Basic Feature

Convertible bonds are typically fixed-coupon securities that are issued with an option to be converted into the equity of the issuing company under specified terms and conditions. They have been issued as both senior and subordinated securities. The investors view on the performance of the issuing company s shares is a major factor, because investors are buying into 

The option element in a convertible cannot be stripped out of the bond element, and so is termed an embedded option. The valuation of the bond takes into account this embedded optionality. Note also that unlike a straight equity option, there is no additional payment to make on conversion the holder simply exchanges the bond for the specified number of shares. One could view the price paid for exercising the option as being the loss of the bond element, which is the regular coupon and redemption proceeds on maturity, but this should be viewed as more of an opportunity cost rather than a payment. This bond element is often referred to as the bond floor, which is the straight debt element of the convertible. The bond floor can be viewed as the level at which a vanilla bond issued by the same company would trade, that is, its yield and price. It generally accounts for between 50 percent and 80 percent of the total value. 

Some convertibles are callable by the issuer, under prespecified conditions. These are known as convertible calk and remove one of the advantages of the straight convertible—that conversion is at the discretion of the bondholder—because by calling a bond the issuer is able to force conversion, on terms potentially unfavorable to the investor. There are two types of call option. Hardcall is nonconditional while soficall is conditional. If a bond is hardcall protected for any time after issue, then the issuer may not early-redeem the bond. During softcall protection, early redemption is possible under certain conditions, normally that the underlying share price must trade above a certain level for a specific period. This level is usually around 130 percent of the conversion price. 

Investors rarely convert voluntarily. They may during an event such as a call or a tender offer, or if the share price has risen by a considerable amount. The main reason why early redemption is not generally in the investors interest is because it will erode the time value of the option element, as well as remove the yield advantage of holding the convertible. It also removes the downside protection afforded by the bond. That is 

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This poses a special problem because the source of the electromagnetic field may lie outside the defined boundaries of the system. A detailed discussion of this is outside the scope of this section, but the basic features can be briefly sunnnarized. 

The basic features of folding can be understood in tenns of two fundamental equilibrium temperatures that detennine tire phases of tire system [7]. At sufficiently high temperatures (JcT greater tlian all tire attractive interactions) tire shape of tire polypeptide chain can be described as a random coil and hence its behaviour is tire same as a self-avoiding walk. As tire temperature is lowered one expects a transition at7 = Tq to a compact phase. This transition is very much in tire spirit of tire collapse transition familiar in tire theory of homopolymers [10]. The number of compact... 

This tutorial, which is based on the Beilstein update BS0202PR (May, 2002) and on the retrieval program Cro.ssFire Commander V6,. shows. some typical advanced search examples in the Beilstein database. It is assumed that the user already knows some of the basic features of the retrieval program. Moreover, in this tutorial the CrossFire Structure Editor is used instead of the (SIS/Draw Structure Editor. The first example is a combined application of structure aiM fact retrieval, whereas the second example demonstrates reaction retrieval. 

Polymerization. The basic features of silica polymerisation and its technical relevance have been summarised (9). A general polymerisation scheme is shown in Figure 2. When a solution of Si(OH)4 is formed, eg, by acidification of a solution of a soluble siUcate, at a concentration greater than... 

Basic Features of MFC Model predictive control strategies have a number of distinguishing features ... 

Superconductivity The physical state in which all resistance to the flow of direct-current electricity disappears is defined as superconductivity. The Bardeen-Cooper-Schriefer (BCS) theoiy has been reasonably successful in accounting for most of the basic features observed of the superconducting state for low-temperature superconductors (LTS) operating below 23 K. The advent of the ceramic high-temperature superconductors (HTS) by Bednorz and Miller (Z. Phys. B64, 189, 1989) has called for modifications to existing theories which have not been finahzed to date. The massive interest in the new superconductors that can be cooled with liquid nitrogen is just now beginning to make its way into new applications. 

Modes of Operation The classical modes of operation of chromatography as enunciated by Tisehus [Kolloid Z., 105, 101 (1943)] are elution chromatography, frontal analysis, and displacement development. Basic features of these techniques are illustrated in Fig. 

