英文名称：Convertible Bond 中文名称：可转换债券债券持有人在特定的时间内可以根据债券发行时约定的条件以一定的转化比率将债券转化为公司股票的债券。可转换债券兼具债券和股票的特征，在一定的存续期内，以债券形式投资，在行使转换权后，又以普通股形式投资。其实质就是在发行公司债券的基础上，附加了允许债券持有人以特定条件将其购买的债券转换为公司股票的期权。由于附有投资者选择权，可转换债券的票面利率通常较低。eb1619e81e59668d2db8098284f6daa5e.g. She urged investors to be on the alert to investment in newly issued convertible bonds.A bond that can be converted into a predetermined amount of the company's equity at certain times during its life, usually at the discretion of the bondholder. Convertibles are sometimes called "CVs". Issuing convertible bonds is one way for a company to minimize negative investor interpretation of its corporate actions. For example, if an already public company chooses to issue stock, the market usually interprets this as a sign that the company's share price is somewhat overvalued. To avoid this negative impression, the company may choose to issue convertible bonds, which bondholders will likely convert to equity anyway should the company continue to do well.From the investor's perspective, a convertible bond has a value-added component built into it; it is essentially a bond with a stock option hidden inside. Thus, it tends to offer a lower rate of return in exchange for the value of the option to trade the bond into stock.
英文名称：Cum Rights 中文名称：含权／附新股权含权股，即赋予股票持有人按一定折扣购买新发股票的权利，也可以理解为含有股利、尚未除权的股票。参见除权／不带新股认股权（Ex-rights）。A situation in which the shares held by holders of record are qualified for a rights offering declared by a company. Shares that are trading cum-rights can be sold to another individual with the rights attached. This is the opposite of ex-rights, which do not allow the transfer of rights from an old shareholder to a new shareholder during the two business days prior to the record date. The price of a stock with cum rights is normally higher than that of a stock with ex-rights.
英文名称：Diluted Earnings Per Share 中文名称：摊薄后每股盈利假设所有可转换证券被行权后的每股盈利。A performance metric used to gauge the quality of a company's earnings per share (EPS) if all convertible securities were exercised. Convertible securities refers to all outstanding convertible preferred shares, convertible debentures, stock options (primarily employee based) and warrants. Unless the company has no additional potential shares outstanding (a relatively rare circumstance) the diluted EPS will always be lower than the simple EPS. Remember that earnings per share is calculated by dividing the company's profit by the number of shares outstanding. Warrants, stock options, convertible preferred shares, etc. all serve to increasing the number of shares outstanding. As a shareholder, this is a bad thing. If the denominator in the equation (shares outstanding) is larger, the earnings per share is reduced (the same profit figure is used in the numerator). This is a conservative metric because it indicates somewhat of a worst-case scenario. On one hand, everyone holding options, warrants, convertible preferred shares, etc. is unlikely to convert their shares all at once. At the same time, if things go well, there is a good chance that all options and convertibles will be converted into common stock. A big difference in a company's EPS and diluted EPS can indicate high potential dilution for the company's shares, an attribute almost unanimously ostracized by analysts and investors alike.
英文名称：Convertibles 中文名称：可转换证券可转换成为普通股的证券，包括公司债券和优先股等。e.g. The convertibles entitle the holder to require some or all of the convertibles to be repaid in the event of an issue by the Company of new ordinary shares for cash on the basis that the entire proceeds are immediately applied by the holder in subscribing for its entitlement to such new ordinary shares. Securities, usually bonds or preferred shares, that can be converted into common stock. Convertibles are ideal for investors demanding greater potential for appreciation than bonds provide and higher income than common stocks offer.
英文名称：Downgrade 中文名称：下调评级／降低信用评级指信用评级机构调降债务发行人或债务工具的信用等级。e.g. Deutsche Bank AG (DB) fell 4% premarket, under pressure from a falling market for U.K. and European bank stocks and following a downgrade by analysts at Morgan Stanley. Analysts called Deutsche Bank \"one of our least preferred wholesale banks in Europe.\" A negative change in the rating of a security. This situation occurs when analysts feel that the future prospects for the security have weakened from the orginal recommendation, usually due to a material and fundamental change in the company's operations, future outlook or industry. Analysts place recommendations on securities to give their clients or investors a general idea on the expected performance of that security looking forward. These recommendations are adjusted when the basis behind the recommendation changes, such as the price of the stock or newly released data in the company's financial statements. An analyst may downgrade a stock from a buy to a sell, after the company released information about an Securities and Exchange Commission investigation into the company's operations.
英文名称：Downside 中文名称：下跌1. 指证券或商品价格的瞬间跌落；2. 总体市场或个别股票可能下跌的幅度。 The dollar amount by which the market or a stock has the potential to fall. You might hear someone say that the downside on stock XYZ is $10. What that means is that the stock could fall by this amount if things got bad. Downside is usually gauged by either fundamental or technical factors.
英文名称：Discount 中文名称：贴水／贴现／折扣一般是指某物的价格水平低于其价值。在外汇市场里，贴水是指远期汇率低于即期汇率；在货币市场里，金融票据到期前不付息，因此其价格低于面值；在期货市场，贴水指期货的价格低于现货。参见溢价／升水（Premium）。eb1619e81e59668d2db8098284f6daa5e.g. McCann said that the fact that Origin's shares were trading at a deep discount compared with a recent independent experts' valuation means that the company is less susceptible to fresh takeover bids.The condition of the price of a bond that is lower than par. The discount equals the difference between the price paid for a security and the security's par value. For example, if a bond with a par value of $1,000 is currently selling for $990 dollars, it is selling at a discount.
英文名称：Discount Note 中文名称：贴现票据／折扣票据发行价格低于面值，到期时价格等于面值的无抵押企业债务。 A short-term debt obligation issued at a discount to par. Discount notes are similar to zero-coupon bonds and Treasury bills and are typically issued by government-sponsored agencies or highly rated corporate borrowers. Discount notes do not make interest payments; instead the bond is matured at a par value above the purchase price, and the price appreciation is used to calculate the investment's yield. Discount notes will have maturity dates of up to one year in length. The biggest issuers of discount notes are Freddie Mac and the Federal Home Loan Banks. Most institutional fixed-income buyers will compare the yield-to-maturity (YTM) of various zero-coupon debt offerings with standard coupon bonds, looking for yield pickup in discount bonds.
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