Why is the net value of some convertible bonds lower than the face value of their convertible bonds?

The net bond value of the convertible bond is the value of the ordinary interest-paying bond constituted by the repayment of the principal at maturity, and the value of the convertible corporate bond should be the higher of the pure bond value and the conversion value, where the conversion value is not less than 112 yuan, and the convertible bond value is not less than 112 yuan. Because convertible bonds are bonds with coupon rates lower than the market interest rate at the cost of diluting equity in the future. The value of pure debt is the present value of the principal and interest discounted, and the coupon rate is lower than the market interest rate.

Generally speaking, convertible bonds are below face value, because the lower the amount, the higher the interest rate. If interest rates are too low, investors may not make much money.

For friends who enter the bank in order to obtain additional income, although the income is high but there is a high risk, although the risk of the deposit bank is small, the interest has also decreased. So what to invest in has relatively low risk and higher return? Yes, convertible bonds are worth your investment.

Senior sister will talk about the content of convertible bonds today and how to control it. Before you start, you might as well get a wave of benefits first--the **list selected by the institution is freshly released, don't miss it when you pass by: [Top Secret] The **list recommended by the agency is leaked, and you can get it quickly within a limited time!!

2. How to buy and sell convertible bonds? How do I transfer shares?

a) How to buy and sell.

1. Participate in the issuance.

When you hold the corresponding ** of the bond, then you can get the qualification of preferential allotment; If you do not hold shares, you can only participate in the subscription and new listing, and the qualification for ** is to win the lottery. After the bond is listed, it can only be sold after priority placement and subscription for new listing.

2. Post-listing participation.

There is no difference between the buying and selling operation and the ** and **, the ** of convertible bonds are also changing in real time, the difference is that there are 10 convertible bonds in 1 lot, and it follows the operation mode of T+0 trading, that is to say, investors can buy and sell at any time.

2) How to transfer shares.

It is not possible to transfer shares during the transfer period. As far as the current market situation is concerned, the convertible bond conversion period of the transaction is generally six months after the end of the issuance to the maturity date of the convertible bond, and you can convert the shares for free on any trading day during the period.

3. What is the relationship between convertible bonds?

There is still a particularly strong correlation between the ** convertible bond and the stock price, if it is in the ** bull market, the ** of the convertible bond will rise with **, if it is in the bear market, it will fall together. In particular, convertible bonds are less risky than **, and the resale and bonds can guarantee the minimum of convertible bonds. But I advise you to invest in convertible bonds, you must also know the trend, if you don't know a certain **, just click on this link, enter what you want to know, and conduct in-depth analysis:

Free to test your current valuation position?

As we all know, the value of a bond is added up by dividing the cash flow of each period by the corresponding discount rate. The cash flow of each period is the interest of the bond, but the cash flow of the last period needs to be careful, there are often pitfalls here, and the last period of convertible bonds often gives interest rate compensation, such as 10% of the face value, that is, 110 yuan, the key is that some convertible bonds of this 110 include the last period of interest, while some do not.

The above content is introduced here, and friends with different views can talk about it below.

There are four formulas for the value of pure debt, and pure debt refers to the simple use of convertible bonds as the value of corporate debt, which is related to the issuance premium rate.

It can be calculated by a formula, conversion value = stock price conversion price * 100.

Convertible bonds have a lower interest rate than regular bonds because they can be converted into corporations within a specific period of time**. General bonds can be in the secondary market.

can also be held at maturity to obtain principal and interest. While the convertible bond has the above rights, it can also be converted into a company ** when the conversion of shares is favorable, and obtain excess benefits, as a consideration, its issuance interest rate is lower than that of general bonds. Investors who hold convertible bonds generally pay attention to the value of the convertible shares before converting their shares, and only convert them into companies when the conversion is profitable.

I'm not sure if it's profitable, but if you want to get such an opportunity, you will pay a price.

Extended Materials. 1. Convertibility is a convertible bond.

Bondholders can convert bonds into ** on agreed terms. Conversion is an option that investors enjoy that is not available in ordinary bonds. Convertible bonds are expressly agreed at the time of issuance, and bondholders can convert the bonds into ordinary bonds of the company in accordance with the ** agreed at the time of issuance**.

