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在香港联交所上市的债券包括债券(bond)及票据(note)。债券是股票以外的一种常用的集资工具，目前在香港联交所上市买卖的公司债券类别包括：一般的公司债券(corporate bond)和可换股债券(convertible bond)。一般的公司债券由该债券持有人向债券发行人例如上市公司借出债项，投资者购入公司债券，就等于贷款给发债公司，而发债公司承诺在指定日期归还本金。发债期间，发债公司可能会定期例如每半年，向债券持有人派发指定利息或称票息。票息率(coupon rate)可以是定息(fixed rate)或者是浮息(floating rate)。换言之，债券持有人是发债机构的债权人而非拥有人。可换股债券同时具有债券及股本证券的特性，可换股债券的持有人有权在指定的换股期(conversion period)内，或在指定的转换日(conversion date)按指定的换股价(conversion price)，换取或购买指定数量的股份。可换股债券既有债券的特性，例如票面期率即指定的归还本金日期，也提供了资本增值的机会。
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以中国优通2016年5月16日就有关发行本金总额5千万港元，期率8%，于2018年到期的担保可换股债券发布的公告中有关换股权的披露为例：
Conversion rights:
Each CB holder has the right to convert any or all of the Convertible Bond (in full or in part) into fully-paid Shares to be issued by the Company and listed and traded on the Stock Exchange at the CB Holder's election at any time during the Conversion Period provided, however, that a Convertible Bond may not be converted unless theprincipal amountof CB converted is an Authorised Holding, except where the conversion relates to a CB Holder's entire holding of Convertible Bond.
换股权：
各可换股债券持有人有权于换股期内，自行选择将任何或全部可换股债券悉数或部分转换为本公司将予发行且已于联交所上市及买卖的缴足股份，惟除非已转换可换股债券本金额未授权持仓，否则不得转换可换股债券，但若转换涉及可换股债券持有人的全部可换股债券持仓则除外。
The "Conversion Period" means the period beginning on, and including, first anniversary of the CB Issue Date and ending on, and including, the earlier to occur of:
(i) 5:00p.m. on the day which is five(5) Business Days before the CB Maturity Date; and
(ii) if such Convertible Bond have been called for redemption before the CB Maturity Date upon occurrence of an event of default, 5:00 p.m. on the date of the CB Default Redemption Notice,
Provided, however, that：
(a)if the Company shall default in making payment in full in respect of such Convertible Bond onthe date fixed for redemption thereof, any Convertible Bond is not redeemed on the CB Maturity Date, or any Convertible Bond has become due and payable prior to the CB Maturity Date by reason of the occurrence of an event of default, the relevant Conversion Period shall continue up to and including the date upon which the full amount of the moneys payable in respect of such Convertible Bond has beenduly receivedby the CB Holder; and
(b)in any such case, if the last day of the Conversion Period would otherwise be a day which is not a Trading Day, the last day of the Conversion Period shall be the immediately preceding Trading Day.
“换股期”指自（且包括）可换股债券发行日期第一周年起至（且包括）下述较早发生者止期间：
（i）可换股债券到期日前五个营业日之日下午五时整；及
（ii）倘于可换股债券到期日前因发生违约事件而要求赎回可换股债券，则为可换股债券违约，赎回通知之日下午五时正，
惟：
（a）倘本公司于可换股债券的厘定赎回日期未能全额作出支付，任何可换股债券未于可换股债券到期日赎回，或任何可换股债券因发生违约事件而于可换股债券到期日前成为到期应付，则有关换股期将持续，直至（且包括）可换股债券持有人已全额收讫有关可换股债券的应付款项之日；及
（b）于任何此类情况下，倘换股期的最后一日并非交易日，则换股期的最后一日将为紧接交易日的前一日
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债券上市的方式主要有以下几种：发售以供认购事由发行人或代表发行人发售其债券以供公共人士认购，债券的认购无须包销但需要就此作出披露，如果属于以招标方式发售债券，香港联交所规定配发基准必须公平，以确保每名以同一价格申请认购同一数目债券的投资者获得同等待遇。有关于香港联交所发行债务证券上市的基本程序，上市公司需要就债券上市向香港联交所提交上市的排期申请，同时排期申请表格需要附有一份事先与香港联交所协定好的上市时间表的初稿。因为需要提前向联交所进行申请，会在有关公告中看到这样一段话：
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以红星美凯龙2017年9月15日刊发的有关发行于2022年到期的3.375%担保债券的公告为例：
Application will be made to the Hong Kong Stock Exchange for the listing of, and permission to deal in, the Bonds by way of debt issue to professional investors (as defined in the SFO) only. Aconfirmationof eligibility for listing of the Bonds has been received from the Hong Kong Stock Exchange. Listing of the Bonds on the Hong Kong Stock Exchange is not to be taken as an indication of themerits of the Bondsor the Company. The Bonds were offered only outside of the United States in reliance on Regulation S under the U.S. Securities Act. The Bonds have not been and will not be registered under the U.S. Securities Act. None of the Bonds were offered to the public in Hong Kong or to any connected person of the Company.
