New rules of convertible bonds are full of moon: market financing efficiency improvement institutions' configuration power gradually returns

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Our reporter Xing Mengchang School Yu's new convertible bonds have been implemented on August 1st. Affected by the new regulations such as the limit of rising declines and the strengthening of faith in the trading day, positive changes in the convertible bond market: the center of the turnover, the transitional premium rate fell, the issuer's willingness to redeem, and the market return rationality. "After the new regulations, the daily turnover of the convertible bond market has declined significantly, and the number of 'demon coupons' is also declining. Stir -fried has become the past. In addition, listed companies actively disclose the implementation of the terms on time, and the information is more transparent. The market is gradually standardized. "CITIC Securities Chief Economist clearly told the Securities Daily reporter. The market operation is expected to have a more reasonable valuation of the convertible bonds. In the first half of this year, the mood of convertible bonds was extremely high. The number of new coupons and new coupons has repeatedly broke the new high, which seriously deviates from the price of the positive stocks and disrupted the market order. Yu Miao, manager of Xingquan convertible bonds and Xingyi Global Xingyi Fund, believes in an interview with the Securities Daily that the new rules aimed at cracking down on excessive hype have basically achieved the expected effect since the implementation of August: the overall market as a whole: the overall market The turnover of the operation smoothly, the turnover of the high -priced and high premium convertible bonds fell, and the situation of the sharp rise in the exit of the convertible bonds was significantly reduced. In August, the secondary market of convertible bonds showed three significant features: First, the market turnover declined significantly. Wind information data shows that the convertible bond market in August was 1.73 trillion yuan, a decrease of 27%month -on -month; the average daily turnover was 75.1 billion yuan, a decrease of 33%month -on -month. Second, the average increase in the first day of listing of new coupons narrowed. On the first day of the listing of convertible bonds issued by 16 public offerings, the average increase of 34%on the first day of the listing was 34%, up to 57%, and compared with July, it decreased. Third, the premium rate of convertible bonds fell. As of August 31, the average conversion rate of convertible bonds was 45%, a decrease of 3%month -on -month; 43 conversion premium rates exceeded 100%, a decrease of 2. "The speculation of the convertible bond market has obviously curbed it." Cao Yuanyuan, deputy general manager of the Department of Research and Development of Dongfang Jincheng, said in an interview with the Securities Daily that a large number of high -priced and high -premium bond valuations showed the active signs of active compression, which led to leading In the process of following the adjustment of the equity market in August, the premium premium rate level of the convertible market did not have obvious passive rise, but there were more than half of the coupon's stock conversion rate decreased, especially at a high price and high premium price. The voucher valuation is the most obvious, and it is expected that the subsequent high -priced and high premium coupons are still risky. Cao Yuanyuan further analyzed that the linkage of convertible bonds and positive shares was more closely, and the valuation of convertible bonds became more reasonable. On the one hand, the vast majority of the ups and downs in August are supported by the rising of the positive stocks. The phenomenon of surrender and valuation of the daily limit mechanism will decrease sharply; On the first day of listing, the suspension mechanism was triggered, and the increase was at the forefront of the market, but the conversion premium rate was at a relatively reasonable level. After the company's premium willingness to redeem the premium rate, it helps to reasonably return to the new regulation of convertible bonds, and the listed company will be enhanced in advance to redeem convertible bonds. Twelve convertible bonds may have been forced to be redeemed. "Strong redemption is a key node to promote the valuation of convertible bonds." Obviously, the regulations on the disclosure of the redemption terms in the new regulations are more stringent, which will enhance the willingness to redeem the strong redemption of listed companies, guide market expectations in advance, and promote convertible bonds to promote convertible bonds The valuation fluctuates within a reasonable level, and systematically risks such as the large -scale killing of the convertible market. The quartz convertible debt is the first convertible bond to be redeemed in advance since the implementation of the new regulations. Relevant announcements show that as of the receipt of the redemption date (August 12), the quartz convertible bonds have 218,000 yuan, accounting for 0.061%of the total issuance of 360 million yuan. This also means that the vast majority of investors have switched to stocks. A total of 2180 quartz convertible debt, with a total redemption amount of 220,100 yuan (including the period of interest). In addition to quartz convertible bonds, 6 convertible bonds, including Tonghe Convertible Bonds, Xiangxin Convertible Bonds, Gaolan Convertible Bonds, also ushered in the redemption date in August, obviously more than July (4) and June. (3). In addition, 5 convertible bonds such as the CUHK convertible bonds will be redeemed in September. Cao Yuanyuan believes that since August, the convertible bonds of listed companies have been redeemed and repaired more timely, and information disclosure is more standardized. From the perspective of the regulatoryness of the letter, the risk prompts before the terms of the listed company are more timely, and the disclosure of whether it is exercise and exercise days after triggering the terms is more accurate. In Yu Miao's view, a large number of high -priced and high -cost premium convertible bonds will cause losses to investors at some stage. The willingness to redeem the convertible bonds in advance or affect the value of convertible debt options to a certain extent. It may be possible. It helps a reasonable return to the premium rate. In the face of early redemption, investors need to pay more attention to the terms of convertible bonds, including whether to enter the conversion period and whether to meet the strong redemption conditions, etc., and try to avoid the risk of sharp compression rates. Investment behavior is expected to maintain the growth of the source. In the past year, in the face of the hype of the convertible bond market, the securities regulatory department has implemented a key monitoring of the transfer bonds, restricting individual abnormal account transactions, formulating an appropriate management system for investors and transitable transfers. A series of strict supervision measures such as new debt regulations further standardize market order and promote the improvement of financing efficiency of the convertible bond market. Obviously, with the continuous improvement of the supervision system of the convertible bond market, on the one hand, convertible bond investment pays more attention to fundamental information and reduce uncontrollable disturbance factors. Under the complete guarantee of the system, the supply of convertible bonds is also expected to maintain a certain increase.

"Since the new rules have landed, it has played a positive role in regulating trading behavior of the convertible bond market and the more reasonable and effective pricing mechanism for guiding the convertible bond market." Cao Yuanyuan believes that after several weeks of adjustment, some vouchers of the convertible bond market have begun to start to start the vouchers. It shows a certain configuration value, and the organization's configuration power is gradually returning. The enhancement of institutions' configuration forces will help improve the conditions for issuance of convertible bonds and help boost the willingness to participate in the issuance of financing of listed companies to participate in the issuance of financing. It is expected that the functions of the financing of small and medium -sized listed companies in the convertible bond market will be further strengthened. The Pengyang Fund Hybrid Investment Department's convertible debt strategy team believes that the convertible bonds are both debt and equity. They are a unique type of assets and are suitable for fund portfolio participation. Since the implementation of the new regulations, the recovery of convertible bonds has been regulated in the near future, which has a certain relationship with investors' speculative emotions and more attention to the fundamentals of the enterprise. Historical experience shows that adjustments will usually be maintained for a period of time, and there may be better configuration opportunities afterwards. For the convertible bond market in the second half of the year, it is clearly believed that the opportunity of the convertible market needs to be judged in combination with individual coupon indicators. Whether it is upstream resources or midstream manufacturing or downstream consumption, there are targets worth grasping. Focus on the efficiency of investors from the efficiency of the convertible bond market. In the current choice of increasing the elasticity of convertible bonds, the position of the position is increased when the market is in the market. The China Rong Fund recommends that it is necessary to pay more attention to the fundamentals of convertible bonds, focus on the internal value of options and the quality of the positive stock, and need to avoid properly for pure game varieties. Recommended reading

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Picture ｜ Bag Picture Network Station Cool Hero Production | Liu Zhizhi

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