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【专题讨论】什么是WA,WB,CA,PA,ICULS,OR等; CIMB的新产品-Bull ELS Warrant

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楼主: lklatmy       显示全部楼层   阅读模式

发表于 11-12-2007 10:40 PM | 显示全部楼层
原帖由 lklatmy 于 11-12-2007 09:06 PM 发表
请问这位朋友到底想问些什么?


我想问CHOLAND-C1,EXMOBIL-C1 and APPLE-C1是什么公司?投资去哪里?几时过期?

为什么最近C1,CA and CF 那么热???
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楼主
 楼主| 发表于 12-12-2007 10:58 AM | 显示全部楼层
原帖由 sschua1314 于 11-12-2007 10:40 PM 发表


我想问CHOLAND-C1,EXMOBIL-C1 and APPLE-C1是什么公司?投资去哪里?几时过期?

为什么最近C1,CA and CF 那么热???


我想有很多股友对此帖的本意有一点误解。我在此帖只解释Warrant及Call warrant的概念而不涉及个股的讨论。除非这些涉及个股的讨论对解释Warrant及Call warrant的概念有帮助。所以只好对你说声抱歉。

还有一点,不是针对任何人,学会自己捕鱼比等别人捕鱼将令你一生受用。爬帖是学捕鱼主要的一环。请做做功课吧。

[ 本帖最后由 lklatmy 于 12-12-2007 11:00 AM 编辑 ]
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发表于 18-12-2007 08:31 PM | 显示全部楼层

请问call warrants

请问大家,如果call warrants到期了还买不出的话!!
交易所会自动帮我们转换价钱,在进回我们的account!!
是这样的流程吗??
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发表于 19-12-2007 12:17 AM | 显示全部楼层
是,輪商會幫你自動行駛,然後把錢存到你的戶口。

股價會用五天的平均閉市價。
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发表于 19-12-2007 12:12 PM | 显示全部楼层

回复 #4 Ben_8823 的帖子

要注意,CW有两种,

一种是现金结算,CW发行商会扣了转换价和手续费后寄支票给你。
另一种是要拿票的,你要寄转换价给发行商,然后你会收到母股。

目前,大多数CW是现金结算的。

现在谈现金结算的CW,每个CW都有个别的结算法和手续费,
就以我所收到的3个CW的例子来谈,BURSA-CD,AIRASIA-CA和MISC-CC。

BURSA-CD是OSK发行的,
是以5天的闭市价的平均来算,
手续费是结算出来的现金的0.3%。

AIRASIA-CA和MISC-CC是CIMB发行的,
是以5天的平均价的平均来算,
不管你有多少数量CW,手续费是一律RM20。
所以买少的话,很不划算。

[ 本帖最后由 heamq 于 19-12-2007 01:33 PM 编辑 ]
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发表于 19-12-2007 05:32 PM | 显示全部楼层
什么是 call warrent?
call warrent与普通的warrent有什么分别?
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发表于 19-12-2007 07:03 PM | 显示全部楼层
Call Warrant 好像買大細,贏了(母股現價高過行駛價),庄家(輪商)會給你現金,不是給你股票。現時做庄的機構有CIMB,OSK和 Deutsche Bank。Call Warrant 的編號通常是 C 開頭。例如,KLK﹣CD。

至於普通的 Warrant, 行駛時你是會以行駛價買到股票。發行商通常是母股公司。這種Warrant 的編號通常是 W 開頭。
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发表于 11-1-2008 11:55 PM | 显示全部楼层
请问大大

naked warrant, 既然issuer没有持有母股,那issuer 的目的是不是看淡该股,类似short sell?

可否举例klse的naked warrant?
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楼主
 楼主| 发表于 12-1-2008 10:27 PM | 显示全部楼层
原帖由 giapseng 于 11-1-2008 11:55 PM 发表
请问大大

naked warrant, 既然issuer没有持有母股,那issuer 的目的是不是看淡该股,类似short sell?

可否举例klse的naked warrant?