本公司将香港联交所申请批准，以仅向专业投资者（定义见证券及期货条例）进行债务发行的方式，进行债券上市及买卖。香港联交所已发出债券上市符合资格的确认函。债券于香港联交所上市不应被视为债券或本公司的价值指标。债券仅根据美国证券法S规例于美国境外提呈发售。债券并未且将不会根据美国证券法登记。概无债券向香港公众人士或本公司任何关联人士提呈发售。
词语辨析：merit, value, worth
The value of his investment has risen by more than $50,000.他的投资价值已经增长50000多。
The board valued the property at $130,000.董事会将这项财产估价为130000。
We sold 500 pounds worth of materials at the fundraising event.
This car is worth about 4000 pounds.这辆车值大约4000英镑。
These denials are without merit and depend on looking at cash assets and ignoring liabilities.但这些否定是毫无价值的，因为只看到现金资产，而忽略了负债。
(merit:成就或品质中值得赞扬的有点，强调得到正面的肯定)
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香港联交所接纳上市排期申请后，上市公司需进一步提交有关上市的文件，内容需符合香港上市规则第25章的要求，上市文件主要披露有关发行人及其顾问及上市文件的一般资料，有关上市的资料，有关发行人的财政及业务等资料，当获得香港联交所批准上市后，上市公司需刊发上市文件，其委任的经办人则负责认购事项。
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以汇源果汁8月10日刊发的有关发行1.5亿美元2020年到期年息6.5%的优先票据的公告为例，看一下有关认购协议的大致内容：
THE PURCHASE AGREEMENT
Date:10 August 2017
Parties to the Purchase Agreement
(a) the Company
(b) the Subsidiary Guarantors; and
(c) BOC International
BOC International is the solecoordinator, solebookrunnerand solelead managerin respect of the offer and sale of the Notes. BOC International is also the initial purchaser of the Notes. To the best of the Directors' knowledge, information and belief, having made all reasonable enquiries, BOC International is an independent third party and not a connected person of the Company and its connected persons.
购买协议
日期：二零一七年八月十日
订约方：
（a）本公司；
（b）附属公司担保人；
（c）中银国际。
中银国际为票据发售及出售的独家协调人、独家账簿管理人及附加牵头经办人。中银国际亦为票据的初始购买人。据董事经作出一切合理查询后所知、所悉及所信，中银国际为本公司及其关联人士的独立第三方并且并非彼等的关联人士。
一般在债券发行中，发行人往往希望向大量未知投资者出售债券，但往往不能直接接触到投资者，尤其是首次发行债券的发行人。因此发行人根据委任函，委任一家或者是多家的投资银行及账簿管理人。委任函包含关于债券发行的指示条款以及不同的弥偿条款，如果委托了多家投资银行，其中的牵头经办人，联系其他投资银行组成银团，一致同意买入债券并向投资者出售债券，或共同及个别购买未售出的债券，投资银行应同意购买债券而获得佣金。
债券发行的主要文件之一就是发行通函，在发行通函中需要列明发行的条款和条件（T&C）、以及发行人的业务、风险、竞争优势和经营策略、连同发行人最近一期经审计的财务报表与中期业绩，提供给潜在投资者。常见的条款和条件有：除了有关计算和支付利息、偿还本金的条款之外，非次级的投资级别债券的条款及条件通常包括：违约条款、赎回条款及契诺条款。由于债券的发行通函并非公开信息，我们很难找到某一产品的完整版发行通函，但是还是可以在某些上市公司的公告中，了解到发行通函中的主要内容。
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Events of Default
The eventsof default under the Bonds include, among others:
(a)default in any payment of
(i)principal, or premium(if any) on any Bond or
(ii)interest on any Bond, continued for 14 days;
违约事件
债券之违约事件包括(其中包括):
(a)连续 14 日拖欠
(i)任何债券之本金或溢价(如有) 或
(ii)任何债券之利息;
(b)failure by the Company to comply, for 30 days (or such longer period as theTrustee may in its sole discretion determine) after written notice of such default by the Trustee, with certain of its other obligations in theBonds and the Trust Deed;
(b)本公司於关於信託人违约的书面通知发出后 30 日(或信託人单独酌情确定的更长时限)内,未能遵守於债券或信託契约所载之若干其他责任;
(c)(i)any failure to pay upon final maturity when due or, as the case may be, withinany originally applicable grace period, the principal of any indebtedness of the Company or any of its subsidiaries,
(ii)anyother present or future indebtedness of the Company or any of its subsidiaries for or in respect of moneys borrowed or raised becomes due and payable prior to its stated maturity by reason of any event of default (howsoever described) or
(iii)any failure to pay any amount payable by the Company or any of its subsidiaries under anyguarantee or indemnityin respect of any indebtedness of any other person thereof, when such amount is due; provided that,no such event set forth in (i), (ii) or (iii) of this paragraph (c) shall constitute an event of default unless the aggregate outstanding indebtedness to which all such events relate exceeds US$50,000,000;
