The total issuance scale is 5 billion yuan, 654.38+0.2 billion yuan is used for the product system optimization and upgrading project of "three highs and one specialty", 654.38+0.4 billion yuan is used for the comprehensive upgrading project of coking and environmental protection of Hubei Zhongte New Energy Technology Co., Ltd., 580 million yuan is used for the high-parameter intensive waste heat and residual energy utilization project, 320 million yuan is used for the whole process ultra-low emission environmental protection transformation project, and 654.38+0.5 billion yuan is used.
At present, the bottom valuation of debt is 90.33 yuan and YTM is 1.69%. The duration of the convertible bonds between China and coupon rate is 6 years, the joint credit rating is AAA/AAA, and the face value is 65,438+000 yuan. The first year to the sixth year are 0.20%, 0.40%, 0.90%, 1.30%, 1.60% and 2.00%, respectively, which will soon expire. Based on the yield to maturity 3.4537% (February 23, 2022) of six-year AAA corporate bonds, the value of pure bonds is 90.33 yuan, the YTM corresponding to pure bonds is 1.69%, and the debt bottom protection is general.
The current conversion parity is 94.80 yuan, and the parity premium rate is 5.49%. The conversion period is from the first trading day after the expiration of 6 months from the date of issuance to the maturity date of convertible bonds, that is, from September 3, 2022 to February 24, 2028. The initial conversion price was 25.00 yuan/share, and the closing price of CITIC Special Steel on February 23rd was 23.70 yuan, corresponding to the conversion parity of 94.80 yuan, with a parity premium rate of 5.49%.
The terms of convertible bonds are quite satisfactory, and the dilution rate of total equity is 3.8 1%. The revised terms are "15/30,80%", conditional redemption terms are "15/30, 130%" and conditional resale terms are "30,70%", which is satisfactory. Based on the initial conversion price of 25.00 yuan, the dilution rates of 5 billion convertible bonds to the total share capital and tradable shares are 3.8 1% and 13.7 1% respectively, which has caused great dilution pressure on the share capital.
We estimate that the first day price of convertible bonds is between110.35 ~126.94 yuan. Taking into account the universal debt protection, moderate rating and attractive scale of the convertible bonds, we expect the premium rate on the first day of listing to be around 25%, and the corresponding listing price is in the range of110.35 ~126.94 yuan. We expect the online winning rate to be 0.0099%, so we suggest buying actively.