Convertible Bonds and Equity Linked Securities (ELS)


Structured products take a traditional instrument, such as a bond, combine it with a derivative, such as an option, creating a payoff that is associated with the derivative. For example, combining a bond with a call option on the S&P 500 may yield a return associated with the S&P 500 versus a traditional fixed income note.

  • Date: TBD 2023
  • Recommended CPE Credits: 2.4
  • Duration: 2 Hours
  • Time: 1:00-3:00 p.m. ET

Product Information


Convertible bonds are a unique and complex asset class which combine, in a single instrument, components of fixed income debt, common stock, and equity and fixed income options. This program is designed to take the mystery out of convertible bonds and similar equity linked securities and encourages participants to explore the structure and mechanics of these securities, why companies issue them (often in conjunction with other securities or derivatives), why different investor classes purchase them, the drivers of pricing and valuation, and an awareness of embedded risks. Goals include understanding key dynamics in common sense and less quantitative ways, and in gaining sufficient confidence to engage others on the topic in a professional manner. Participants should expect an interactive and case-oriented format.

Course Objectives

By the end of the course, participants will be able to:

  • Discuss terminology and structure of convertible bonds and ELS
  • Describe their pricing in common sense non-quantitative ways
  • Explain why companies issue convertible bonds and ELS
  • Discuss applications of convertible bonds and ELS
  • Identify embedded risks associated with these products

Suggested Prerequisites:

  • Fixed Income
  • Equity Markets or equivalent knowledge

Program Level: Foundational

Target Audience: Anyone who wants to learn about convertible bonds and Equity Linked Securities (ELS), such as staff from middle office, operations, IT, compliance, legal, or HR, and regulators who work closely with various aspects of the structured product markets.

Advance Preparation: None

Computers and Financial Calculators: N/A

Recommended CPE Credits: 2.4

Duration: 2 hours

Time: 1:00-3:00 p.m. ET

Price: $279/learner