First of all, convertible bonds are a relatively small market. From 1993 to 20 17, the number of convertible bonds issued each year is actually not much, only about 10, or even less. In recent years, the convertible bond market has become increasingly active. According to statistics, 4 1 bonds were issued in 2065, 67 bonds were issued in 438+07, and 65,438 bonds were issued at the end of 2020 10. At the same time, convertible bonds are constantly withdrawing, most of which are forced to redeem, with an average duration of less than 2 years. At present, there are about 300 convertible bonds in stock with a total market value of about 400 billion.
Second, since 2020, few convertible bonds have been broken. Even if it is broken, the loss is usually only a few dollars. Therefore, making new debts has become a "steady profit without loss", attracting more and more new people. After all, the threshold is low. Just open a stock account and prepare thousands of dollars. The issuance scale of convertible bonds is generally small, and the winners are lucky. Therefore, how to sell the highest price of convertible bonds is also a little tricky. You need to know the trading rules of convertible bonds in Shanghai and Shenzhen stock markets.
3. Convertible bonds are special bonds issued by listed companies. The purpose is to raise funds from the market for the company's project construction. The interest rate is low every year, the issue price is 100 yuan, and it is repurchased at a premium at maturity. After buying, you can trade freely like a stock. Generally, you will enter the conversion period after half a year of issuance, and then you can choose to convert bonds into shares of the issuing company.
When there is irrational behavior in the market and the premium rate is negative, there are few arbitrage opportunities and they will be leveled by the arbitrage army. For example, at the beginning of this year, the COVID-19 epidemic affected the opening of the stock market and triggered an extreme emotional sell-off. At this time, Zhang Hang convertible bonds, which Meng Rabbit focused on, also gave the opportunity to collect gold. If you master the option theory of convertible bonds, then you won't miss the opportunity like that at the beginning of this year.