Among them, the intraday increase of smart convertible bonds and Baolai convertible bonds once exceeded 100%, while the previous days Zhengyuan convertible bonds also doubled in one day, and both convertible bonds and Zhengyuan wisdom were suspended for verification. At the same time, there are three convertible bonds with a one-day drop of more than 20%, namely Wanli convertible bond, Kyushu convertible bond and Hal convertible bond. In addition, Jiuwu convertible bonds also fell 19.71% today to 134.07 yuan / sheet. The convertible bonds once reached 217 yuan / sheet today, which means that the closing price of Jiuwu convertible bonds dropped nearly 40% compared with the highest level.
In an exclusive interview with the 21st century economic reporter, Xia Fengfeng, the fund manager of the future star fund of private placement paipaipai.com, said: there are obvious signs of fund speculation in this round of convertible bonds. The sharp differentiation is an inevitable choice after the convertible bond speculation reaches a certain degree. The fund switches back and forth between different convertible bonds to pursue the rise and fall. Speculation is similar to beating drums and spreading flowers, making full use of the T + 0 rule u3002 Observing the recent active varieties of convertible bonds, they generally have two characteristics: first, the scale is small, most of them are below 300 million yuan; second, the risk of short-term forced redemption is small. The price of this part of convertible bonds is more than 200 yuan, and the ultra-high premium rate has nothing to do with the trend of positive stocks. The seriously negative value of the yield to maturity is also out of touch with the characteristics of the minimum guarantee of convertible bonds. The temptation of short-term soaring implies the risk of collapse, and ordinary investors should stay away from pure speculative convertible bond trading.
A typical case is that in May this year, after Taijing technology unexpectedly released a redemption announcement, investors of Taijing convertible bonds ushered in a nightmare. On May 7, Taijing technology plummeted by more than 30%. The trading of the bonds was suspended until 14:57 PM due to the temporary suspension mechanism triggered by the decline. In the last three minutes, a large number of sales orders were put forward continuously, and the price of Taijing convertible bonds quickly dropped to about 183 yuan, and the decline expanded to about 50%. As of the end of the day, it dropped 174.02 yuan, or 47.68%, to 190.92 yuan, with a turnover of 79.66 million yuan.
The new regulations on convertible bonds will be implemented next Monday
Zhu linning, an analyst with Bohai Securities, said: since October, the convertible bond market has recovered, and this week, with the soaring turnover rate of convertible bonds, some bonds have skyrocketed. And the main subject of this surge is still small market value of individual bonds, some of the early target has experienced a round of speculation. At the beginning of May this year, with the announcement of mandatory redemption of Taijing convertible bonds, it had a significant impact on the market speculation of convertible bonds. There are generally two conditions for compulsory Redemption: one is that the stock price rises to 130% of the transferred stock price in at least 15 consecutive trading days for 30 consecutive trading days, and the other is that the circulating quantity is less than 30 million yuan. Therefore, we should be alert to the convertible bonds with high price and low circulation. Since this year, a total of 98 convertible bonds have entered the period of stock conversion, among which 40 companies have issued the announcement of no early redemption of convertible bonds. Some companies may issue the announcement of no early redemption of convertible bonds in the early stage, but issue the mandatory redemption announcement in the later stage, so we should pay attention to the risk of individual bonds that meet the mandatory redemption conditions.
On the other hand, with the implementation of the new regulations on convertible bonds on October 26, it may not be conducive to the continuation of the speculation of individual convertible bonds. On July 24 this year, the Shanghai Stock Exchange and the Shenzhen Stock Exchange respectively issued the notice on proper management of investors of convertible corporate bonds issued to unspecified objects: since October 26, ordinary investors participating in the subscription and trading of convertible bonds shall sign the disclosure of investment risks of convertible bonds issued to unspecified objects in paper or electronic formuff08 Hereinafter referred to as the risk disclosure statement). The notice mainly supervises the authority of trading convertible bonds. The investment in convertible bonds still needs to pay attention to the fundamentals of listed companies, the positive stock trend and the intrinsic value of convertible bonds. For the convertible bonds with high premium rate, high turnover rate and high closing price, the risk should be avoided in time.
A small amount of funds will play with convertible bonds, but large funds will certainly not. Because it is a T + 0 transaction, it can turn back countless times a day, so it fluctuates greatly, with both doubling on the same day and plummeting by 50%. At present, the performance of the stock market is not good, so some speculative funds have been transferred to the convertible bond market. After such a wave of speculation this week, it is estimated that the Curse of supervision will come at any time, and it is possible that the convertible bonds will adjust next week. In fact, there are signs of differentiation today, and some convertible bonds are diving into the water, and the risks follow closely. The person in charge of a private placement in South China told the 21st century economic reporter. In addition, unlike stocks, convertible bonds naturally have the so-called three six nine grades because of the existence of ratings. Most institutions have rating requirements for convertible bonds that can be traded. Generally, AA - rating is the bottom line. Recently, most of the convertible bonds with large fluctuations have not reached the AA standard. From one side, it can be confirmed that hot money is speculating. Source: editor in charge of economic report in the 21st century: Zhong Qiming_ NF5619
A small amount of funds will play with convertible bonds, but large funds will certainly not. Because it is a T + 0 transaction, it can turn back countless times a day, so it fluctuates greatly, with both doubling on the same day and plummeting by 50%. At present, the performance of the stock market is not good, so some speculative funds have been transferred to the convertible bond market. After such a wave of speculation this week, it is estimated that the Curse of supervision will come at any time, and it is possible that the convertible bonds will adjust next week. In fact, there are signs of differentiation today, and some convertible bonds are diving into the water, and the risks follow closely. The person in charge of a private placement in South China told the 21st century economic reporter.