我不是大大,受不起呢!
我从来没有参与issue call warrant 的经验,只能用我自以为对的想法来回答你。错了请别shoot我

我们来看看OSK Investment Bank issue Genting CJ 的例子:-



Submitting Merchant Bank:OSK INVESTMENT BANK BERHAD
Name:GENTING-CJ: CW GENTING BERHAD (OSK)  
Stock Name :GENTING-CJ
Date Announced:09/01/2008


Instrument Type:Structured Warrants
Type of Structure Warrants :Call Warrants
Description:NON-COLLATERALISED AMERICAN-STYLE CASH SETTLED CALL WARRANTS
Name of Issuer:OSK INVESTMENT BANK BERHAD
Term Sheet Date:28/12/2007
Issue Date:09/01/2008
Issue Size Indicator:Unit
Issue Size in Unit:100,000,000
Listing Date:15/01/2008
Maturity Date:07/11/2008
Revised Maturity Date:
Exercise/ Conversion Ratio:20:1
Settlement Type/ Convertible Info.:Cash
Issue/ Ask Price:MYR 0.090
Exercise/ Strike/ Conversion Price:MYR 7.700
Remarks:
© 2008, Bursa Malaysia Berhad. All Rights Reserved.


以RM7.70的exercise price 加上call warrant 的发行价RM0.09乘以20(conversion ratio)=RM9.50。以现今Genting RM7.95的价格来算,云顶CJ的溢价相等于RM1.55,这就是说除非云顶的价格能够在CJ届满以前达到RM9.50的价格,OSK 将袋袋平安。当然,OSK 在CJ届满以前是不希望云顶的价格能达到RM9.50,他们肯定会竭尽所能保护本身的利益,为了达到这点他们会有本身的对策,如买进母股,买进其他的call warrant等等。

我个人的看法是issuer 发行新的call warrant时,一般上已经把underlying share 的上升潜能计算在内,除非有无可预见的事件发生,issuer很少会有亏钱的情况发生。


[ 本帖最后由 lklatmy 于 13-1-2008 12:33 AM 编辑 ]
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发表于 14-1-2008 09:04 PM | 显示全部楼层
我想请问当WARRANTS 被issue的头几天,对母股的股价有什么影响?上升或下跌?为甚么呢?
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楼主
 楼主| 发表于 14-1-2008 11:54 PM | 显示全部楼层
原帖由 Roger_Tan 于 14-1-2008 09:04 PM 发表
我想请问当WARRANTS 被issue的头几天,对母股的股价有什么影响?上升或下跌?为甚么呢?


Call warrant就有如个不请自来的撘顺风车的小伙子,无论几时,这个小伙子都是没能力改变车子的行驶方向的。
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发表于 15-1-2008 11:57 AM | 显示全部楼层

回复 111# lklatmy 的帖子

其实我发觉当warrants被issue的头几天,母股的股价的确会大幅度下跌,像最近的FITTERS, 上两个星期的HOVID,和昨天的DPS,都大幅度下跌,看来并非巧合,请问为甚么呢?谢谢。
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楼主
 楼主| 发表于 15-1-2008 02:33 PM | 显示全部楼层
原帖由 Roger_Tan 于 15-1-2008 11:57 AM 发表
其实我发觉当warrants被issue的头几天,母股的股价的确会大幅度下跌,像最近的FITTERS, 上两个星期的HOVID,和昨天的DPS,都大幅度下跌,看来并非巧合,请问为甚么呢?谢谢。


呵呵,原来你在讲亲儿子(warrant),不是讲撘顺风车的小子(call warrant),sorry sorry,人老了,看不清楚。

你所说的都是事实,并非巧合。我想很可能是大户们在搞。怕undersubscribe,又或者要出货吧。
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发表于 15-1-2008 04:59 PM | 显示全部楼层

回复 113# 的帖子

请问甚么叫做undersubscribe?为甚么warrant出来时他们要怕呢?还有为甚么要等母股跌价了才出货?股价跌对大户们有什么好处?

谢谢。
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楼主
 楼主| 发表于 15-1-2008 08:42 PM | 显示全部楼层
原帖由 Roger_Tan 于 15-1-2008 04:59 PM 发表
请问甚么叫做undersubscribe?为甚么warrant出来时他们要怕呢?还有为甚么要等母股跌价了才出货?股价跌对大户们有什么好处?

谢谢。

当一家公司要出附加股时,假如市况低迷,附加股的定价比市价高,附加股肯定会undersubscribe。为了吸引小股东们认购附加股,最好的方法莫过于把市价推高,再送你warrant。等到你的钱进了我的袋子以后,我当然不会再管市价的高低。这时,股价就会跌回原来的level。
你或者会问,那underwriter呢?undersubscribe 他不是要吃完吗?在现实里,underwriter 和major shareholder 通常是要签定back to back guarantee 的,underwriter 所吃上来的兜了一个大圈,还不是回到major shareholder那里!

