“ Jointly convertible bonds ”The heavy positions of 12 funds will be redeemed in advance
On June 12, Anhui Heli The announcement said that the convertible bonds of the company will be redeemed in advance, and the trigger condition is that the closing price of the positive shares within the specified period is not less than 130% of the conversion price. Fortunately, the conversion premium rate is negative at present, and the conversion advantage of the holders is still obvious.
The reporter of the Daily Economic News noticed that due to the rebound of some positive share prices, more and more companies' convertible bond prices are higher than the current convertible share prices, some of which are significantly higher, such as Yingli Convertible Bond 、 Converting bonds for transportation 、 Xinzhi Convertible Bonds Most of these convertible bonds have entered the conversion period, which is likely to trigger forced redemption in the future, and many of them are public offerings Fund position For example, at the end of the first quarter of this year, more than ten public offering funds, including UBS, China Southern, Xingquan, Huafu, etc., have placed heavy positions in their products.
The joint conversion triggered the conditions for forced redemption
On June 12, the first convertible bond that triggered forced redemption conditions was born in June, Anhui Heli The announcement released on the same day said that the convertible bonds of the company would be redeemed in advance, and the trigger condition was that the closing price of the regular shares within the specified period was not less than 130% of the conversion price.
Specifically, Anhui Heli During the period from May 21 to June 11, the closing price of the stock has been no less than 130% of the current conversion price for at least 15 of the 30 consecutive trading days. According to the corresponding share price and conversion price, the current conversion price is set at 14 yuan/share, and the stock price during the period is no less than 18.20 yuan/share to trigger forced redemption.
Fortunately, this convertible bond still has the value of conversion. The data shows that the conversion premium rate of Heli convertible bonds is negative at present, and the value of convertible bonds is lower than the value of convertible bonds. That is to say, the market price of convertible bonds is lower than its value after conversion into shares, and it can also participate in Anhui Heli at a low price after conversion Hershey Investors can gain more benefits through share conversion.
It is undeniable that if the shares are not converted according to the specified period, they will face a large degree of losses. According to the company, the "joint conversion bonds" held by investors can only be compulsorily redeemed at the nominal price of 100 yuan/piece plus the current accrued interest, except that they can continue to trade in the secondary market within the specified time limit or convert shares at the conversion price of 13.40 yuan. If it is forced to redeem, it may face large investment losses.
In fact, at the moment when convertible bond funds are popular, the joint convertible bond is also relevant Fund position The focus asset of. According to the positions disclosed by the public offering fund in the first quarter of this year, the convertible bonds were totally 12 Fund position (Initial share statistics), from more than ten fund companies such as E Fund, UBS SDIC, Yinhua, and Southern China, except E Fund Kehui, UBS SDIC steady growth and other flexible allocation funds, Xingquan convertible bonds, BOCOM interest increasing bonds, and Southern Duoli enhancement are all typical convertible bond funds.
With the release of the information that listed companies trigger forced redemption of convertible bonds and decide to implement it, these institutions or other holders will probably convert shares in the future. Judging from the recent performance of the convertible bond, the market price has dropped significantly. In the morning after the announcement on June 12, the price of Heli convertible bond once fell nearly 8%.
The yield of convertible bond fund is good
The condition for the joint conversion of bonds to trigger forced redemption is that the stock price of the original shares once exceeded the conversion price. The core reason is that the stock price of Anhui joint conversion of the original shares was higher than the conversion price for a long time, and the listed companies did not correct the conversion price, which increased the probability of forced redemption.
Generally speaking, the conversion price of convertible bonds is fixed, but it will also be revised according to special circumstances. However, as far as the convertible bond market at this stage is concerned, there have been many cases where the price of convertible bond positive shares is significantly higher than the price of convertible shares, and many of them have exceeded the current price of convertible shares by 130%.
Take Yingli convertible bond as an example, equity Yingli Shares At the noon market closing time on June 12, 23.20 yuan/share was received, and the corresponding conversion price of 15.99 yuan/share exceeded 130% of the conversion price, i.e. 20.787 yuan/share. Even the closing price of 21.25 yuan/share on June 11 was significantly higher than this threshold.
In addition, statistics show that Yunji convertible bonds, Xinzhi convertible bonds Nuotai convertible bond For convertible bonds, the positive share price is significantly higher than the current conversion price, and has exceeded 130% of the conversion price, which may trigger the mandatory redemption conditions. Judging from the conversion premium rate of these convertible bonds, they are not as lucky as the aforementioned joint conversion bonds. Some have exceeded 20%, and the performance price ratio of the conversion bonds is low.
However, convertible bonds tend to follow the rising and falling trend of regular shares, and many issuers are also 3A high grade, and are a group of large state-owned enterprises. Following the dividend market this year, they have also stepped out of a wave of rising trends, making convertible bonds such as stocks and bonds play their dual attributes incisively and vividly, and the performance of a group of convertible bond funds leads the industry.
Statistics show that as of June 11, 83 of the 123 convertible bond funds (counting all shares) had a positive return rate within the year, with a very high investment winning rate. Among the top performance products, Minsheng plus Bank convertible bonds preferred A and C, ICBC convertible bonds and other yields have exceeded 10%. Over the same period, the convertible bond fund index rose 0.42%, the Shanghai Stock Exchange Index rose 1.79%, and the China Securities All Bond Index rose 3.62%.
(Source: Daily Economic News)
Massive information, accurate interpretation, all in Sina Finance APP
Editor in charge: Shi Xiuzhen SF183
