□ Our reporter Li Jianfeng
With the maturity of equity warrants, the separate trading convertible bond warrants represented by Masteel CWB1 began to become an important force in the warrant market. citic securities The warrant research team issued a report today suggesting that in order to avoid excessive speculation in the market, these non share reform warrants should also be introduced into the creation mechanism.
According to the report, since the listing of the first separate convertible bond on November 29 last year, there have been four warrants listed for trading, including Masteel CWB1, Steel Vanadium GFC1, Sinochem CWB1 and Yunhua CWB1. After the listing of these warrants, the average premium level is much higher than the average level of the warrant. The average premium rate of the former in recent four months is 13.9% to 36.6%, while that of the latter is only 4.0% to 15.1%. Among many reasons for the high premium rate of warrants generated by separate trading bonds, the temporary lack of mechanism for creating securities firms is undoubtedly one of the most important reasons.
CITIC negotiable securities It is believed that the value of warrants is not affected by the supply relationship, and the existence of the creation mechanism will not change the true value of warrants. Warrants have a final liquidation date, and the state of serious deviation from the true value cannot exist for a long time, and its price will inevitably return to the intrinsic value on the maturity date. The establishment of a separate creation mechanism for convertible bond warrants can reduce the possibility of manipulation of the warrant market, enhance the stability of the market, curb excessive speculation, avoid the return of speculative funds due to the lack of a creation mechanism, and protect the overall interests of small and medium-sized investors and rational investors.
At the same time, the report suggests that listed companies rank first in the order of exercise, first meeting their financing needs, and then creating the exercise of warrants, so as to completely avoid the impact on the financing needs of listed companies.
