Illogical Pricing In Convertible CEFs, Redux [Seeking Alpha]
Bancroft Fund, Ltd. (BCV)
NASDAQ:AMEX Investor Relations:
gabelli.com/template/fundinfo.cfm?tid=mjbiotg=&bid=ywi5mq==&mid=mjnimde=&num=ndq5n2y=&fid=njlimjc=&rid=321-=edoc_dnuf
Company Research
Source: Seeking Alpha
Summary Please note : This article was first released to CEF/ETF Income Laboratory members three weeks ago, so data may be out of date. Please check the latest data before making investment decisions. What are convertible bonds? A convertible security is a hybrid instrument of a bond (or preferred stock) and the underlying stock of the issuer. Convertible bonds pay out regular fixed coupon payments and a principal repayment on maturity with an additional option to convert to equity , contingent on specific future events. A convertible bond generally behaves like a corporate bond with a call option on the underlying equity. Because of the call option, convertible bonds generally yield less than an equivalent vanilla bond. When the option to convert is heavily in the money, a convertible bond behaves more like the equity. On the other hand, when the option to convert is heavily out of the money, a convertible bond behaves more similarly to a vanilla bond.
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Sec Filings
- 4/18/24 - Form N-2
- 4/12/24 - Form 4
- 4/3/24 - Form DEFR14A
- BCV's page on the SEC website