[ 本帖最后由 lklatmy 于 15-1-2008 08:55 PM 编辑 ]
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发表于 15-1-2008 09:18 PM | 显示全部楼层
谢谢楼主 分享~~~~
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发表于 26-2-2008 02:26 PM | 显示全部楼层
CIMB这公司又发出新品种的证券产品了,Bull Equity-Linked Structure (Bull ELS)。对投资者来说可是有限的回报无限的风险,希望投资者看好好来再买。。。

Wednesday January 30, 2008

CIMB Investment unveils first Bull ELS warrant

KUALA LUMPUR: CIMB Investment Bank Bhd has launched Malaysia's first listed Bull equity-linked structure (Bull ELS), a short-term structured warrant allowing investors to purchase underlying shares at a discounted price.

CIMB Investment equity derivatives director Lim Jong Hau said the Bull ELS would be listed on the call warrants board of Bursa Malaysia and issued on shares of plantation giants Sime Darby Bhd and IOI Corp Bhd.

“We are focusing on stocks of Sime Darby and IOI Corp because there is a bullish sentiment on the plantation sectors at this point in time,” Lim told reporters at the launch of Bull ELS yesterday.

He said the warrants would be issued on up to 20 million shares each from Sime Darby and IOI Corp.  

“The Bull ELS would be set at a 5% discount to the share price of Sime Darby and IOI Corp,” he said.

The exercise and subscription prices of the Bull ELS were determined at the close of the first trading session at 12.30pm yesterday and would be fixed during the entire duration of the offer, which expires on March 5.  

According to Lim, investors' return at maturity would depend on the performance of the underlying shares at the expiry date of the Bull ELS.

“If the closing price of the shares is at or above the exercise price, investors would receive a cash settlement comprising their subscription amount with interest.

“However, if the closing price is below the exercise price, investors would receive the number of underlying shares equivalent to the number of Bull ELS held,” he added.

Shares in Sime Darby and IOI Corp closed at RM11.80 and RM7.30 at the end of the first session yesterday.

A CIMB statement said the exercise price of the Bull ELS for Sime Darby and IOI Corp was set at RM11.210 and RM6.935 respectively.

The subscription price was set at RM11.107 and RM6.858 respectively, representing a respective yield to maturity of 9.68% and 11.71%.

The Bull ELS is scheduled to be listed on Feb 14.

http://thestar.com.my/news/story ... 167546&sec=business

[ 本帖最后由 Mr.Business 于 26-2-2008 02:41 PM 编辑 ]
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发表于 26-2-2008 02:27 PM | 显示全部楼层
新闻。

30-01-2008: CIMB Investment to rake in RM359m from new structured warrants

by Chong Jin Hun

KUALA LUMPUR: CIMB Investment Bank Bhd stands to generate up to RM359.3 million from the sale of two short-term structured warrant offerings based on underlying shares of Malaysian plantation giants Sime Darby Bhd and IOI Corporation Bhd, capitalising on retail investors’ interests in palm oil stocks.

The Bull Equity-Linked Structure (Bull ELS) for Sime Darby and IOI comprises 20 million warrants each, offered at issue prices of RM11.107 and RM6.858, respectively.

The issue prices of both warrants represent discounts of 5.9% and 6.1% respectively against the spot prices of Sime Darby and IOI Corp shares at the close of trade at 12.30pm yesterday.

The exercise price of the warrants, at a 5% discount to their spot prices, stood at RM11.21 and RM6.935, respectively.

“We believe the plantation sector, as a whole, will do well,” CIMB Investment director for equity derivatives Lim Jong Hau told reporters at the launch of the Bull ELS schemes yesterday.

Both schemes, due to expire this March 5, allow investors to buy the underlying shares of Sime Darby and IOI at cheaper rates compared to market prices. At their respective issue and exercise prices, the Sime Darby and IOI warrants will have yields to maturity of 9.68% and 11.71%, according to CIMB Investment.

Lim said proceeds from the warrant sale would be used to buy underlying shares of Sime Darby and IOI to hedge against the warrant products.

