Warrant bonds are fixed income securities that grant the holder an additional, time-limited right to acquire equity securities (e.g. shares) of the issuer at a predetermined price (exercise price). This certificated right (warrant) can be traded separately. The difference to a convertible bond also lies in the fact that a warrant bond continues to exist even after the warrant has been exercised. The right to receive interest payments and repayment at maturity remains in force, just like a normal bond, however the warrant is no longer a part of the bond once it is exercised.