HC HVAC & R Network Commission issuance examination committee will review Shuangliang 8 issue of shares for convertible bonds, if successful would do, this would mean suspension for six months of the convertible bond issue will restart, convertible bond market will pull off the new release. Because, historically, the issue of convertible bonds are intermittent, and each piece of new convertible bonds issued are only listed a few. The issue of shares|
Shuangliang convertible bonds, we believe that there are three implications:
First of all, once again fighting for the convertible bonds provide investors with new opportunities. From the 2009 listing of the performance of the new debt terms, purchase of convertible bonds not only yield high, and almost no risk. Convertible bond market, the current average premium rate of 25%, if given a premium of 20% of new debt, purchase of convertible bonds have nearly 20% of the proceeds.
Second, the new debt issuance of the convertible bond market, the impact of the existing two-way. On the one hand, new debt issuance market size will expand and increase market liquidity, lower transaction costs and increase the active degree of market transactions, this convertible bond market is good; the other hand, including a 15, including nearly Shuangliang 57 billion size (only the Bank of China where 400 million) of convertible bonds issued to wait. Continuous release of new debt, the valuation of convertible bonds may lead to decline, leading to the decline in the market.
Finally, Shuangliang issue convertible bonds to pave the way for the Bank of China. Bank of China will hold a shareholder meeting on the 19th, the board considered the convertible bond financing plan, we believe that the Commission review prior to issuance of convertible bonds in this application is for the Bank of China, paving the way for the next issue of convertible bonds, bonds, if passed BOC shareholders, its approval and distribution process will be accelerated, therefore, Bank of China will issue bonds may be faster than market expectations.
In short, the new debt issuance, we believe that the impact of the convertible bond market is more good than harm. Bonds by the Bank of China, the impact of convertible bond market has done a more adequate adjustment, the current rate of less than 30% of the premium is more reasonable valuation levels, we believe that the supply of new debt (including convertible bonds next 40 billion Bank of China market) is more limited impact on the market. Therefore, if the convertible bond market, again a wide margin of adjustment, we believe that convertible bonds are actively involved in good time.
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