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The popularity of the warrant market in May continued to heat up the enthusiasm of the securities companies for creation, and some warrants with high premiums received widespread attention. On Thursday, CITIC Securities and Changjiang Securities created another 16 million Baotou Steel call warrants and 6 million Wanhua put warrants, respectively. Statistics show that since this month, the accumulated funds used by securities firms to create warrants have exceeded 1.3 billion yuan, including 1.1 billion yuan invested in Shouchuang call warrants and Wanhua put warrants.
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The large-scale centralized creation of the first warrants and Wanhua put warrants by securities firms is obviously closely related to the continued strength of the warrant market. Since this month, driven by Wuliangye warrants, the securities market has gone through a spectacular bull market, and many warrants have increased by about one time. Correspondingly, the premium rate of some warrants rose sharply.
Among the varieties that can be created now, the premium rate of Wanhua put warrants is 54.54%, ranking first, and the premium rate of Capital Warrants is 53.85%, closely followed. And the premium rate of raw water warrant and Baotou Steel warrant has reached 44.03% and 44.42% respectively. This means that on the expiration date of these warrants, the corresponding positive share price must change by about 50% compared with the current price, so that investors who buy warrants and hold them at maturity can not lose money.
The high premium of warrants obviously means a higher profit margin for the creation of securities companies. Taking the Capital Call Warrant as an example, the securities firm created one warrant to pledge one positive share, and the current cost is about 5.05 yuan, while the recent average closing price of the warrant is about 3.4 yuan. Assuming that the securities companies sell soon after establishment, their establishment cost will suddenly drop to about 1.6 yuan. To the maturity date, if the warrant holder exercises negotiable securities The business income is 4.55 yuan in cash, and the creation yield is close to 280%; If the holder does not exercise the right, the securities firm can take back the pledged G-Capital shares. Even if the share price fell to about 3.2 yuan at that time, the founder still has a 200% profit margin. In addition, once the price of warrants drops significantly in the future, securities companies can also buy back warrants to earn price differentials. Based on the above thinking, if the investors do not exercise their rights on the maturity date, the yield of the current creation of Wanhua put warrants is also about 40%. Since the stock price of G Wanhua is now far higher than the exercise price of the put warrants, the probability of the expiration holders not exercising their rights is obviously very high.
Yang Haicheng, of Haitong Securities, said that since securities companies usually occupy their own operating quota to create warrants, from an absolute perspective, the amount of some warrants created is not large, which has not yet had a great impact on the hot market for trading and investment. However, in the long run, the price of warrants will return to their intrinsic value, and the pressure on securities companies to create warrants will gradually emerge.
Sina statement: The content of this article is purely the author's personal view, only for investors' reference, and does not constitute investment advice. Investors operate accordingly at their own risk.
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