海通证券股份有限公司 海通证券研究所
In late 2016, the bond market plunged and the CBs suffered huge sell-off. Since the beginning of this year, the CB market has been rising slightly, and the turnover has picked up but still remains at a low level. The number of rallying CBs was lessthan the number of declining CBs, withGoerTek CB leading the gains. Sany Heavy Industry Co., Ltd. (600031) was the biggest gainer among all underlying stocks but the corresponding Sany CB failed to follow suit. In terms of liquidity, Guangzhou Automobile CB and Sany CB hadthe best liquidity. In terms of valuation, CB valuation continuedto shrink, the average convertible premium rate (~33%) returned to an average level we have seen since 2010, and the weighted average premium rate (~34%) was still higher above the historic average.
In late 2016, the bond market plunged and the CBs suffered huge sell-off. Since the beginning of this year, the CB market has been rising slightly, and the turnover has picked up but still remains at a low level. The number of rallying CBs was lessthan the number of declining CBs, withGoerTek CB leading the gains. Sany Heavy Industry Co., Ltd. (600031) was the biggest gainer among all underlying stocks but the corresponding Sany CB failed to follow suit. In terms of liquidity, Guangzhou Automobile CB and Sany CB hadthe best liquidity. In terms of valuation, CB valuation continuedto shrink, the average convertible premium rate (~33%) returned to an average level we have seen since 2010, and the weighted average premium rate (~34%) was still higher above the historic average.
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