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The price-performance ratio of convertible bond investment decreased. Some convertible bond funds “draw and withdraw”

April 15, 2019 06:28
source: China Fund News
edit:Eastern Fortune Network

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Summary
[The convertible bond investment cost-reducing part of the convertible bond fund "to fight and withdraw"] This year, in addition to the active stock fund making effect, the stock market's rise also led to the rapid rise in the price of convertible bond assets, many convertible bonds The fund has achieved good returns. However, in the stock market adjustment expectations, the average price of convertible bonds is approaching 120 yuan, and the premium rate is high. Some fund managers believe that the cost performance of convertible bond investment is declining, and some stock convertible bond funds have already “striking and withdrawing”. (China Fund News)

The yield has exceeded 20% this year.Convertible bondfundList

This year, in addition to initiativeEquity fundThe effect of making money is highlighted. The rise in the stock market has also led to a rapid increase in the price of convertible bond assets.Debt baseKim Jong received good returns.

However, in the stock market adjustment expectations, the average price of convertible bonds is approaching 120 yuan, and the premium rate is high. Some fund managers believe that the cost performance of convertible bond investment is declining, and some stock convertible bond funds have already “striking and withdrawing”.

  Convertible bond investment cost reduction

The rise in the stock market this year has allowed the convertible bond fund to reap good gains.

The data shows that the current 44 convertible bond funds with statistical data (A and C share calculation) have an average yield of 13.55% since this year. More than 25%, do not lose a lot of active biasStock baseGold income.

Among them, there are as many as 12 convertible bond funds with a yield of more than 20% this year, accounting for 27.3%. The Yinhua CSI Convertible Bond Index Enhanced B, Soochow CSI Convertible Bond B, and two graded B funds invested in the convertible bond market. The yields this year were as high as 71.04% and 68.04% respectively.

However, while the money-transfer effect of the convertible bond fund is fermenting, the rise in the price of convertible bonds and the high premium rate have also raised concerns among the industry.

A medium-sized public fundraising fund manager in Beijing believes that the current stocks corresponding to convertible bonds are mainly small and medium-sized stocks. These stocks are stronger and weaker. In the current market position, the volatility of convertible bonds Similar to stocks, and most of them are in a high premium state, holding maturity is also a state of loss.

The fund manager analyzed that a number of convertible bonds set the maturity redemption clause and the conditional redemption clause, ifConversionDuring the period, the listed company's share price rose for 30 consecutive trading days or at least 15 trading days, and the listed company's share price rose more than 30% of the current conversion price. The listed company has the right to decide to redeem the convertible bonds that have not been converted by the face value of the bond and the current interest price. If you do not convert the shares in time, you will suffer.

The fund manager said: "A lot of convertible bonds have stipulated that after 6 months of listing, they can convert shares, and set a mandatory conversion clause for the increase of positive stocks. At present, many convertible bonds have reached 120 yuan, and continue to hold Some price/performance ratios are not very high."

The data shows that as of the close of April 12, the average price of 153 convertible bonds was 117.1 yuan, and the average conversion premium rate was 17.2%. Among them, up to 46 convertible bonds with prices above 120 yuan; 95 can be transferred. The yield of debt holdings is negative, accounting for up to 62.1%. 17 Tongkun EB and special convertible bonds have a yield of more than -10%.

Beijing's second new public offeringExecutiveIt also indicated that the current convertible bond price is indeed somewhat high, and many convertible bond prices are above 120 yuan, and the premium rate of convertible bonds is also relatively high. Moreover, even if the stock market continues to rise, the price of convertible bonds will rise to the price of the underlying stocks. However, once the market is adjusted, the convertible bonds with poor liquidity may lose their floating profits. Therefore, the stock convertible bonds of his company are “withdrawn and withdrawn”. Gradually withdrawing from the market, holding a coupon is also focused on excellent selection.

In his view, last December and the beginning of January this year is the best investment opportunity period for convertible bonds. From the perspective of bond investment, it is better to participate in volatile convertible bonds, and do not sink ratings to make credit bonds. . "If you look at the investment logic of credit bonds,currencyThe process of loosening and dredging wide currency to wide credit will lead to a rebound in the economy, which will lead to a sustained improvement in the stock market. In the process of rebounding credit bonds and convertible bonds, the return of highly flexible convertible bonds is much higher than that of credit bonds. Shen's income. ”

  The liquidity of the convertible bond market is improving

In addition to the analysis of the market value of convertible bonds, there are also many people in the industry who are concerned about the poor liquidity of the convertible bond market and the negative impact on investment.

The above-mentioned Beijing fund managers believe that the current liquidity of the convertible bond market is relatively poor, and the liquidity of small convertible bonds is only a few hundred million. In some small convertible bond transactions, the number of opponents is scarce, and the difficulty of trading operations will increase.

The above-mentioned sub-new public fundraising executives also said that the overall opportunity for the current convertible bond market is not very good. Unless there is a big bull market in the future stock market, the average historical price of convertible bonds will reach 130 yuan or more. If the stock market is adjusted in the future, the liquidity of the convertible bonds will be poor, and only the price will fall.

Some industry insiders believe that the market demand for convertible bonds is large, and the expansion of the market and the improvement of the stock market have also contributed to the liquidity of the convertible bond market.

A general manager of a medium-sized public fundraiser in Beijing said that his current public offering has a fund that favors convertible bonds and has earned a good return for investors this year. This year's convertible bonds are still generally undervalued: on the one hand, convertible bonds are less volatile than stocks, and earnings are higher than pure bonds. Although the market is sluggish and lacks liquidity, liquidity will be better when the market rises; On the other hand, his public offering combines quantitative investment to select the convertible bonds. At present, the risk-to-reward ratio of convertible bonds is still relatively high. Although the convertible bond price is higher, the convertible bond is still a better investment with higher risk return. .

He said: "In the past two years, the convertible bond market has expanded rapidly, and the stock convertible bonds have quickly surpassed more than 100. With the increase in the issuance of convertible bonds and the active market sentiment, the current market demand for convertible bonds is also As it grows, more and more funds are paying attention to convertible bonds, and such assets have also received increasing attention and attention from investment institutions from niche varieties."

In fact, the scale of convertible bond issuance has indeed expanded rapidly this year. The data shows that as of April 12, this yearannouncementThe number of convertible bonds issued reached 56, and the total planned issuance reached 146.617 billion yuan, which is 84.76% higher than the total size of last year. Among them, CITIC Bank issued convertible bonds of up to 40 billion yuan, Ping An Bank and Jiangsu Bank issued 26 billion yuan and 20 billion yuan respectively. The scale of convertible bonds issued by three banks reached 86 billion yuan, close to 60% of the total issued size.

(Article source: China Fund News)

                                (Editor: DF387)

 
 
 
 

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