Convertible bond evil wind rises again

category:Finance
 Convertible bond evil wind rises again


8 convertible bonds 11 times temporary suspension

Shortly after the opening of trading on the morning of 21, the temporary suspension of Blue Shield convertible bonds was triggered by an increase of more than 20%, and then a second temporary suspension was triggered. The temporary suspension of trading of Wanli convertible bonds was implemented from 9:30:43, and then the second temporary suspension was triggered at 10:00:44. Similarly, Jiuzhou convertible bonds also triggered the second temporary suspension.

This wave of speculation on convertible bonds began on Monday, with the focus on Blue Shield convertible bonds. On Monday, the Blue Shield convertible bond rose 64.1% and continued to rise on Tuesday. When triggering the second temporary stop, it also reached a record high (467.944 yuan), and the turnover rate was 125.7 times that of terror.

After a transaction of 12.62 billion yuan on October 20, the Blue Shield convertible bonds traded another 12.5 billion yuan on the 21st. As of the close of the 21st, the Blue Shield convertible bonds closed up 27.5% again, and the premium rate reached 177.59%. Blue Shield convertible bonds rose 136.58% in the last three trading days.

As for the rise that seriously deviates from the normal range, the Blue Shield convertible bond issued an announcement on the evening of the 20th, saying that recently, the price of Blue Shield convertible bonds has seriously deviated from the relationship between the companys share price and has deviated from the reasonable value range, and has nothing to do with the market macro environment, industry situation and business conditions, mainly due to the influence of market funds.

Shenglu communication (002446. SZ) also announced that the recent Shenglu convertible bond price is higher, mainly due to the companys small circulation of convertible bonds, due to the impact of market funds, please pay attention to the investment risk of the majority of investors.

On the 20th, the highest level of Blue Shield convertible bonds was 467.944 yuan, and the closing price was 320 yuan. This means that if you buy at the peak, you lose 31.6% on the day.

A more frightening scene occurred on the 20th of Aihua convertible bonds (113504) and Lily convertible bonds (113520). These two convertible bonds were blown at the end of the day, but immediately collapsed after the normal trading resumed at 14:57, and the follow-up funds were killed.

Ignore the big bad news

In the crazy speculation of convertible bonds, the speculators have completely ignored the fundamentals and even the huge bad effects. The hype of Blue Shield convertible bonds is a typical case.

According to Blue Shield, due to the lack of liquidity and other factors, the company has successively experienced overdue debts, litigation and being listed as the person to be executed for breach of trust, etc., which has greatly affected its daily production and operation, and weakened its solvency and profitability. At the same time, due to the application for property preservation before litigation, some bank accounts and assets of the company have been frozen by the court/ In addition, due to the company and some subsidiaries have many open litigation matters, such as the subsequent failure to fulfill the obligations of determining the effective legal documents, there is the possibility of adding a new list of persons to be executed for breach of faith.

The controlling shareholder of blue shield is the person who has been executed in breach of trust, and the credit qualification of the enterprise is very poor. But it doesnt affect speculation. This is pure capital game. A convertible bond researcher said.

Statistics also show that the scale of these convertible bonds hyped by hot money is often around 100 million, or even less than 100 million, and there is no fundamental and valuation support. Such hype is basically irrational.

Industry insiders also remind that this kind of speculation is fierce, and the turnover rate is more than 10 times. It seems that the momentum is fierce when it rises, but it is very difficult to make profits in actual operation. Or to return to the fundamentals and performance, it is best to make investment after the emergence of safety cushion. Deng Xinyu, manager of Boshi Convertible Bond ETF fund, thinks that with the rise of bond market yield, the valuation expansion promoted by liquidity in the early stage is difficult to continue, and the follow-up needs to turn to the direction where performance can be realized. However, it is more difficult to select bonds under the condition of high price. We should correctly understand the market fluctuation and pay attention to some reverse trading opportunities. For example, in the banking sector, which performed poorly in the early stage and had a low valuation and a good fundamentals, although the volatility of the positive stocks was low and the premium rate was high, the security of the absolute price level was high. At the same time, some positive changes were taking place in the industry, so we can patiently wait for the potential supplementary price increase in the fourth quarter, and keep the balance is extraordinary. Deng Xinyu said to first finance and economics. Source of this article: Guo Chenqi, editor in charge of first finance and Economics_ NBJ9931

Industry insiders also remind that this kind of speculation is fierce, and the turnover rate is more than 10 times. It seems that the momentum is fierce when it rises, but it is very difficult to make profits in actual operation. Or to return to the fundamentals and performance, it is best to make investment after the emergence of safety cushion.

Deng Xinyu, manager of Boshi Convertible Bond ETF fund, thinks that with the rise of bond market yield, the valuation expansion promoted by liquidity in the early stage is difficult to continue, and the follow-up needs to turn to the direction where performance can be realized. However, it is more difficult to select bonds under the condition of high price. We should correctly understand the market fluctuation and pay attention to some reverse trading opportunities.

For example, in the banking sector, which performed poorly in the early stage and had a low valuation and a good fundamentals, although the volatility of the positive stocks was low and the premium rate was high, the security of the absolute price level was high. At the same time, some positive changes were taking place in the industry, so we can patiently wait for the potential supplementary price increase in the fourth quarter, and keep the balance is extraordinary. Deng Xinyu said to first finance and economics.