|
The Kynex Advanced Search Tool allows you to find
attractive investment opportunities based on dynamic search criteria
specified by you. The search criteria could be a combination of convertible
indicative terms, valuation metrics, underlying stock indicatives and
fundamentals. The advanced search tool allows you to dynamically filter and
group the result set, so that you can hone in on the set of convertible
securities that best meet your search criteria.
For instance, the search criteria could be to look for
investment grade convertible securities where the week-over-week change in
implied volatility was at least a decline of 2 volatility points, the
underlying stock price within 10 % of its 52-week high, and the amount of
convertible security outstanding is at least US$ 100 million. To try this search type the following in
the advance search:
- In the Week Implied Volatility
Change box shown on the screen as “WkImpVolChg”
type <=-2
- In the From 52 week Hi box shown
on the screen as “From 52wk Hi” box type <10
- In the Amount Outstanding box
shown on the screen as “Outstanding” type >=100
The search criteria could also be to look for
convertible securities that are currently callable and/or callable within
one year, the price of the convertible as a percentage of its face value or
accreted value is less than 90, and the parity of the convertible is at
least 40 percent of the face value or accreted value. To try this search type the following in
the advance search:
- In the Call Protection box shown
on the screen as “Cl Prot” type <1
- In the Price to Par box shown as “PxToPar%” type <90
- In the Parity box shown on the
screen as “Parity” type >=40
The following is a technical and descriptive tutorial on
how to use the advanced search. It
will provide you with information on the valuable functions and on how to
use the search engine.
The Advanced Search screen is divided into two sections,
top and bottom. The bottom section
is further divided into two sections: left (grouping) and right (details)
section. The top section is where
you would enter the search criteria.
All the possible search variables are laid out in five logical
groups. There are two styles of
input. The first one is an empty
text box, in which you can enter search criteria. The second one is a set of choices that
Kynex has designated for your convenience.
You may enter your search criteria in as many input
boxes as you need. Narrow your
search by using more input boxes.
Following is a list of valid entries:
- >n e.g. >0 in the Cheapness box will select
convertibles with cheapness of greater than 0%.
- <n e.g. <50 in the Issue
Premium box will select convertibles with a Premium at issue of less
the 50.
- >=n and <=n works the same
way as above including the equals criteria
- n1 - n2 e.g. 250-650 in the Credit
spread will select convertibles whose Credit Spread is between 250 and
650.
- n+ e.g. 40+ works the same as
>n
- n- e.g. 40- works the same as
<n
Boxes that require dates can be typed in a few different
ways. Valid date formats are:
- MM/DD/YY e.g. 12/01/03
- MMM DD YY e.g. Dec 01 03
- DD/MMM/YY e.g. 01/Dec/03
The following screen shot shows an example of an advance
search:
You may choose as many items as you need in input items
such as Sensitivity, Sec Type, etc.
To choose a set of continuous items, click the first item, hold down
the shift-key and click the last item.
To choose discontinuous items, click the first item, hold down the
control-key and click subsequent items.
Click the submit button to find out which convertible
securities meet your search criteria.
You can add additional criteria to refine the search incrementally
and re-click the submit button.
Click the reset button to start a new set of search criteria.
The convertible securities meeting your search criteria
will appear in the bottom-right section.
To view the convertible details, hedge calculator, history, impact
analysis, and price indicators simply left click on the particular
security. You may sort this section
on any column, by simple clicking on the grey
column label. This will sort it
alphabetically or numerically from least to greatest. By clicking on the grey
column label again it will reverse the order e.g. greatest to least. If your result set is less than 50
convertible securities, you may print the list by clicking on the print
button above the list of convertible securities. For result sets larger
than 50 securities as well as for a choice of report formats, please choose
an appropriate report from the available choices in the grouping section
described later.
Here is a display of the outputs for the inputs search
criteria that was entered above:
You can also see the distribution of the selection by attributes
such as sensitivity, equity market capitalization, economic sectors, etc by
choosing the appropriate item from the drop-down list in the bottom-left
section. Clicking on the group item
in the bottom-left section will filter the selection in the bottom-right
section accordingly. Below is the
Filtered output if the filter is Credit Quality, Non-Investment Grade.
If you choose either an Outright report or Hedge report
a new screen will pop up. This new
screen will allow you to name the report and sort the report in either
ascending or descending order.
Once you hit the submit button on the bottom right hand
side, Kynex will generate a report matching your search criteria. All of the related convertibles will be shown
in the report. To print reports click on the printer icon on the toolbar. A
sample report is shown below.
If you have any questions regarding the Advanced Search
please call us at 201.796.4900.
|