This article was originally sent yesterday evening.
Keshun convertible bonds, Xingrui convertible bonds, and Jiuqiang convertible bonds meet the conditions for downward revision, and the company announced that it will not be revised down this time, 3 months, and 6 months respectively.
It is worth noting that Keshun convertible bonds on June 28 downward revision of the stock price of 7 yuan, from the lowest downward revision price of 4.92 yuan is too far, the downward revision is far from the end, and announced that December 27 before the downward revision, investors are very disappointed, the convertible bonds fell to below 96 yuan, but the company on the same day issued a cancellation of the repurchase of shares to reduce the capital announcement, the holder of the convertible bonds within 45 days have the opportunity to repay the declaration.
That is to say, if an investor buys Keshun convertible bonds for 95 yuan, he has the opportunity to get a repayment of 100 yuan, and the arbitrage space is about 5%. In the face of such a high arbitrage space, the convertible bond market in July was very poor, and convertible bond investors gradually became excited.
Perhaps the company saw that there were more holders who declared repayment, so they hurriedly announced that it would not be revised down before December 27 to before July 31, and after 15 trading days to meet the conditions, it would make another downward revision to stimulate the convertible bonds to rise to more than 100 yuan. At this time, the holder who declares the repayment will inevitably sell the Keshun convertible bonds to realize arbitrage, thereby losing the opportunity to repay, and the company can solve the repayment problem without paying a penny.
This debt conversion is so interesting, doesn't the company just don't want to pay off it when it goes around in such a big circle? Why didn't you fix it in the first place?
Huarui convertible bonds, Zhongneng convertible bonds, and intelligent convertible bonds are still one trading day away from meeting the downward revision conditions, and it depends on whether there is a downward revision surprise after the market on the 1st.
The new Shuangliang convertible bonds, Shangsheng convertible bonds, common convertible bonds, Yake convertible bonds, and Sanyang convertible bonds may be revised downward, and there are still 5 trading days to meet the downward revision conditions.
Note: For the impact of the downward revision, please refer to the column "Why the downward revision of interest and debt?" 》。
For the views and principles of this article, please refer to "Value Convertible Bond Investment Strategy" (authors: Ning Yuanjun, Tang Bin).
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The relevant securities mentioned in this article do not constitute any investment advice, only for personal investment records and to share investment ideas, if netizens buy and sell according to the securities mentioned in the article, please bear your own risk!
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