什么是債券？債券的幾種分類：Deep discount bonds; Zero coupon bonds; convertible bonds 又該如何理解呢？正保會計網校ACCA教務處來為您解答！

Bonds are long-term debt raised by individual company for which the interest should be paid at stated coupon rate.

Deep discount bonds

Deep discount bonds are loan notes issued at a price which is at a large discount to the nominal value of the notes, and which will be redeemable at par when they eventually mature. Investors might be attracted by the large capital gain offered by the bonds, which is the difference between the issue price and the redemption value. However, deep discount bonds will carry a much lower rate of interest than other types of bond.

Zero coupon bonds

Zero coupon bonds are bonds that are issued at a discount to their redemption value, but no interest is paid on them. The investor gains from the difference between the issue price and the redemption value. There is an implied interest rate in the amount of discount at which the bonds are issued.

Convertible bonds

Convertible bonds are bonds that give the holder the right to convert to other securities, normally ordinary shares at a pre-determined price/rate and time.

Most companies issuing convertible bonds expect them to be converted. They view the bonds as delayed equity. They are often used either because the company’s ordinary share price is considered to be depressed at the time of issue or because the issue of equity shares would result in an immediate and significant drop in earnings per share. There is no certainty that the security holders will exercise their option to convert, therefore the bonds may run their full term and need to be redeemed.