Securities Times reporter Li Qingxiang
News from our newspaper SINOPEC (China Petrochemical Corporation (600028) It was announced yesterday that it would issue convertible bonds with a term of 6 years and no more than 30 billion yuan. Every 10 bonds (1000 yuan) would be a single hand. The coupon rate of the bonds would be finally determined within the 0.8% - 1.5% inquiry range according to the results of book building and online and offline subscriptions; At the same time, the allocated subscribers will be distributed with 101 warrants in each hand for free with a duration of 24 months. The exercise ratio of these warrants is 2:1, and the warrant holders have the right to exercise at the initial exercise price of 19.68 yuan/share within the first five trading days of the date when the warrants have been listed for 24 months to subscribe for Sinopec A-shares. During the duration of the warrant, the exercise price and exercise proportion will be adjusted accordingly according to the ex right and ex dividend of the company's shares.
Some analysts believe that the convertible bonds of separate transactions are regarded as a combination of ordinary corporate bonds and stock options. If the value of Sinopec's pure debt is calculated at a discount rate of 6.20%; The implied volatility and premium rate of warrants are used to calculate the price of warrants. Then, the reasonable price of Sinopec warrants is 3.2~4.2 yuan, the volatility is 60%~85%, and the premium rate is 40%~50%; When the coupon rate of bonds is 0.8%, the value of convertible bonds in separate transactions is about 106~116 yuan.
He cautioned that the value of convertible bonds with separate transactions would change with the fluctuation of the stock price and the bond market yield. At present, in the warrant market, the premium rate of in price warrants is generally negative, which is undervalued, and most of the implied volatility does not exist, such as Steel Vanadium, Wuhan Iron and Steel, Masteel, Yunhua, etc; For newly listed warrants such as Guoan, Shenzhen High, Rizhao and SAIC, the positive share price is close to the exercise price of warrants, and the premium rate of warrants generally exceeds 40%, which is overvalued and the implied volatility is more than 100%.
Compared with the current warrant market, the price of Sinopec's regular shares is close to the exercise price of warrants, and the duration of warrants is long. Therefore, the premium rate of warrants after listing should be high.
