Clifford Chance
Guide to Equity-Linked Products in Asia Pacific
9 July 2020
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
To receive a copy of the guide, please contact us.
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