To introduce our first Guide to Equity-Linked Products in Asia Pacific, some of our global financial markets partners discuss how this is relevant to clients across the financial markets. Current market conditions, including volatility and the hunt for yield by investors, have led to increased interest in equity-linked products, including both public and private convertible and exchangeable securities.
Equity-linked products include contractual features linking overall return to the performance of an underlying share price, providing investors with access to the upside associated with an increase in an underlying stock price, whilst providing downside protection in the form of the debt obligation.
The guide provides a wealth of detail on the products, including:

• What are equity-linked securities?
• Why issue equity-linked securities?
• Features of the debt and the embedded equity option
• Anti-dilution protections and preserving the conversion price
• Authorisations
• Tax considerations
• Listing, distribution and documentation
  

股票挂钩证券产品具有投资者的整体回报与发行人股票价格挂钩的合约特征，既为投资者提供了通过相关股票价格上涨获利的利益空间，同时也通过债务的形式为投资者提供了本金保障。
本指引提供了丰富的产品细节介绍，包括：

• 什么是股票挂钩证券？
• 为何发行股票挂钩证券？
• 债务担保的特征
• 嵌入式股票期权的特征
• 反稀释保护和保证转换价格
• 授权
• 上市、分销和文件编制
  English - Clifford Chance Guide to Equity-Linked Products in Asia Pacific brochure.pdf
  大小:(3.4 MB)

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