(c) (i)本公司或其任何附属公司无法於任何债务最终届满时(即到期或视乎情况而定, 原本适用之宽限期内)支付该等债务之本金;
(ii)借入或筹集之款项因任何违约事件 (不论以何种方式称述)而提前到期,本公司或其任何附属公司就此应付之任何其他现有或未来债务;或
(iii)本公司或其任何附属公司未能根据有关任何其他人士之任何债务之任何担保或弥偿支付任何已到期之应付款项;前提条件是,除非所有相关事件所涉及之未偿还债务总额超过5,000万美元,否则本段(c)当中(i)、(ii)或(iii)所载之事件不构成违约事件;
(d)adistress,attachment, execution, seizure before judgment or other legal process being levied, enforced or sued out on or against any part of the property, assets or revenues of the Company, which is not discharged or stayed within 30 days; or
(d)本公司的物业、资產或收益的任何部份被实施、强制执行或提诉查封、扣押、执行或判决前扣留或其他法律程序,且於30日内并无解除或仍存在;或
(e)certain events ofinsolvency and winding-upof the Company or its PrincipalSubsidiaries (as defined in the terms and conditions of the Bonds) as providedfor in the terms and conditions of the Bonds.
If an event of default occurs, the Trustee at its discretion may, and if so requested in writing by holders of at least 25 per cent. in principal amount of the Bonds then outstanding or if so directed by an extraordinary resolution shall (provided that in any such case theTrustee shall first have been indemnified and/or secured and/or prefunded to its satisfaction), give written notice to the Company that the Bonds are, and they shall immediately become, due and payable at 100 percent. of their principal amount together (if applicable) with accrued interest.
(e) 债券之条款及条件内规定之本公司或其主要附属公司(如债券之条款及条件中定义) 之无力偿债及清盘事件。
倘若发生违约事件,且若至少持有当时发行在外之债券本金额 25%之人士提出要求, 或根据特别决议案之指示(前提条件是,在任何此类情况下,信託人应优先获得令其满意之弥偿及/或保障及/或预先支付),信託人可酌情向本公司发出书面通知,以告知债券(而债券应即时)到期,并应按其总本金额连同累计利息(如适用)支付。
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Redemption
At any time and from time to time on or after September 27, 2019, the Company may redeem the Notes,in whole or in part, at a redemption price of 104.25% of the principal amount of the Notes plus accrued and unpaid interest, if any, to (but notincluding) the redemption date.
赎回
在二零一九年九月二十七日或之后,本公司可选择按104.25%的赎回价另加截至(但不包括)赎回日期应计及未付的利息(如有),赎回全部或部份票据。
The Company may,at any time prior to September 27, 2019, at its option redeem the Notes, inwhole but not in part, at a redemption price equal to 100% of the principalamount of the Notes redeemed plus theapplicable premiumas of, and accrued and unpaid interest, if any, to (but not including) the redemption date.
在二零一九年九月二十七日前,本公司可选择按相等於所赎回票据本金额100%的赎回价另加截至(但不包括)赎回日期的适用溢价和应计及未付的利息(如有),赎回全部(但不可為部份)票据。
The Company may,at any time and from time to time prior to September 27, 2019, at its option redeem up to 35% of the aggregate principal amount of the Notes with the proceeds from sales of certain kinds of the Company’scapital stockat aredemption price of 108.50% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the Notes originally issued remains outstanding after each such redemption and any such redemption takes place within 60 days after the closing of the related sale ofthe Company’s capital stock and subject to certain conditions.
The Company wil lgive not less than 30 days’ nor more than 60 days’ notice of any redemption.
在二零一九年九月二十七日前,本公司可动用出售若干类本公司资本股份的所得款项,按相等於所赎回票据本金额108.50%,另加上截至(但不包括)赎回日期的应计及未付利息(如有)的赎回价,选择最多赎回票据本金总额的35%;惟每次赎回后须至少尚余原本发行票据本金总额的65%且赎回须在若干条件规限下於本公司资本股份的相关出售截止后60日内进行。
本公司将就赎回发出不少於30日但不多於60日的通知。
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Covenants
Terms and conditions of the Bonds will limit the Company's ability and the ability of its subsidiaries (as the case may be)to, among other things:
(a)create any encumbrance;and
(b)enter into mergers, amalgamations or consolidations.
契诺
债权之条款及条件将限制本公司及其附属公司（视乎情况而定）于以下事项之能力：
（a）设立任何产权负担；及
（b）进行兼并、合并或整合
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