Snatch convertible bonds, beware of the risk of “de-option”

2022-05-08 0 By

When a company issues convertible bonds, the old shareholders will be given a certain right of pre-emptive placement.When register this day you still hold this unit, so priority allotment right is yours.For example, Suli Shares (603585) issued 957 million yuan convertible bonds, and its allotment ratio to old shareholders is 5.317 yuan per share of bonds, registered on February 15.If you still hold the shares after the market close on February 15, you will have the right to place the shares at 5.317 yuan each.The second day is February 16, after the opening, fill a bill, then 10 hands convertible bonds is your (Shanghai convertible bonds are calculated by 4 rounding 5, more than 5, directly to 10 convertible bonds, less than 5, give away).Investors who trade convertible bonds may have realized an arbitrage model, that is, buy the stocks issuing convertible bonds before or on the day of registration, grab the rights first, and then sell the stocks the next day to buy convertible bonds.This model of operation used to be a sure bet, but since the second half of last year, this model began to be challenged by the “de-option” risk.Issue the stock that can turn debt, it is to do not have to divide authority originally after registering day this said, exchange also does not have the regulation that divides authority.But, trade in the actual process in the market, have apparent divide advantageous mark.For example, Shuangjian Stock (002381) issued convertible bond registration date is February 10, the next day on February 11, the stock fell 5.71%, On February 12 also fell 1.58%, two trading days down more than 7 points.Now calculate the account, if you buy 1000 shares on the registration date (based on the closing price of 8.06 yuan), it will cost 8,060 yuan (transaction fee is ignored for now), and you will get 12 convertible bonds (allocation ratio of 1.2479 yuan per share).If the convertible bond is listed at 130 yuan, the profit of 12 convertible bonds is only 360 yuan.But the shares lost 5.71% the next day, the total loss of 460 yuan, not enough to offset losses.The convertible bonds of some stocks should not grab the right at all, because before registration, there has been a bigger rise, grab the right risk is very big.Such as new city (300778) issued convertible bonds, the registration date is January 20 (3.68 yuan per share placement), the next day the shares fell 12.03%.If you buy 100 shares on the registration date, you need 2194 yuan to get 4 convertible bonds.As a result, the stock lost 264 yuan the next day, while the convertible bonds were listed at the highest 128 yuan and closed at 124.2 yuan. Even at the highest 128 yuan, the four convertible bonds only gained 112 yuan.The difference between profit and loss is very wide.This is the “de-option” risk of snatch convertible bonds.Of course, not every convertible bond grab is full of risks, there are also very good profits.For example, Wuzhou paper’s convertible bond grab is very profitable.This share was registered on December 7, 2021. Each share is allocated 1.674. If 400 shares are bought, 10 tranches of convertible bonds are guaranteed.The closing price on registration day is 18.65 yuan, or 7460 yuan for four lots.After registration the next day, the stock only fell 2.31%, with a loss of only 173 yuan.And convertible bonds listed on the day of the highest price of more than 150 yuan, also as high as 149.38 yuan, 10 convertible bonds profit of nearly 500 yuan.Break even and make a lot of profit.Therefore, in the current market and trend, to seize the rights of convertible bonds to be particularly careful, more analysis, observation, research and judgment, so as to avoid the right to seize the “new city” convertible bond like risk!