Reported by reporter Zhang Juan in Beijing
Flush data shows that as of June 5, according to the issuance start date, a total of 48 listed companies have completed the issuance of convertible bonds during the year, raising a total of 100.989 billion yuan.Analysts pointed out that convertible bonds are both debt and equity, and have the property of anti-fall, and the market continues to be hot.Most companies issue convertible bonds to raise funds to improve their industrial layout and supplement working capital, and many banks also favor convertible bonds for “blood-boosting”.However, we still need to be vigilant against risks such as high valuations in the convertible bond market and speculation about small-cap convertible bonds.
The data also shows that according to the Shenwan industry classification, city commercial banks, chemical preparations and other industries are at the forefront.Judging from the scale of convertible bonds issued, a total of 7 companies issued convertible bonds with a scale of more than 5 billion yuan, and a total of 14 companies with a scale of less than 500 million yuan.Specifically, Bank of Chongqing, Tongwei Co., Ltd., Bank of Chengdu, China Galaxy, and Huayou Cobalt issued 13 billion yuan, 12 billion yuan, 8 billion yuan, 7.8 billion yuan, and 7.6 billion yuan respectively, ranking among the top Top five.
Since the beginning of this year, a total of 145 companies have announced plans to issue convertible bonds.According to preliminary statistics, from June 1st to 3rd, 40 companies announced plans or progress of convertible bonds.Many companies have raised funds through convertible bonds to expand production and further improve their industrial layout.
In addition to a number of companies raising capital through convertible bonds to expand production, listed banks are also very fond of convertible bonds. Convertible bonds can effectively supplement the bank's core tier 1 capital after converting to equity, and become a "blood-filling" choice for many banks.Flush data shows that from the perspective of issuance scale, the convertible bonds issued by the two listed banks Chongqing Bank and Chengdu Bank are 21 billion yuan, accounting for more than 20%, and there are many other banks such as Xiamen Bank, Ruifeng Bank and Changshu Bank. Banks also plan to issue convertible bonds within the year, and listed banks will become the main force in issuing convertible bonds.Following the issuance of 5 billion yuan of secondary capital bonds by Bank of Chongqing at the end of March, its 13 billion yuan A-share convertible bonds were subsequently listed on the Shanghai Stock Exchange in April.The public issuance of A-share convertible bonds by Qilu Bank has been accepted by the China Securities Regulatory Commission.The bank plans to publicly issue convertible bonds of no more than 8 billion yuan to supplement core tier-one capital.
Analysts pointed out that convertible bonds, as a capital financing tool with the characteristics of both stocks and bonds, have become the choice of many commercial banks to "supplement blood".Banks issue convertible bonds mainly to realize conversion and replenish funds.However, it is a common phenomenon for bank stocks to "break the net". Many banks have taken action to stabilize the stock price. Some banks' convertible bonds cannot trigger the redemption clause to realize the conversion, or affect their conversion ratio.
Recently, the listing of new convertible bonds has been hot, and many institutions have warned that the convertible bond market is still in a state of high valuation, and market valuation risks and speculation risks should be vigilant.The CITIC Securities Research Report pointed out that with the gradual stabilization of the equity market recently, investors' attention to the convertible bond market has begun to rise, and the transaction scale has steadily expanded.However, the overall valuation level of the convertible bond market is still relatively high. Even in the early stage of the market's sharp correction, the valuation level of convertible bond-equity is significantly higher than when the market started last year.The Guorong Securities Research Report pointed out that after the implementation of the convertible bond management measures, the regulators paid more attention to the transaction changes in the convertible bond market.The Shanghai and Shenzhen Stock Exchanges have taken notification, key monitoring or regulatory measures for abnormally traded convertible bonds.Judging from historical experience, short-term convertible bond speculation often suffers deep declines in the follow-up, especially after regulatory intervention, market sentiment often reverses, and speculation about small-cap convertible bonds needs to guard against regulatory risks.
(Editor in charge: Jiang Ninglu)
