What it is
A BW combines a bond with a warrant. Exercising the warrant means paying extra cash for new shares, while the bond itself stays outstanding until maturity.
Versus convertible bonds
A CB turns the bond itself into shares; a BW keeps the bond and adds a separate right to buy shares. Detachable warrants can trade on their own.
What to keep in mind
Watch the exercise price, exercise period and refixing terms. Exercised warrants add shares and dilute holders.
Where to check it
The decision to issue a BW is filed as a material disclosure, and each exercise of the warrants is disclosed separately. We collect both under convertible bond filings with the amount, the exercise price and the shares that could be created. Where the warrant is detachable it can trade apart from the bond, so the holder may not be the original bondholder.
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This explanation is general information, not investment advice. Rules reflect September 2026 and may change; check official exchange and broker notices.