Bond Exchanges in the Airline Industry: Analyzing Public Disclosures.
回顾债券交换的公开披露流程，介绍评估债券交换的现值方法，并以东方航空1980年案例比较报告结果与经济结果，帮助理解这类交易的实际影响。
Abstract ABSTRACT: A bond exchange is a transaction in which a corporation with an outstanding bond issue offers the current bondholders a new bond in exchange for the outstanding bonds. Bond exchanges affect firms by: (1) altering the cash payments to bondholders, (2) increasing reported earnings, (3) improving financial ratios such as debt/equity, and (4) affecting tax obligations. Although bond exchanges are fairly common, especially in the airline industry, these transactions may be difficult to analyze. This paper reviews the sequence of public disclosures involving an exchange offer, illustrates a present value method for evaluating bond exchanges, and compares the reported results with the "economic" results obtained from this method. Eastern Airlines' 1980 bond exchange is used for illustrative purposes.