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Recently, the convertible bond market has ushered in a large -scale wave of redemption. Four convertible bonds, including Kings Convertible Bonds, Nandian Convertible Bonds, New Star Convertibles, and Shanying Convertible Bonds, will usher in the final trading day.Essence
Among them, the closing price of the new star convertible bonds on November 8 reached 227.636 yuan.The loss may be more than 50%.
Convertible bonds, as an investment tool with bonds and stock attributes, are affected by various factors and fluctuations are large.When participating in convertible bond investment, investors should fully understand their risk income characteristics, formulate reasonable investment strategies, and avoid losses due to blind follow -up or improper operation.
Do not operate a maximum loss of more than 50%in time
As the recent A -share market has strong performance, debt bondsThe market followed the rebound, and most of the convertible bonds triggered the strong redemption clause, and the number of convertible bonds that expired in advance increased.
Reporter statistics found that from November 11th to November 15We have ushered in the last trading day.Among them, the childs convertible bonds, Nandian convertible bonds, and new star convertible bonds have decided to redeem in advance due to triggering advance redemption clauses.Return to the redemption of convertible bonds.
As of the closing of November 8, the price of the new star convertible bonds reached about 227.64 yuan, which was the highest price of convertible bonds of 4 convertible bondsEssenceIf investors holding the convertible debt do not operate in time, the company will eventually redeem it at a price of about 100.69 yuan, which will bring more than 50%of the loss.The closing prices of Nandian Convertible Bonds and Saba Convertible Bonds on November 8 were 168.99 yuan and 180.80 yuan, respectively. Investors did not operate in time to operate more than 40%.
Shanying convertible bond will expire on November 20, and the convertible bond will usherThe closing price of 113 yuan and the closing price on November 8 Estimated that investors would not operate in time to lose more than 10%.
How to operate?
The so -called convertible bonds are redeemed.The closing price is not less than 130%of the conversion price. Listed companies have the right to redeem all or partially unpopular convertible bonds at the price of bond value plus interest.
The convertible bonds are redeemed by listed companies in advance, which is one of the exit methods for investors to hold convertible bonds.For listed companies, forced redemption can promote the debtor to transfer the stock as soon as possible, eliminating the pressure on interest and principal of the listed company to repay interest and principal.In addition, it is conducive to continuing financing and issuance of convertible bonds for listed companies, which can improve financing efficiency.
For investors, once the clause of forced redemption is triggered, listed companies choose to redeem convertible bonds, and investors do not sell or transfer in time within the agreed period.Then this convertible bond can only be redeemed.For those investors who buy convertible bonds at high premiums, they may face major losses.
Facing the strong redemption of convertible bonds, there are currently two methods that allow investors to avoid unnecessary risks.
The first is selling. The operation is the same as selling stock operations, not too much skills.For high -level investors, although the selling price may be lower than the price of the buy, at this time, it is not sold to be forced to redemption, and the loss is greater.
The second is to find the corresponding "debt -to -equity" function module in the stock trading software to perform the conversion operation. But in the process of conversion, investors need to pay attention to that if the positive stocks of convertible bonds are science and technology boards or GEM stocks, investors also need to open corresponding permissions to operate conversion.In addition, the stocks obtained by the conversion can only be sold the next day.
It is worth mentioning that the new regulations for convertible bonds have added the last trading day logo, and the "Z" logo is added before the securities of the final trading day of the convertible bond, and the investment is added to the investment.The person fully prompts the risk, and investors should operate in time when they see this logo.If it is not sold in time, there will be 3 trading days after the transaction is stopped. At this time, it can only be carried out.
Source: Securities Times Officer
Statement: All information content of data treasure does not constitute investment suggestions, the stock market is risky, and investment needs to be cautious.
Responsible editor: He Yu
School Division: Ran Yanqing
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