The first week of the new regulations: The heat of the hype of convertible bonds has shrunk to 99.1 billion yuan

Our reporter Xing Meng Zhou Shangzhang

On August 1, the new rules of convertible bonds were officially implemented. Judging from the transaction situation of 5 trading days in the first week, the convertible bond market was running smoothly and orderly, and the hype heat was cooled. The average daily turnover fell to 99.1 billion yuan, a decrease of 12%from last week. Earlier, the transaction volume of the convertible bond market was high, and the highest turnover in June reached 200 billion yuan.

"The convertible bond market's turnover center has fallen, which reflects the cooling of the mood of the municipal funds of the convertible bond market to a certain extent." CITIC Securities Chief Economist said in an interview with the Securities Daily that there were more than 100 this Thursday that there were more than 100 this Thursday more than 100 this Thursday more than 100 hundreds of hundreds of hundreds of hundreds of hundreds of hundreds of hundreds. The market performance of only convertible bonds is relatively stable, and the phenomenon of convertible debt hype was effectively controlled. This week, there were three newly listed convertible bond targets. On the first day of listing, it increased by 25%to 35%, and there was no abnormally skyrocketing.

Regulatory frequency "Bright Sword" curbs hype behavior

As a more complicated financial variety, convertible bonds have dual attributes of bonds and stocks. The attributes of bonds make it "under the bottom". At present, the size of the convertible bonds of Shanghai and Shenzhen has exceeded 760 billion yuan.

Since the beginning of this year, convertible bonds have been speculated, and new vouchers and sub -new coupons have been staged one after another. For example, on the first day of the listing of aggregate convertible bonds, the increase of 134%, the first day of the Yongji convertible bond listing increased by 276%, and the premium premium rate and the premium rate of pure bonds were doubled after listing, and the value was seriously overvalued.

Speculation speculation also attracted the attention of regulatory authorities, and the exchanges have adopted self -discipline measures to regulate market order. For example, for the abnormal trading behavior of the market that affects the normal trading order of the market during the transaction of the transaction Yongji convertible debt, the dislikes of the market's normal transaction order, misleading the trading decision of small and medium investors trading, the Shanghai Stock Exchange has adopted self -discipline supervision such as suspension of account transactions to relevant investors in accordance with regulations. measure. Since then, the Shanghai and Shenzhen Exchange issued the appropriate notice of convertible bonds to add an admission requirement for new investors to add "two -year transaction experience of 10,000 yuan in assets". Various measures play a certain role in curbing speculation.

At the end of July, the Shanghai and Shenzhen Exchange "brightened" again, issued the implementation rules of the convertible bond transactions and the guidance of related self -discipline supervision business (that is, the "new regulations for convertible bonds"), which was officially implemented on August 1. The new regulations mainly increase the contents of the rising and decline of convertible bonds. For example, the first day of listing increased by no more than 57.3%and the decline of no more than 43.3%from the issuance price. The temporary suspension mechanism will implement a 20%rising decline restriction from the next day.

Cao Yuanyuan, deputy general manager of Dongfang Jincheng Research and Development Department, told a reporter from the Securities Daily that in the long run, the new rules of convertible bonds will help regulate market transaction behavior, stabilize market expectations, and help the formation of convertible bond markets more reasonable The effective pricing mechanism allows the operation of the convertible bond market to return to the main line of the logic and value allocation of the positive stocks. On the other hand, it also helps to increase the participation and recognition of investors' value investment in convertible bonds, and with the enhancement of institutional configuration power, the effect of the financing function of small and medium -sized listed companies in the convertible bond market service is gradually enhanced. The issuer of the bond market and investors formed a benign interaction of investment and financing, making the capital market more effectively serving the real economy.

The new regulations landed on the first week of the market return rationality

In the first week of the new regulations, the phenomenon of travel speculation was effectively curbed, and the convertible bond market returned to rationality.

