Reverse Convertibles

Reverse Convertibles

About Reverse convertibles

A reverse convertible is a fixed income security with a coupon that is significantly higher than the normal market interest rate and where repayment depends on the price movement of the underlying instrument. On maturity the issuer can either repay the nominal amount or deliver a specified number of equities in the underlying instrument. If the bond is a constituent part of an index, repayment is made by delivering index certificates, fund units or through the payment in cash of the current index price based on the subscription ratio.

The bond is based on one or several underlying instruments. The value of a reverse convertible is primarily derived from the price movement of this underlying instrument. The change in the price of a reverse convertible is for the most part based on the underlying instrument which is why the term “derivatives”, i.e. “derived securities”, is used in this context.

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