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英语翻译In the Appendix to the note we provided a detailed analy

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英语翻译
In the Appendix to the note we provided a detailed analysis of the value of both options for bondholders.The Par and Discount bond options are equivalent from a valuation perspective.The Par Bond,however,is designed to appeal to retail investors and will be rationed.To the extent that this bond is held by many investors with relatively small positions,liquidity in this bond will be inferior to the Discount Bond.If this exchange is successful,the Discount Bond is likely to attract more institutional buyers and to perform better (despite its 2 year shorter duration).
我们在笔记的附录中为两种债券的选择价值提供了详细的分析.同水准债券和贴现债券期权从估值角度等价.不过,同水准债券是旨在吸引散户投资者而且将被定量配给.在这个意义上,这种由许多在这个债券上定位和、流动性相对较小的投资者掌握的债券将会比贴现债券低劣.如果这种兑换成功的话,贴现债券有可能会吸引更多的制度买家并且会表现得更好(尽管它短了两年的持续时间).
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