KIS 채권평가 - Beyond Pricing
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Introduction
Introduction
- KIS Pricing
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Asset Pricing
Asset Pricing
- Bond Pricing
- Alternative Product Pricing
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Fund Evaluation
Fund Evaluation
- Bond Index
- ETF
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Solution
Solution
- Solution Service
- Consulting Service
- Contents Service
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Beyond Pricing
Beyond Pricing
- KIS-Net
- Data Providing
Alternative Product Pricing
RCPS
Concept and Characteristics
- stock with put option and conversion option
- similar to convertible bonds, same valuation method is used
- difference in discount rate application
- similar to convertible bonds in terms of promised cash flow
- uncertainty in cash flow payout means higher risk
- higher discount rate than junior bond is used
| Concept | preferred stock that is converted to common stock or redeemed at par after specific time period |
|---|---|
| dividend | Pre-determined dividend is paid out subject to dividend profit |
| conversion right | conversion to common stock subject to pre-determined term. Preferred stock disappears after conversion exercise됨 |
| redemption | after pre-determine period, redeemed at par subject to dividend profit |
| IPO related terms | IPO obligation exists within specific time range. Conversion price adjusts after IPO. Penalty exists when IPO fails |
Pricing Method
