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 |
 |
| Detachability |
Impossible |
Possible |
| Marketability |
Low |
High |
| Coupon Rate |
Higher than that of the detachable BW |
Lower than that of the non-detachable BW due to the increase in the valuation of the warrant |
| Repayment during the Life of the Bond |
Possible |
Only the bond is allowed |
| Product Competitiveness |
Lower than that of the detachable BW,
and the satisfaction of the conditions
for both the issuer and the investor is comparatively more difficult |
Opposite of the non-detachable BW |
| Transfer |
The cum-warrant
(combines the corporate bond and the right to acquire new stocks) is transferred. |
EX-warrant (bond):
Bond following the detachment
Warrant: the right to acquire a new stocks section |
| Range of Investment |
Limited compared to the detachable BW |
The investor’s range of selection is broadened with market segmentation, and liquidity is strengthened. |
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