□ Our reporter Feng He
Institutions pay more attention to the value of warrants contained in the first separable convertible bonds than bonds. According to the statistics provided by WIND Information, among the institutions participating in the offline subscription of Masteel's convertible bonds, the total subscription amount of funds and brokers reached 2.59 billion yuan, accounting for 57% of the total offline issuance, while the insurance company, the largest buyer of corporate bonds, accounted for only 22%. The shortage of bond buyers may make the pure bond part of Ma Steel's separable convertible bonds face greater selling pressure after listing.
Masteel issued 5.5 billion yuan of convertible bonds in separable transactions, of which 4.518 billion yuan was allocated to offline institutional investors, accounting for 82% of the total issuance. Among the institutions participating in offline placements, securities dealers and securities investment have the most active performance, with 15 institutions each participating in the placements. Among them, securities companies have the largest allocation, totaling 1.422 billion yuan, accounting for 31.46% of the total offline issuance. Securities investment funds ranked second, with only 1.169 billion yuan allocated, accounting for 25.86% of offline issuance. Relatively speaking, there are only 2 insurance companies participating in offline placement.
Obviously, the majority of investors in Masteel convertible bonds with separable transactions are equity investment institutions. Although in negotiable securities There are also bond funds participating in the subscription of investment funds, but the allocated amount is only 115 million yuan, accounting for a relatively small proportion. As for securities companies, their own operating funds are relatively limited, so it is impossible to deposit funds on bonds for a long time to obtain interest income. This shows that at present, a considerable number of investors are attracted by the warrant value of Ma Steel's separable convertible bonds. After the listing of Ma Steel's separable convertible bonds, they will be immediately divided into a two-year warrant and a five-year corporate bond, which will enter the warrant market and corporate bond market for separate transactions. Therefore, the corporate bonds after separation may face greater selling pressure.
At the same time, due to the insufficient number of buyers, it may also make the pure bond pricing of Ma Steel's separable convertible bonds face uncertainty. First, the current bonds are listed on the exchange market, and banks cannot enter the exchange bond market to purchase corporate bonds; Secondly, although Masteel's convertible bonds for separable transactions are guaranteed, the guarantee agency is Masteel Group, not large commercial bank , which will make some insurance companies unable to participate in the transaction.
For the pure bond pricing of the first separable convertible bond, the market itself is quite different. According to the results predicted by the institution, the interest rate of corporate bonds will reach about 4.8% - 4.7%, mainly around 85 yuan to 87 yuan. However, if listed, due to limited receiving institutions, the lack of liquidity may cause pricing variables. Insiders believe that for a five-year corporate bond, the yield of 4.8% is attractive in itself, which is limited to the current investor structure and investment restrictions, affecting its value. Focusing on the future development of separable trading convertible bonds, how to cultivate a multi-level bond investor team should be watched.
Securities dealers and funds account for half of the total
Statistics on subscription of offline institutions of Masteel convertible bonds with separable transactions
Proportion of the number of institutions allocated (10000 yuan) to the number of offline issuance (%)
Securities 142169.00 31.46
Fund 116866.40 25.86
Insurance 101156.90 22.39
Finance 37991.10 8.41
QFII19325.10 4.28
Other organizations 17567.40 3.89
Trust 16779.90 3.71
Data statistics: Wind information
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.
