The subscription time for the Shanghai Bank Convertible Bonds is January 25. According to the current convertible bond issuance time, it is generally one month after the subscription, but it will also be shortened. Calculated on a one-month basis,
When will the Shanghai Bank Convertible Bonds go public can be estimated in late February. Judging from the convertible bonds issued last month, Daqin convertible bonds will be listed after January, and the short-term listing of smaller issuances will take 21 days.
The revision clauses of the Shanghai Bank Convertible Bonds are relatively strict, and the redemption clauses are conventional. The YTM corresponding to the face value is 3.30%, and the bottom of the debt is The protection is better; the qualifications of the Shanghai Bank Convertible Bonds are weaker than that of CITIC, but the parity is significantly higher than that of Shanghai Pudong Development Bank. The YTM of the Shanghai Bank Convertible Bonds should be in the 2.9%-3.1 range. The stock premium is within the range of 34%-38%, and the price should be 101-103 yuan.
In the medium term, the Shanghai Bank Convertible Bonds as a bottom position configuration is still cost-effective. Not only does it have a good YTM, but as a major city commercial bank in the Yangtze River Delta, the performance is likely to usher in an inflection point. Conditional investors can consider participating in the primary market subscription and appropriate allocation in the secondary market.
According to the forecasted performance of the 2020 annual report and the consensus expected performance growth rate of 10.31% for the latest 17 institutions, Bank of Shanghai static valuation PE: 5.63 times, price-to-book ratio PB: 0.7 times, growth valuation PEG: 0.55.
With reference to the convertible bond premium rate of approximate ratings and conversion value, the forecast is reasonably positioned at around 105 yuan, that is, a profit of 50 yuan per winning lottery.
Assuming that the original shareholders preferentially subscribe for 40%-80%, referring to Daqin convertible bonds, it is estimated that offline subscriptions will be 8 trillion yuan, online subscriptions will be 8 trillion yuan, totaling 16 trillion yuan, and the probability of winning the lottery subscription is predicted as follows: 25%-75%.
Placement of convertible bonds with a par value of RMB 1.407 per share, the stock market value including convertible bonds priority placement rights ratio is 17.01%.
According to the positioning of the convertible bond listing, if the current stock price remains unchanged, investors who grab the right to place the bond will get a yield of 0.85%.
For the first-hand party, buying 400 shares has a high probability of getting 1 lot, and the rate of return on the placement rises to 1.51%.
Due to net asset restrictions, there is no room for downward revision of the Shanghai Bank Convertible Bonds.
The performance reports released by China Merchants Bank, Industrial Bank, and China Everbright Bank show that in the fourth quarter of 2020, performance has exceeded expectations; coupled with the recent substantial increase in the Himalayan fund managed by well-known value investor Mr. Li Lu Postal Savings Bank, bank stocks and bank convertible bonds may have the opportunity to usher in value revaluation.
Trading rules on the first day of bond issuance and listing
Trading under the T+0 rule, investors can sell convertible bonds on the first day of listing, and there is no limit on the rise or fall of new bonds on the first day of listing. However, there is a circuit breaker mechanism for convertible bonds on the Shanghai Stock Exchange. According to the relevant provisions of the exchange, if there is no price limit on government bonds, local bonds or policy financial bonds that rise or fall by more than 10% from the closing price, the transaction ownership will be temporarily Measures such as suspension of trading, verbal or written warnings, suspension of day trading of securities accounts, etc.
The circuit breaker mechanism of the Shanghai Stock Exchange Convertible Bonds is as follows: trading will be temporarily suspended for 30 minutes if the opening price rises or falls by more than 20%; trading will be suspended directly to 14:55 if the price rises or fall by more than 30%; no fusing after 14:55 .
In addition, the Shenzhen Stock Exchange stipulates that the quotation range during the call auction stage on the first day of bond listing must be within 30% of the issue price. The effective bidding range for continuous bidding and closing call bidding is 10% of the latest transaction price.
1. T+0 trading
Unlike stocks, convertible bonds adopt the T+0 trading rule, that is, convertible bonds bought on the same day can be sold on the same day. And can trade again.
2. Transaction time
Can be transferredThe bond listing and trading hours are 9:15-9:25, 9:30-11:30, and 13:00-15:00 on each trading day. Among them, 9:20-9:25 is the call auction time, during which order cancellation is not accepted.
3. Transaction quantity
The transaction quantity is 1 lot or its integer multiple, and the corresponding face value is 1,000 yuan or its integer multiple.
The introduction of when the Shanghai Bank Convertible Bond will be listed and the estimated price of the listing, I hope it will be helpful to everyone. You also need to know what to contact customer service.