It essentially means the issuer will use the underlying securities it acquired as physical settlement for warrant holders should closing prices of the underlying shares, upon expiry of the investment programmes, be lower than the warrants’ exercise prices earlier.

CIMB Investment plans to list the warrants on Bursa Malaysia’s call warrants board this Feb 14. According to CIMB, Malaysia’s structured warrant market nearly quadrupled to RM13.2 billion in 2007 from RM3.4 billion in 2006.

However, despite the expansion rate, the Malaysian market is still smaller than the structured warrant markets in Singapore, Korea and Hong Kong, valued at US$19.7 billion, US$73 billion and US$611.5 billion, respectively.

http://203.115.192.58/cms/conten ... a-19214b10-e7c4542c
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发表于 26-2-2008 02:28 PM | 显示全部楼层
新闻。

CIMB: Huge potential for structured warrant mart

By Presenna Nambiar Published: 2008/01/29

THE structured warrant market in Malaysia has huge potential for growth, considering its position as one of the laggards in the region, despite growing nearly threefold in 2007 to RM13.2 billion.

CIMB Investment Bhd banking head KC Kok said Singapore's market is at least five times bigger. Singapore has a market size of US$19.7 billion (RM63.8 billion).

"If you look at the Bank of China, there are at least 30 to 40 structured warrants on it alone. So liquidity begets liquidity," Kok said after launching the bank's latest offering, a short-term structured warrant called Bull Equity-Linked Structures (Bull ELS).

The first to be launched in Malaysia, the discount certificate allows investors to buy an underlying share at a discount to its market price on the offer date and earn interest on their investment.

CIMB will issue two series of Bull ELS based on shares of Sime Darby Bhd and IOI Corp Bhd. Both will be listed on the call warrants board of Bursa Malaysia.

The exercise price for Sime Darby's Bull ELS has been fixed at RM11.210, while IOI's at RM6.935.

The issue price for Sime Darby's Bull ELS is RM11.107, while IOI Corp is at RM6.858.

The issue price represents a six per cent discount to Sime Darby's RM11.80 closing price at the end of its morning session yesterday.

IOI Corp's issue price is 6.1 per cent lower than the closing price of the stock of RM7.30 at the close of its morning session yesterday.

The payout for Bull ELS depends on the performance of the underlying shares at expiry, which is on March 5 2008.

The yield to maturity for Sime Darby's Bull ELS is expected to be 9.68 per cent while IOI's is set to reach 11.71 per cent.

If at expiry, the closing price of the underlying shares is at or above the exercise price, investors will receive a cash settlement, comprising their subscription amount and interest.

On the other hand, if the closing price is below the exercise price, investors will receive the number of underlying shares equivalent to the number of Bull ELS held.

The listing date of the discount certificates is on February 14 2008. The minimum investment is 100 units.



Comment:
Say if you buy IOI-SA at open market price RM6.85 (Very unlikely), the transaction cost shall be RM0.03 (0.42%+0.03%). So, your max gain is RM0.043 only!!!!!

If you buy at RM6.9, your max gain is as little as RM0.004 only!

The name of Bull ELS (Equity-Linked Structures) is definitely misleading. You dont buy such a "creative" derivative product at such a price if you are bullish (unless.... ) , which you have guarantee nano profit with potential big loss.

http://www.sahamas.net/forum50/5856.html
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发表于 26-2-2008 03:03 PM | 显示全部楼层
根据我所找到的资料,这Bull ELS通常只有35天的寿命,而投资者是看好母股,所以买进Bull ELS。

例如IOI的Bull ELS,IOI于29/01/2008的spot price (the closing price at the close of its morning session)是RM7.30。

Exercise price是spot price的95%,所以IOI的Bull ELS的exercise price是RM6.935。

IOI的Bull ELS的issue price是RM6.858。Issue price是CIMB买Bull ELS给投资者的价钱。

如果你看好IOI,所以你用RM6.858的issue price买Bull ELS,当Bull ELS的寿命结束时,如果IOI的闭市价高过exercise price (RM6.935), CIMB会还你RM6.935,所以你的利润是RM0.077。

当Bull ELS的寿命结束时,如果IOI的闭市价低过exercise price (RM6.935), CIMB会还你母股,这等于你用RM6.858的价钱买IOI (而当时IOI的市价是低过RM6.935的)。

所以我说有限的回报,无限的风险。
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