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China Business News 2023-02-17 12:45:05
Editor in charge: Hao Yunying
After entering 2023, the conversion premium rate of the convertible bond market has experienced a new round of decline, indicating that the overall “share nature” of the convertible bond market is becoming stronger, and it is shifting from “defensive” to “offensive”. We believe that the current domestic macro environment is in the stage of growth recovery. From the perspective of Merrill Lynch, it is a stage of transition from bond dominance to stock dominance. At this stage, there are still uncertainties in both stocks and bonds, so it is a good time to build positions in convertible bonds. On the one hand, convertible bonds can enjoy the increase in the value of pure bonds brought about by the decline in interest rates. On the other hand, convertible bonds can also lie in wait for the increase in the conversion value brought about by the rise in the underlying stock price.
Huang Jian: The valuation of the equity market is low, and the investment value of convertible bonds is better than that of pure bonds
After entering 2023, the conversion premium rate of the convertible bond market has experienced a new round of decline, indicating that the overall “share nature” of the convertible bond market is becoming stronger, and it is shifting from “defensive” to “offensive”. We believe that the current domestic macro environment is in the stage of growth recovery. From the perspective of Merrill Lynch, it is a stage of transition from bond dominance to stock dominance. At this stage, there are still uncertainties in both stocks and bonds, so it is a good time to build positions in convertible bonds. On the one hand, convertible bonds can enjoy the increase in the value of pure bonds brought about by the decline in interest rates. On the other hand, convertible bonds can also lie in wait for the increase in the conversion value brought about by the rise in the underlying stock price.