The new regulations have already appeared to be convertible bonds to enter the "2.0 era" in the future

Beginning in August, convertible bond transactions have declined. According to Wind data, the convertible bond transactions on August 1st were 100.398 billion yuan, a significant decrease of 14.66%significantly from 117.65 billion yuan on July 29th on July 29; on August 2 103.883 billion yuan, still significantly lower than July average 112.363 billion yuan in July; on August 3, convertible bond turnover was 106.584 billion yuan; on the 4th, it fell to less than 100 billion yuan on the 4th to 94.644 billion yuan.

Converted debt speculation cools down

In terms of the CSI convertible bond index, this week has been adjusted from 424.51 points to 420.44 points at the closing of the 4th since this week. In terms of a single day (excluding new 日), in the single -day performance, only the Yongdong transferred to a 20%increase in a 20%increase in a single -day performance. From August 1st to 4th, there were 3, 0, 1, and 2 convertible bonds with a single day of more than 10%. Judging from the performance of new coupons, there are three listings this week. On the first day of the listing of Silver Microex and Jeut Convertibles listed on August 2, the increase of 28.07%and 25.14%on the first day of listing, respectively, and Kori convertible bonds listed on August 3 rose 33.52%.

On July 29 this year, the Shanghai and Shenzhen Exchange announced the "Implementation Rules of the Shanghai/Shenzhen Stock Exchange's conversion company bond transaction" (referred to as the "Trading Rules") and the "Shanghai/Shenzhen Stock Exchange listed company self -discipline supervision guidelines. 12/15 -Convertible corporate bonds (referred to as "Self -Regulatory Guidelines"), "Trading Rules" was implemented on August 1st and "Self -Regulatory Guidelines" was implemented from the date of release.

Earlier, on June 17, the "Notice on the Proper Management of the Proper Management of Corporate Bonds" was also issued abbreviated referred to as "Proper Management"), which further strengthened the appropriate management of investors in convertible bonds to protect the legitimate rights and interests of investors. The day has begun.

In the first half of the year, due to the weak performance of the rights and interest markets, the market mood was not good, the phenomenon of assets was serious, and the influx of funds in the convertible bond market increased. Therefore, the phenomenon of the hype of the convertible bond market has resurrected. For example, the first day of the Yongji Convertible Bonds increased by 276.16%, setting a historical record for the first day of the newly listed convertible bonds. Especially after the equity market began to recover in June, the enthusiasm for transaction in the convertible bond market has risen again. Many convertible bond prices have seriously deviated from the prices and fundamentals of the positive stocks, which in turn arouses regulatory attention.

From the formal draft comparison of the previous consultation drafts, there are the following details of details: first, the temporary suspension mechanism of the trading suspension of the market is added; second, the new requirements for the Shenzhen Stock Exchange "The effective declaration price of the whole day must not be higher than 157.3%of the issuance price of 157.3%. It is consistent with the issuance of 56.7%lower than the issuance price; third, the Shanghai Stock Exchange increases the handling fee of the convertible bond to 0.004%(originally 0.0001%), which is consistent with the Shenzhen Stock Exchange.

Enter the "New Regulations 2.0 era"

It is worth noting that since mid-June, the turnover market turnover has dropped from a maximum daily turnover of 1,800-200 billion yuan to 100 billion yuan, and the turnover rate has also declined.

"There are three main reasons. First of all, the appropriate management rules of investors were introduced on June 17, 2022, and the implementation of some small and medium investors' funds failed to enter the convertible bond market the next day. Second The release of the solicitation draft shows that the attitude of regulatory suppression of the hype of convertible debt may cause some capital to withdraw money from the convertible market; finally, most of the mixed bonds and partial debt hybrid funds approved at the end of 2021 are concentrated in 2022 in 2022 After March, compared with previous products, these products have partially set up the upper limit of the position of convertible bonds, which may cause the agency's incremental funds to decrease compared to before. "Xu Liang, chief analyst of the fixed income of Debon Securities Institute, analyzed.

According to the exchange data, in April and May this year, the Shenzhen Stock Exchange issued 28 temporary suspension announcements in the transfer of 28 transgenic bonds. There were 39 in June. By July, this number was sharply reduced to 18.

In addition, Xu Liang pointed out that "the gradual implementation of the new rules of convertible bonds, since June, there have also been supporting the release of supporting policies such as handling fees and appropriateness management of investors. Investors' rights and interests to guide the market to form reasonable expectations and make the convertible bond market more efficient. "

Zhang Jiqiang, deputy director of the Institute of Huatai Securities Research Institute, the head of total research, and the chief of solid harvest, believes that after the trading rules are landing, the hype will be effectively curbed. The pricing and valuation positioning of convertible bonds will become more reasonable. Natural persons and private equity irrational behaviors will effectively reduce pricing; for institutional investors, the hype itself has a small impact, and the rational bargaining chips will increase the space selection space. After the rules and guidelines are implemented, the traditional "double high" and the fundamental variety of Zhongzheng stocks may be liberated. After the chip structure of the convertible bond market is optimized, the most likely scene is that the high -quality variety is correctly priced. Theoretically Investment and research have advantages in investors will have more room for play.

Reporter Liu Yang

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