Question
Which of the following is incorrect about FFCB (Foreign
Currency Convertible Bond)? i. Issued by an Indian listed company in overseas market. ii. It’s a debt instrument iii. FCCBs appear on the liabilities side of the issuing company's balance sheet.Solution
FCCB is a Quasi-debt instrument because there is an option of converting the bonds into equity at a price determined at the time the bond is issued. As debt-instrument it ensures minimum guaranteed returns for the investor. Normally FCCBs have a maturity period of about five years during which no call or put option can be exercised.
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It also indicates the caveats and failure modes in the model need to be improved before (been used independently).
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