According to Wind data, in terms of transactions, the felling bonds of CSI this week fell 0.34%, and the average daily turnover was 99.1 billion yuan. From the perspective of price distribution, this week, the average daily turnover of 100 yuan to 150 yuan has the highest average daily turnover of 38.2 billion yuan; followed by the average daily turnover of more than 200 yuan convertible bonds is 33.5 billion yuan; 150 yuan to 200 to 200 The average daily turnover of convertible bonds in the meta -interval was 27.3 billion yuan; the average daily turnover of convertible bonds below 100 yuan was 100 million yuan. In addition, the two newly listed convertible bonds increased by more than 30%this week, and 11 declines exceeded 10%.

Relevant measures for new convertible bonds do not affect the financing function of the convertible bond market, and will not weaken the service support for the real economy, especially small and medium -sized private listed companies. Since the beginning of this year, the proportion of the scale of convertible bond issuance has continued to increase to about 30%in the total scale of A -share refinancing. 79 listed companies have issued convertible bonds, with a total issuance scale of 136.565 billion yuan, including 12 can be available. The convertible debt has been issued and has not been listed. The industry believes that in the future, the convertible bond market may usher in a small peak of listing.

"The newly implemented new rules of convertible bonds this week are clearly implemented. It aims to stabilize the market expectations and protect investors' legitimate interests by severely curbing the excessive speculation of the market and strengthening information disclosure. The new debt rules have played a positive effect on maintaining the healthy operation of the market. "Cao Yuanyuan said.

Cao Yuanyuan said that the phenomenon of the phenomenon of the phenomenon of the possibility of the convertible bond market was clearly curbed, and the price of convertible bonds was significantly returned to the logic of the positive stock. On the one hand, this Sunday's top vouchers are mainly newly listed convertible bonds. The rising driving force mainly comes from the value of the options of replenishment to the stock transfer. The valuation and pricing are more reasonable; on the other hand, this Sunday has a higher -listed ticket that has a higher increase (more than 10%), and there is also a significant increase in positive stocks as support. Happening.

Cao Yuanyuan further said that in the early stage, a coupon began to gradually return to rational pricing. The number of vouchers with a high hand -changing rate of a single trading day has sharply reduced, and some of the prices and valuations of some of the suspects of the suspects of the previous period also have begun to fall, indicating that the valuation pricing and transaction behavior of the poustay bond market vouchers and trading behavior More rational. The market growth space in the second half of the year is large

In general, the participation of institutions continued to increase, and the market value of public funds holding convertible bonds showed an upward trend, and the growth space of the convertible bond market in the second half of the year was greater.

This week, the premium rate of convertible bonds continued to decline slightly. As of August 5, the average conversion premium rate of convertible bonds was 49.54%, and a total of 43 convertible bond conversion premium premium rates exceeded 100%. In the second quarter, the market value of public funds holding convertible bonds was 278.132 billion yuan, a record high, an increase of 23.285 billion yuan from the end of the first quarter, an increase of 9.14%month -on -month.

From the perspective of investment, it was clearly told to reporters that "this year's convertible bond market has a systematic rise, short -term disturbances, increased short -term disturbances, early redemption, and renovation price. In the context, it is recommended that investors start from the efficiency of the convertible bond market. In the current choice, the elasticity of convertible bonds is increased, and the position is improved when the market is in the market. Back to the high point at the beginning of the year is the signal of liquidation. It is still recommended to maintain a balanced position in the style. "

"From the perspective of the first seven months, the financing support function of the convertible bond market this year has significantly enhanced the financing support function of weak qualifications and private enterprises." Cao Yuanyuan said that looking forward to the charging bond market, the financing support for small and medium -sized listed companies is expected to further further further further To strengthen, the number and scale of convertible bond issuance will increase from last year.

In this regard, Cao Yuanyuan analyzed that at the level of issuance, the issuance of credit bonds for weak qualifications of private enterprises is more difficult to issue. Under the support of policy support, convertible bond financing is a better choice. As the macroeconomic restoration is better, it is expected that private listed companies can transfer The demand for debt issuance will increase; at the level of investment demand, in the A -share market shock adjustment stage, convertible bonds show strong resistance to declining toughness, which further enhances the attractiveness of convertible bond investment allocation. With more allocation opportunities, it is expected that investment institutions will increase in demand for convertible bonds, which will encourage listed companies to actively participate in the issuance of financing in the convertible bond market.

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