SoftBank Results Presentation Deck
(Ref.) Forward Transaction / Collar Transaction
Objective
Outline
Forward
transaction
Collar
transaction
ā
ā
Non-recourse financing using derivatives
=SoftBank
Transaction where parties agree to settle at a pre-specified price or price
range at a specific date in the future
Finance through pledged shares and derivatives referencing them
Settlement at maturity is available in cash or in kind, in principle
Settlement amount at maturity decreases when share price falls and
increases when share price rises
Settlement of pledged shares at a pre-agreed forward price
Settlement price is fixed regardless of a change in the pledged share price.
No upside can be enjoyed from the future share price appreciation
Settlement of pledged shares at a pre-agreed price range
Settlement is available at a floor price if the share price falls.
Upside from the share price appreciation is limited to the cap price
Group
Finance 39View entire presentation