bonds are most often issued by companies with a low credit rating and high growth potential. Convertible bonds are also considered debt security because the companies agree to give fixed or floating interest rate as they do in common bonds for the funds of investor. To compensate for having additional value through the option to convert the bond to stock, a convertible bond typically has a coupon rate lower than that of similar, non-convertible debt. The investor receives t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Wiley & Sons
John Wiley & Sons, Inc., commonly known as Wiley (), is an American multinational publishing company founded in 1807 that focuses on academic publishing and instructional materials. The company produces books, journals, and encyclopedias, in print and electronically, as well as online products and services, training materials, and educational materials for undergraduate, graduate, and continuing education students. History The company was established in 1807 when Charles Wiley opened a print shop in Manhattan. The company was the publisher of 19th century American literary figures like James Fenimore Cooper, Washington Irving, Herman Melville, and Edgar Allan Poe, as well as of legal, religious, and other non-fiction titles. The firm took its current name in 1865. Wiley later shifted its focus to scientific, technical, and engineering subject areas, abandoning its literary interests. Wiley's son John (born in Flatbush, New York, October 4, 1808; died in East Orange, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
McGraw-Hill
McGraw Hill is an American educational publishing company and one of the "big three" educational publishers that publishes educational content, software, and services for pre-K through postgraduate education. The company also publishes reference and trade publications for the medical, business, and engineering professions. McGraw Hill operates in 28 countries, has about 4,000 employees globally, and offers products and services to about 140 countries in about 60 languages. Formerly a division of The McGraw Hill Companies (later renamed McGraw Hill Financial, now S&P Global), McGraw Hill Education was divested and acquired by Apollo Global Management in March 2013 for $2.4 billion in cash. McGraw Hill was sold in 2021 to Platinum Equity for $4.5 billion. Corporate History McGraw Hill was founded in 1888 when James H. McGraw, co-founder of the company, purchased the ''American Journal of Railway Appliances''. He continued to add further publications, eventually establishin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
