váltható

Váltható is a Hungarian adjective meaning “exchangeable” or “convertible,” formed from the verb váltani (“to exchange, to change”) with the suffix -ható, which denotes possibility or capability. The term is used in general language as well as in specialized contexts such as finance and law to describe things that can be exchanged for something else or converted into another form.

In finance, váltható often appears in the compound váltható kötvény, known in English as a convertible bond. A váltható kötvény is a debt instrument that gives the holder the right, under predefined terms, to convert the bond into a predetermined number of shares of the issuing company (or another asset) at a specified conversion price or ratio and within a specified period. This feature blends debt characteristics with potential equity upside, typically resulting in a lower coupon rate for the issuer and a potential for capital gain for the investor. Conversion terms, such as the conversion price, the conversion ratio, and any mandatory or optional conversion periods, are defined in the bond’s prospectus or issuance terms. Dilution, call features, and maturity considerations are common elements associated with váltható instruments.

Beyond finance, váltható can describe any asset, security, or document that can be exchangeable for another asset or value. The nuance in usage emphasizes the possibility of conversion or exchange rather than the current form of the item.

See also: convertible bond, exchangeable securities, convertibility.