Many friends have heard that subscribing for convertible bonds is like playing new stocks, and if you can buy them, you will win the lottery and earn a few hundred yuan. I myself won once, 120 yuan on the same day 118, the next day 115, I can't figure out what ** has to do with it.
In this article, we will share it.
Let's take a look at the two provisions of the CSRC first:
1 "When the convertible bond is issued 6 months after the issuance, if the company's stock price is higher than 130% of the conversion price for at least 15 consecutive trading days within 30 trading days, the ** of the convertible bond is generally higher than the agreed redemption price at maturity. ”
2 "When the price of the company's A shares** is lower than 80% of the current share conversion ** for at least 15 trading days in any consecutive 30 trading days, the board of directors of the company has the right to propose a downward revision plan for the transfer of shares** and submit it to the company's general meeting of shareholders for voting.
The above plan can only be implemented if it is approved by more than two-thirds of the voting rights held by shareholders present at the meeting. When the general meeting of shareholders votes, the shareholders holding the convertible bonds issued this time shall recuse themselves. The revised share transfer** shall not be lower than the higher of the average trading price of the company's A shares** and the average price of the previous trading day in the 20 trading days prior to the date of this general meeting of shareholders. At the same time, the amended conversion shall not be lower than the latest audited net asset value per share and par value. ”
According to Article 1, it is possible that the bond issuer has deliberately raised the stock price in order to forcibly convert the bonds into equity and not repay the money, and has reached a compulsory debt-to-equity swap.
Take a look at the convertible bond in **, the redemption price at maturity is only 110, and the conversion value is currently only 104, and the value of pure debt is 97
Why does the current price of 119 significantly exceed the redemption price ne?
The only explanation I can think of is that everyone is very optimistic about this one, and there is a large expectation of it, looking forward to making money by transferring shares before expiration, and at the same time not willing to bear the possibility that the stock price may be **. 
It's kind of like a put option.
Another friend asked
There is only a ** debt-to-equity swap, the conversion price is more than 8 yuan, and the current stock price is 11 yuan, will it fall to the vicinity of the conversion price? There are still a lot of turns, accounting for 15% of the circulation".
It may be that the bond issuer deliberately raised the stock price in order to forcibly convert the bond into equity and not repay the money, which may be a risk;
It is also possible that the value of the enterprise has indeed risen sharply after the issuance of the bonds, and the holders of convertible bonds have made a profit, and they may not be willing to smash the market to 8 yuan.