Implement new convertible bonds.
On July 29th, the Shanghai and Shenzhen Stock Exchanges officially issued the Trading Rules for Convertible Corporate Bonds of Shanghai Stock Exchange, the Trading Rules for Convertible Corporate Bonds of Shenzhen Stock Exchange (hereinafter referred to as the Trading Rules), the Self-discipline Guidelines for Listed Companies of Shanghai Stock ExchangeNo. 12-Convertible Corporate Bonds and the Self-discipline Guidelines for Listed Companies of Shenzhen Stock ExchangeNo. 15-
Among them, the guidelines for convertible bonds will be implemented as of the date of promulgation, and the trading rules will be formally implemented on August 1 day. The two new regulations improve many details of convertible bond market transactions and information disclosure from the perspective of investment and listed companies. At the same time, the excessive "speculation" in the market is limited by controlling the price rise and fall, thus reducing the market risk.
According to China Merchants Securities (600999), this change is mainly reflected in six aspects.
First, raise the price limit and improve the price stability mechanism. On the first day of listing of convertible bonds, an effective declared price range of 57.3% and 43.3% higher than the issue price is set, and the current temporary suspension mechanism of 20% and 30% is maintained; From the day after listing, set a 20% price limit.
The second is to strengthen the supervision of abnormal transactions. Clarify the abnormal fluctuation and serious abnormal fluctuation of convertible bonds, clarify the types of abnormal trading behavior of convertible bonds and relevant regulatory measures, and clarify that the Shanghai and Shenzhen Stock Exchanges may require listed companies to disclose abnormal fluctuation announcements or suspend trading for verification, or implement mandatory intraday suspension according to abnormal fluctuation of convertible bonds.
The third is to strengthen risk early warning. On the last trading day of convertible bonds, the symbol "Z" is added before the abbreviation of securities to fully remind investors of risks and effectively protect investors' interests.
The fourth is to link up the bond trading rules. Adjust the trading method, declare the quantity unit and other written statements. If "bidding transaction" is changed to "matching transaction", the handling method of the declaration of convertible bonds exceeding the price limit is changed from "temporary trading host" to "invalid declaration".
Fifth, strengthen the information disclosure of convertible bonds. It is clear that the company should make pre-disclosure five trading days before the trigger date of the expected redemption conditions of convertible bonds and the modification conditions of the conversion price, and should consider and disclose whether to exercise the redemption right or modify the conversion price when the relevant conditions are met; Failure to review and disclose in accordance with the provisions shall be deemed as failure to exercise the redemption right or modify the conversion price this time. Those who do not exercise the right of redemption shall not exercise it again for at least 3 months to stabilize market expectations.
Sixth, optimize the implementation period of redemption and resale. It is stipulated that the interval between the trigger date and the redemption date of convertible bonds is not less than 15 trading days and not more than 30 trading days, and three trading days are reserved for investors to convert shares after stopping trading to help investors reduce unnecessary losses; It is stipulated that the interval between the trigger date of convertible bonds resale conditions and the first day of the reporting period shall not exceed 65,438+05 trading days, and the company shall be urged to implement the resale in time to protect investors' rights of resale.
In addition, the Shanghai and Shenzhen Stock Exchanges have also strengthened the supervision of the abnormal trading behavior of convertible bonds, such as strengthening the research and analysis of trading behavior and studying and formulating targeted monitoring indicators; If abnormal fluctuations or serious abnormal fluctuations are caused, strict regulatory measures shall be taken.
Hu Xing, an associate professor at Wudaokou Finance College in Tsinghua University, said in an interview that although convertible bonds have the characteristics of "advancing, attacking and retreating", they are still a complex compound financial product. In recent years, the trading volume of the convertible bond market has gradually increased. At present, there are more than 400 convertible bonds, and the stock scale has risen to 750 billion yuan, reaching the highest level in history. The daily trading volume has reached 654.38+07 billion yuan, and the market importance has gradually increased. Different from the bond market dominated by institutional investors, convertible bonds have the particularity of stocks. At present, there are quite a few individual investors in China, and there is obvious excessive speculation. Therefore, from the comprehensive main measures, the intention of the new regulations is to effectively prevent excessive speculation and maintain the smooth operation of the convertible bond market.
