HCB bonds with warrants have just been issued at a price of $$950.$ Each bond has $30$ warrants attached. The bonds are $20-$year $4\%$ coupon bonds with a face value of $$1000.$ HCB$\text{'}$s straight debt is trading at a yield to maturity of $7\%.$ What is the implied value of each warrant? Assume annual coupons for simplicity. Answer: implied value of each warrant is $$8\mathrm{.}827$

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