The refinancing of listed companies or seasoned equity offerings are comprised of rights offering, additional share issuing, convertible bonds and equity warrant bond which was introduced in 2006.

Bond With Warrants is accompanied by warrants, the holder legally entitled to subscribe for shares with the agreed price within a certain period, that is, bonds with warrants product portfolio.

It puts forward the concept of bond with warrants.

It’s the first time to include the warrant bond into refinancing product at“The management approach on issuing securities of listed companies”on 7,may,2006.

Bond with attached warrant is refer to the company bond that attacheswarrant while the listed company is issuing company bond , it is a productportfolio of corporate bond and warrant, and is the product of warrants andcorporate bonds that is issued by bundling,But at the same time it has thecharacteristics that bond and warrant transact separably.

This paper uses the Martingale method to study the pricing of the bond with attached warrant under the continuous time and obtains pricing formula of the bond with attached warrant,Here supposes that the stock price follows a log-normal distribution,the fluctuating rate of the stock price and the risk-free interest rate all are the definite continuous function of time.