Convertible Bond Fund Outstanding Performance List Issue Season Busy Trader Worried About Callback

According to the twenty-first Century economic report reporter combing, with the announcement date, a total of 15 convertible bonds were issued in October this year, with a total scale of 57 billion 860 million yuan.

This is another peak month for convertible bonds issuance following March and April this year.

At the same time, the two tier market is also rising.

Following the change in the stock market, the convertible bond index rose to 23.55% at the beginning of October 30th.

Under this background, the performance of convertible bond fund is also outstanding. Reporter statistics show that since the beginning of October 30th, 89 funds (84 share Statistics) of the convertible bond funds have achieved positive returns, accounting for 94%, of which the top two of Yinhua central debt transfer index enhanced B and East Wuzhong convertible bonds B two base gold this year, as of October 30th, the returns have exceeded 50%.

But on the other hand, as the supply of the fourth quarter increases, market institutions are also concerned about the possible impact.

"(but) at a low price and a high valuation, it is not clear that the overlay of equity market is expected, and risk appetite has declined." In October 31st, Deng Xinyu, manager of the enhanced bond fund, told the business reporter in twenty-first Century.

Fund added convertible bonds in the three quarter

Data show that as of October 30th this year, the top 20 of the bond fund income fund, in addition to Guang Fa Xin Xin A/C, the rest are convertible bond funds.

"The better performance in the three quarter was mainly due to the adjustment of the two quarter, the absolute price of the convertible bond market was not high, and the valuation was relatively low, and the investment value increased significantly. On the other hand, compared with the pure debt market, its yield is low, and the expected return space is not enough, so the convertible bond market is more attractive. Beijing a public fund fixed income investment director said.

In fact, the supply of convertible bonds shrinks in the three quarter of this year. Wind data show that in the three quarter, a total of 15 convertible bonds were issued, with a total scale of 8 billion 849 million yuan. Compared with the first quarter's 124 billion 32 million yuan issuance scale, the three quarter shrank by about 93%.

The fund shows a trend of increasing speed for the allocation of convertible bonds.

Data show that at the end of the three quarter, the value of convertible bonds dropped from 311 billion 314 million yuan in the two quarter to 282 billion 290 million yuan, down 9.23% in the annulus. In the three quarter, the ratio of debt to equity holdings reached 17%, which rose 1.63% in the two quarter.

At the same time, based on the Shanghai Stock Exchange Statistics, as at the end of the three quarter, the generalized fund collectively held 52.2% of the Shanghai Stock Exchange convertible bond market value, which increased by 0.7% compared with the end of 8, which was 3.12% higher than that at the end of the two quarter.

"The three quarter of the additional convertible bonds is mainly the initiative of the fund, specifically, bond funds mixed two debt base is the main force to increase convertible bonds." An analyst at a brokerage firm in Beijing told the economic news reporters twenty-first Century.

"In the three quarter, the bond market first went up and then fell, and began to callback. Some two level debt base began to reduce the pure debt position, while the domestic stock market value was relatively low. The Shanghai Composite Index fell -2.47% in the three quarter, while the CSI bond index rose 3.62%, and some mixed funds and two tier debt bases began to add stocks to convertible bonds. Founder Fubang fund fixed income fund manager Zheng Meng said.

In addition to the provision of public offering funds, the newly issued convertible bond fund in the three quarter also provided little help.

According to Wind data, there are three newly established convertible bond funds in the three quarter of this year, including Bao Ying yuan yuan convertible bond fund, Ping An convertible bond fund and Bank of China convertible bond fund. At the end of the three quarter of this year, the total size of the 3 funds was 2 billion yuan.

In contrast, only one convertible bond fund was established in the first half of this year.

From the fund company's declaration, a convertible bond fund is being approved in the three quarter. In September 24th, the vanguard fund's convertible bond fund had already received the materials.

Supply heating valuation or adjustment

However, compared with the three quarter of the hot scene, the fourth quarter convertible bond supply warming may bring another picture.

This month, the scale of 50 billion Puyin convertible bonds began to be released, refreshing the scale of issuance of single convertible bonds in the market.

"With the issuance of 50 billion of the issuance of convertible bonds such as the Shanghai Pudong development bonds, it really has an impact on the stock market with only about 300000000000 of the convertible bonds, and the valuation of the convertible bonds may be somewhat reduced," Zheng Meng pointed out. "But more equity and hybrid funds are starting to participate in the new and convertible bond investment, making the market more accommodating and reducing the impact on the market price."

"Although the supply of convertible bonds in the fourth quarter has increased significantly, it will bring pressure to investors to some extent, but supply is not a major factor affecting market performance. The trend of stock market expectations and the price and valuation of convertible bonds themselves are more important." Deng Xinyu thinks.

The former analysts pointed out that "the issuance and listing of high-quality convertible bonds such as the Shanghai Pudong Development Loan" recently rekindled the enthusiasm of many institutions. But judging from the two tier market, there may be some adjustment of valuations.

At present, from October 29th to October 30th, the convertible bond issuance plan of 5 listed companies, 002203.SZ, 000876.SZ, 002806.SZ, 002083.SZ and 002614.SZ, has been approved by the SFC.

"With the diversification of the industry and varieties of convertible bonds, the convertible bond fund and the two tier debt base will increasingly be welcomed by ordinary people and institutional investors, and the scale will also increase. In this context, in addition to grasping the fluctuation of the valuation of convertible bonds, we should pay more attention to the industry choice of convertible bonds to individual stocks, and the excess return from the game of clauses. Zheng Meng told the twenty-first Century economic news reporter.