{"id":1081,"date":"2025-09-06T13:13:06","date_gmt":"2025-09-06T09:13:06","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1081"},"modified":"2026-04-11T13:39:21","modified_gmt":"2026-04-11T09:39:21","slug":"convertible-bonds","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2025\/09\/06\/convertible-bonds\/","title":{"rendered":"<span class=\"eon-recovered-georgian-title\" data-no-translation=\"\">\u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8 \u10d1\u10dd\u10dc\u10d3\u10d4\u10d1\u10d8<\/span>"},"content":{"rendered":"<p class=\"wp-block-paragraph\"><strong>How should WACC be calculated when the capital structure includes convertible bonds?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The value of a convertible bond is split into two components:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>The value of the bond carrying similar risk <strong>without the conversion option<\/strong>;<\/li>\n\n\n\n<li>The value of the <strong>conversion option<\/strong>, which is discounted at the company\u2019s cost of equity.<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-61.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"954\" height=\"460\" data-attachment-id=\"7082\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/09\/06\/convertible-bonds\/image-515\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-61.png?fit=954%2C460&amp;ssl=1\" data-orig-size=\"954,460\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-61.png?fit=954%2C460&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-61.png?resize=954%2C460&#038;ssl=1\" alt=\"\" class=\"wp-image-7082\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The value of the conversion option is calculated using the standard <strong>call option pricing formula<\/strong>:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-62.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"974\" height=\"517\" data-attachment-id=\"7084\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/09\/06\/convertible-bonds\/image-516\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-62.png?fit=974%2C517&amp;ssl=1\" data-orig-size=\"974,517\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-62.png?fit=974%2C517&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-62.png?resize=974%2C517&#038;ssl=1\" alt=\"\" class=\"wp-image-7084\"\/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">See also: <em><a href=\"https:\/\/eoninvestment.com\/ka\/2025\/08\/23\/valuation-of-employment-compensation-with-options-and-grants\/\">Valuation of Employment Compensation with Options and Grants<\/a><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P.S.<br \/>The chart shows how convertible bonds trade in the market at different stock price levels:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"820\" height=\"719\" data-attachment-id=\"1083\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/convertibles\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/convertibles.jpeg?fit=820%2C719&amp;ssl=1\" data-orig-size=\"820,719\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Convertibles\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/convertibles.jpeg?fit=820%2C719&amp;ssl=1\" class=\"wp-image-1083\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/convertibles.jpeg?resize=820%2C719&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Source of the chart: <em><a href=\"https:\/\/www.rbcgam.com\/en\/ca\/learn-plan\/investment-strategies\/what-are-convertible-bonds\/detail\">What are convertible bonds?<\/a><\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>","protected":false},"excerpt":{"rendered":"<p>\u10e0\u10dd\u10d2\u10dd\u10e0 \u10e3\u10dc\u10d3\u10d0 \u10d3\u10d0\u10d8\u10d7\u10d5\u10d0\u10da\u10dd\u10e1 WACC \u10d7\u10e3 \u10d3\u10d0\u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d4\u10d1\u10d8\u10e1 \u10e1\u10e2\u10e0\u10e3\u10e5\u10e2\u10e3\u10e0\u10d0\u10e8\u10d8 \u10db\u10dd\u10dc\u10d0\u10ec\u10d8\u10da\u10d4\u10dd\u10d1\u10d4\u10dc \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10d4\u10d1\u10d0\u10d3\u10d8 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8? \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0\u10e1 \u10e7\u10dd\u10e4\u10d4\u10dc \u10dd\u10e0 \u10dc\u10d0\u10ec\u10d8\u10da\u10d0\u10d3: \u10db\u10e1\u10d2\u10d0\u10d5\u10e1\u10d8 \u10e0\u10d8\u10e1\u10d9\u10d8\u10e1 \u10db\u10d0\u10e2\u10d0\u10e0\u10d4\u10d1\u10d4\u10da\u10d8 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0, \u10e0\u10dd\u10db\u10d4\u10da\u10e1\u10d0\u10ea \u10d0\u10e0 \u10d0\u10e5\u10d5\u10e1 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10dd\u10e4\u10ea\u10d8\u10d0; \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10dd\u10e4\u10ea\u10d8\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0, \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10d3\u10d8\u10e1\u10d9\u10dd\u10dc\u10e2\u10d8\u10e0\u10d3\u10d4\u10d1\u10d0 \u10e1\u10d0\u10d9\u10e3\u10d7\u10d0\u10e0\u10d8 [\u2026]<\/p>","protected":false},"author":12998525,"featured_media":1083,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_eon_insights_quality":"","_eon_insights_decision":"","_eon_insights_destination":"","_eon_insights_merge_group":"","_eon_insights_required_changes":"","_eon_insights_start_order":0,"_eon_featured_insight":0,"_eon_insights_map_version":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[774675951,106538530,772049227],"tags":[],"eon_topic":[],"eon_learning_path":[],"eon_collection":[],"eon_level":[784445728],"eon_content_type":[],"eon_source":[784445710],"eon_idea":[784445705,784445692],"eon_framework":[],"class_list":["post-1081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-valuation-theory-evidence-and-practice-by-m-e-zmijewski-r-w-holthausen","category-derivatives","category-wacc-coc-structure","eon_level-advanced","eon_source-corporate-valuation-theory-evidence-and-practice-by-m-e-zmijewski-r-w-holthause","eon_idea-derivatives","eon_idea-wacc-coc-structure"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Convertible Bonds - Eon Investment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eoninvestment.com\/ka\/2025\/09\/06\/convertible-bonds\/\" \/>\n<meta property=\"og:locale\" content=\"ka_GE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Convertible Bonds - Eon Investment\" \/>\n<meta property=\"og:description\" content=\"\u10e0\u10dd\u10d2\u10dd\u10e0 \u10e3\u10dc\u10d3\u10d0 \u10d3\u10d0\u10d8\u10d7\u10d5\u10d0\u10da\u10dd\u10e1 WACC \u10d7\u10e3 \u10d3\u10d0\u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d4\u10d1\u10d8\u10e1 \u10e1\u10e2\u10e0\u10e3\u10e5\u10e2\u10e3\u10e0\u10d0\u10e8\u10d8 \u10db\u10dd\u10dc\u10d0\u10ec\u10d8\u10da\u10d4\u10dd\u10d1\u10d4\u10dc 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\u10dd\u10e4\u10ea\u10d8\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0, \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10d3\u10d8\u10e1\u10d9\u10dd\u10dc\u10e2\u10d8\u10e0\u10d3\u10d4\u10d1\u10d0 \u10e1\u10d0\u10d9\u10e3\u10d7\u10d0\u10e0\u10d8 [\u2026]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/eoninvestment.com\/ka\/2025\/09\/06\/convertible-bonds\/\" \/>\n<meta property=\"og:site_name\" content=\"Eon Investment\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/eoninvestment\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-06T09:13:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-11T09:39:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/convertibles.jpeg?fit=820%2C719&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"820\" \/>\n\t<meta property=\"og:image:height\" content=\"719\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"neoinsight\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"neoinsight\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 \u10ec\u10e3\u10d7\u10d8\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/wp-json\\\/wp\\\/v2\\\/posts\\\/1081\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#website\"},\"author\":{\"name\":\"neoinsight\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#\\\/schema\\\/person\\\/9bb6a82e15a5231535d10233395afa89\"},\"headline\":\"\u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8 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