Hu Bo, manager of Rong Zhi Investment Fund under Paiwang, also said that the formal implementation of the trading rules of convertible bonds in Shanghai and Shenzhen Stock Exchanges has raised the price limit, raised the threshold for new investors, increased the relevant system for disclosing trading information, especially abnormal information, effectively reduced the fluctuation of convertible bonds, curbed the price manipulation in convertible bonds, greatly reduced the recent excessive speculation of convertible bonds, well protected the interests of investors and compressed the speculative space.
In fact, the convertible bond market has been quite prosperous since last year. 202 1, the CSI convertible bond index rose 18.48%, significantly outperforming the major market indexes. Since the beginning of this year, due to the influence of various risk events, global central banks have contracted liquidity and the stock market has undergone drastic adjustments. However, the convertible bond market only fell by 2.73% during the year, which was obviously more resilient than the stock index. Especially since April 27th, the convertible bond market began to rebound, and the CSI convertible bond index rebounded by nearly 1 1%.
The performance of new debt is also remarkable. Straight flush (300033) data shows that there are 15 convertible bonds listed in July, with an average increase of 35.85% on the first day of closing. In the secondary market, the overall performance of convertible bonds is strong. In July, the CSI convertible bond index rose by 1.03%, clearly outperforming the broader market, while the CSI 300 fell by 7% in the same period. The data shows that in July * * * there were 2 1 convertible bonds that rose by more than 20%.
Public Offering of Fund's positions increased by over 9% month-on-month.
As of the close of 1 in August, only three convertible bonds were below par value, and the lowest price was urban convertible bonds, with the latest closing price of 96.439 yuan/piece, followed by Soute convertible bonds and Tianchuang convertible bonds, which were reported at 98.82 1 piece and 98.844 yuan/piece respectively.
4 1 The price of convertible bonds is above 200 yuan/sheet, accounting for nearly110. Among them, the highest price of convertible bonds is timely convertible bonds, which received 976.825 yuan/piece in August and touched 1 093 yuan/piece last month. On April 15 this year, the lowest price of convertible bonds was only 327.02 yuan/piece, with an increase of over 200% in four months.
Ranked second is China Mining Convertible Bonds, with the latest offer of 862.975 yuan/piece. Followed by Yokogawa Convertible Bonds and Xiaokang Convertible Bonds, the current price exceeds 500 yuan/Zhang.
The total market value of convertible bonds held by Public Offering of Fund increased significantly in the second quarter. According to statistics of Huachuang Securities, in the second quarter of this year, the market value of convertible bonds held by Public Offering of Fund was 27.8132 million yuan, an increase of 23.285 billion yuan or 9. 1% compared with the first quarterly report. The market value of convertible bonds held by Public Offering of Fund accounts for 65,438+0.95% of the market value of bond investment and 65,438+0.05% of the net value, which is higher than the first quarterly report. In the second quarter, most of the head accounts were opened and converted into bonds. In the second quarter of 2022, the market value of convertible bonds held by 24 funds in the market exceeded 2 billion yuan, of which the market value of convertible bonds held by 14 funds increased month-on-month, and the proportion of convertible bonds held by 15 funds increased.
The increase in the market value of public offerings may be related to the strength of the convertible bond market in the second quarter. In terms of market performance, convertible bonds performed strongly in the second quarter, and the CSI convertible bond index rose by 4.68% in the second quarter.
As of August 1, the average premium rate of convertible bonds was 53. 1%, and the premium rate of 45 debt-to-equity swaps exceeded 100%. "The premium rate of convertible bonds market is at a high level, and the price center has rebounded slightly." Zhou Guannan, head and chief analyst of the fixed income group of Huachuang Securities, believes that in the follow-up, the motivation is still mainly from favorable stocks, which can pay attention to the decline in the performance of the interim report and the cyclical product prices. First, under the policy of promoting consumption, we will continue to pay attention to convertible bonds in industries such as automobiles and new energy vehicles; Second, the interim results are highly certain, focusing on convertible bonds in high-prosperity industries such as photovoltaic, new energy automobile industry chain and military industry; The recent cyclical decline in product prices is mainly concentrated in the midstream manufacturing industry. From the price point of view, the leading convertible bonds in the growth industry still have allocation value.