A warrant bond consists of two parts: a warrant and a bond. The warrant gives the holder the right to buy shares (or fixed-income securities or foreign currencies) at a fixed price after a certain period of time. The warrant expires if the option is not exercised on the last trading day. The bond, on the other hand, is repaid on the due date at 100 per cent with a fixed interest rate. There are different stock exchange listings for warrant bonds: “m. O.” or “cum” means bond with warrant, “o. O.” or “ex”, on the other hand, without a warrant. The stock exchange listing can also apply to the warrant alone.