New year's debut! Have the opportunity to "four in one"

The first batch of convertible bonds is coming in 2022! There are not only high growth varieties of science and innovation board, but also "Star" varieties with high signing rate.

On January 4, Borui convertible bonds officially opened online subscription, which is not only the first new convertible bond in 2022, but also the fifth convertible bond on the science and innovation board.

at the same time, long 22 convertible bonds with an issuance scale of up to 7 billion yuan will also be issued on January 5, which may be the first convertible bond with high signing rate this year. According to the estimation of investment bankers, the overall probability of "one out of four signing" is expected to be realized.

Not only that, the regulatory authorities are also speeding up the issuance of convertible bond approvals. In addition to the 50 billion yuan issuance scale of Societe Generale's convertible bonds, approval has been obtained for the issuance plan of convertible bonds with a scale of nearly 30 billion yuan in the past month.

Investment banking institutions predict that January this year may be the peak of a new round of convertible bond issuance, and it is also expected to open a new round of convertible bond feast.

Kechuang board convertible bonds become "pastry"

On January 4, Borui convertible bonds officially launched online subscription, rated AA -, and the issuance scale was 465 million yuan. This is also the fifth convertible bond of Kechuang board.

At present, the convertible bonds of Kechuang board are sought after by investors.

In February 2021, the convertible bond market ushered in the first variety of scientific innovation board - Jiayuan convertible bond. In the past year, the performance of Jiayuan convertible bonds has been a blockbuster, with an increase of 130% in just one year. This performance has also greatly stimulated the market's strong interest in science and innovation convertible bonds.

The science and innovation board is mainly oriented to the world's scientific and technological frontier, serves the scientific and technological innovation enterprises that comply with the national strategy, break through key core technologies and have high market recognition, and the performance often has high volatility. Therefore, participating in the science and innovation board by means of guaranteed income such as convertible bonds has also become the choice of many institutions.

According to the data, Taikang asset Xinheng chundebt No. 1 pension product, Penghua convertible bond fund and huitianfu convertible bond fund all have heavy positions in Jiayuan convertible bonds.

In the past year, in addition to Guangdong Jiayuan Technology Co.Ltd(688388) , Kbc Corporation Ltd(688598) , Trina Solar Co.Ltd(688599) , Suzhou Hyc Technology Co.Ltd(688001) and other science and innovation companies have refinanced by issuing convertible bonds.

In terms of market performance, Jinbo convertible bonds increased by 95% at the highest and 65% at the annual closing; Trina Solar convertible bonds rose 83% and closed up 76%. Huaxing convertible bonds, which have just been listed for less than a month, rose 29% annually.

According to the public information, the issuer listed company Brightgene Bio-Medical Technology Co.Ltd(688166) is one of the powerful chemical drug synthesis and production technology platforms in China. At the same time, it is also one of the important market competitors in the high-end chemical generic pharmaceutical industry chain in the global standardized market. The technical strength of a number of drug synthesis is at the world advanced level.

According to the analysis report of Northeast Securities Co.Ltd(000686) , the initial conversion price of Borui convertible bonds is 35.68 yuan, the parity of convertible bonds is 102.89 yuan, and the value of pure bonds is about 82.79 yuan. The target price of Borui convertible bonds on the first day is expected to reach 121 yuan to 127 yuan.

long22 convertible bonds are expected to be "signed by one of the four"

On January 5, long22 convertible bonds will be issued. This is another convertible bond issued by photovoltaic leader Longi Green Energy Technology Co.Ltd(601012) , with a scale of 7 billion yuan and a rating of AAA. From the perspective of issuance scale, this should be a large-scale convertible bond variety issued this year.

According to the analysis report of China International Capital Corporation Limited(601995) , the initial conversion price of long 22 convertible bonds is 82.65 yuan, the latest parity is about 98.28 yuan, and the debt bottom is about 91.29 yuan, which is highly protective.

According to the public data, Longi Green Energy Technology Co.Ltd(601012) has formed a complete industrial chain from monocrystalline silicon rod / wafer, monocrystalline cell / module to the application of downstream monocrystalline photovoltaic power stations, in which monocrystalline silicon rod / wafer and monocrystalline cell / module business are the company's core manufacturing business.

China International Capital Corporation Limited(601995) said that the capacity of Longi Green Energy Technology Co.Ltd(601012) self owned batteries and components is 37.3gw and 57.7gw respectively. Although the capacity utilization remains high, there is a capacity gap between self owned batteries and components. This raised investment project is battery capacity expansion, which will ensure the company's internal supply and improve technical advantages.

It is worth noting that the issuance scale of long22 convertible bonds is as high as 7 billion yuan, and there is no offline issuance link. "If the placing proportion of old shareholders is not high, the online winning rate is expected to reach the level of 'hope to turn 2', and there is a probability of 'one in four' as a whole." A convertible bond researcher said.

According to the data, by the end of the third quarter of 2021, Longi Green Energy Technology Co.Ltd(601012) the shareholding proportion of the top ten shareholders did not exceed 50%, of which the shareholding proportion of the first largest shareholder was only 14%.

Last November, the agriculture and animal husbandry giant New Hope Liuhe Co.Ltd(000876) issued 8.15 billion yuan of convertible bonds, with a winning rate of 0.0230951278%. The shareholding ratio of its top ten shareholders is as high as 66%.

accelerated issuance of convertible bond approvals

data show that the issuance progress of convertible bond approvals by regulatory authorities is also accelerating. In addition to the 50 billion yuan issuance scale of Societe Generale's convertible bonds, approval has been obtained for the issuance plan of convertible bonds with a scale of nearly 30 billion yuan in the past month.

China Industrial Securities Co.Ltd(601377) analyst Zuo Dayong said that due to the recent centralized issuance of approvals, the issuance of convertible bonds is expected to speed up again, and this round may be a new round of supply peak of convertible bonds. Judging from the large supply of several rounds of convertible bonds in the history of the resumption of trading, it is unlikely that the scale of the centralized listing of convertible bonds will have the impact on the market in the fourth quarter of 2017. Moreover, from the perspective of liquidity, policy and stock market performance, it is also difficult to cause an overall impact. At the same time, the valuation of convertible bonds is still at an all-time high.

"High valuation and high supply are expected to bring good low-risk returns to new investors." The above convertible bond researchers said.

(Shanghai Securities News)

 

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