What a tender costs calculator

In short

What a tender costs, worked through in your browser.

Interactive: what a tender costsMedium

Buying your own bonds back means paying above where they trade, because the holder has to be given a reason to sell today. The premium is the visible price of consent.

Amount outstanding ($m) Market price (per 100) Tender price (per 100) Participation % Carrying value (per 100)

Face tendered: —
Cash paid out: —
Premium over market: —
That, in per cent: —
Against carrying value: —
Left outstanding: —
Reading: —

The line against carrying value is an accounting difference on stated inputs, not a gain anybody banks: how it is actually recognised depends on the standard and on whether the exchange counts as a modification. Information and education only. Not advice, not a valuation, and not a quote for anything.

The idea behind it

This calculator belongs to Debt Capital Markets, where the mechanism it computes is explained step by step, with the formula, what each input means and where the simple model stops being right. Everything is computed in your browser; nothing you type is sent anywhere.

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Not advice. This explains how something works; it is not a recommendation, and nothing here is tailored to you. You can lose everything you put in — with leveraged instruments, considerably more. StrikeAndYield is not a regulated firm and provides no financial services.

The same in full — six points, and why each one matters

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The examples are simplified. Worked examples use round numbers and leave out costs, spreads, taxes, collateral, settlement and market conventions that materially change real outcomes.
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