Although dynamic responses of microbial systems are poorly understood, models with some basic features and some empirical features have been found to correlate with actual data fairly well. Real fermentations take days to run, but many variables can be tried in a few minutes using computer simulation. Optimization of fermentation with models and reaf-time dynamic control is in its early infancy however, bases for such work are advancing steadily. The foundations for all such studies are accurate material Balances. 

We described in Chapter 3 the basic features of a-helical coiled coils whose amino acid sequences are recognized by heptad repeats a to in which positions a and d frequently are hydrophobic residues (see Figures 3.2 and 3.3). 

This section briefly discusses the fundamental principles of XRD the reader is referred to the works by Warren, Cullity, and Schwartz and Cohen for more detail. " Figure 1 shows the basic features of an XRD experiment, where the diffraction angle 20 is the angle between the incident and diffracted X rays. In a typical... 

An old variation of the conversion type is a catalytic combination unit. Development of this scheme was necessitated by the rising cost of refinery construction after World War II and by the great demand for capital for postwar expansion. The scheme reduced the investment and operating costs for refining equipment. The basic feature of the combination unit lies in the integration of the fractionation facilities of the reduced crude distillation and catalytic cracking sections. 

The basic features of the electric furnace are illustrated in Figure 25. The electric furnace is basically a conveyor belt system passing through a long rectangular... 

The book is accompanied by a CD-ROM which contains two PC-based software packages the Mass Exchange Network (MEN) software and LINGO. The following sections summarize the basic features and installation instructions for the two packages. 

The purpose of this chapter is to present the basic features of air-handling processes and equipment. The aim is to provide a link between the basic theories of air-handling processes, presented in Chapter 4, and the actual equipment covered in the Systems and Equipment book. 

The two-stage electrostatic precipitators used in light-industry applications are compact devices which can be fitted into the ventilation system. These air cleaners are normally used to clean air from dusts, smokes, and fumes in industrial workplaces. The basic features of these devices are the separate sections for particle charging and collection. The charging section consists of thin metal wires installed between grounded metal plates. The distance... 

V. BASIC FEATURES OF MONOSIZED POLYMERIC PARTICLES PREPARED BY ACTIVATED SWELLING AND POLYMERIZATION... 

Figure 11-22. Basic features of mechanical refrigeration cycle.

Figure 14-38A. Section of gas turbine showing basic features. (Used by permission Dresser-Rand Company.)...

The success of a specific technique will depend on whether, as a by-product of the technique, sizable stress levels in the plastic product may result. Guarding against potential stresses in the assembly is a very important aspect of complete product design. There are many techniques that provide assembling all kinds of products. Each have technical and/or cost advantages and limitations. Examples of a few are reviewed in this section with more information in Chapter 3, BASIC FEATURE and FEATURE INFLUENCING PERFORMANCE. 

Weld line Weld or knit fines where two parts of a melt join while flowing into the mold cavity can result in problems. The quality of the weld depends on the temperature of the material at the weld point and the pressure present in the melt after flowing from the gate. The higher the temperature and pressure, the more complete the weld and the better the product performance and appearance. Bringing the material to the weld point at a higher temperature and pressure requires rapid filling of the mold cavity (Chapter 3, BASIC FEATURE, Weld Line). 

Despite the difference in composition of various olefin polymerization catalysts the problems of the mechanism of their action have much in common. The difference between one-component and traditional Ziegler-Natta two-component catalysts seems to exist only at the stage of genesis of the propagation centers, while the mechanism of the formation of a polymer chain on the propagation center formed has many common basic features for all the catalytic systems based on transition metal compounds. 

While the basic features of SNARE assembly and disassembly provide a convenient framework for explaining how membrane fusion works, both the regulation of SNAREs and the molecular details of fusion are not well understood. Most is known about the neuronal SNAREs that mediate regulated membrane fusion of synaptic vesicles and of secretory granules in neuroendocrine cells. They include synaptobrevin2, localized to the synaptic vesicle, and SNAP25 ( SNAPs) and syntaxinlA, both of which are localized to the plasma... 

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