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

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).