If the bondholder does not want to convert, they can continue to hold the bond until the repayment period expires to receive the principal and interest, or liquidate it in the liquid market**. If the holder is optimistic about the potential of the bond issuer to increase its value, he or she can exercise the right to convert the bond into ** according to the predetermined conversion after the grace period, and the bond issuer shall not refuse. Because of its convertibility, the interest rate of convertible bonds is generally lower than that of ordinary corporate bonds, and the issuance of convertible bonds by enterprises can reduce the cost of financing.

2. Holders of convertible bonds also have the right to sell back the bonds under certain conditions.

The right to the issuer, the issuer has the right to redeem the bond compulsorily under certain conditions. Convertible bonds have the dual characteristics of bonds and **, making them attractive to both businesses and investors. In 1996, China decided to select qualified companies to carry out the pilot of convertible bonds, and in 1997, it promulgated the "Convertible Corporate Bonds".

In April 2001, the China Securities Regulatory Commission (CSRC) promulgated the Implementation Measures for the Issuance of Convertible Corporate Bonds by Listed Companies, which greatly regulated and promoted the development of convertible bonds.

3. Convertible bonds have the characteristics of double options. On the one hand, investors can choose whether to convert into shares, and bear the cost of the lower interest rate of the convertible bonds. On the other hand, the issuer of the convertible bond has the option of whether or not to implement a redemption clause and is required to pay a higher interest rate than a convertible bond without a redemption clause. Double option is the most important financial feature of convertible corporate bonds, and its existence limits the risk and return of investors and issuers within a certain range, and can be used to hedge **.

Get more certainty of your benefits.

There are both claims and options, this kind of thing is hard to find, and the face value of ** is one yuan, you know?! How much does it cost? This thing is better than **, how much do you say it's worth?!

Convertible bondsThere are two important attributes: debt and **. When the underlying stock is lower than the convertible share price, the value of the convertible bond is mainly reflected in the value of the debt, and a large premium may be seen in the transaction**; When the underlying stock reaches a convertible stock price, it mainly depends on its share price, and it is not known how much it can **.

This is why convertible bond income is said to be "not capped at the top, but guaranteed at the bottom".

Convertible bonds are a minority**t 0 with many trading varieties and many selectivity. At present, there are nearly 400 convertible bonds traded, and ** is a T1 trading system. In addition, the convertible share price of the convertible bond can be repaired, and it is clearly agreed in the terms of issuance, so the ** value of the convertible bond may be greatly increased.

A convertible bond is a type of bond that has the basic attributes of guaranteed principal and interest. At the same time, it is also a bond issued by a listed company, which has the best option attributes, that is, the investment target of the convertible bond that people expect from the top to the top and the bottom to the bottom.

In addition, a public company that is able to issue convertible bonds is a better business. At present, there are more than 4,000 listed companies, and only more than 200 listed companies issue convertible bonds. On the one hand, it explains the safety of convertible bonds, and on the other hand, it is scarce.

Scarcity is expensive. So, once we understand the excellent attributes of convertible bonds, we will love it.

At the same time, the implementation of the T+0 mode can be used for the first conversion of bonds, which can be bought and sold many times a day, as long as the swing beat is adopted, a lot of income can be obtained in a day, because of the T+0 transaction, when there is a short.

When the trend occurs, you can immediately sell to protect the principal, which is more profitable and safe than ** First of all, open a ** trading account, save some cash, you don't need a lot of one or two thousand, the most glorious time has passed, and now it is too difficult to get new debts. For example, as long as you have oneAccountsAs long as you have issued bonds, you can buy the top, that is, 10,000 bonds, and each lot is equal to 10 bonds, which means that each purchase of convertible bonds can reach 1 million yuan.

The biggest advantage of the debt is that it will be very low, and it can be bought by some people who don't know how to buy it, and the main reason for being willing to buy this is that it is very convenient and convenient, and it can make a little money.

The rate of return of convertible bonds is relatively high, close to the stock price, and after buying a convertible bond, it can be sold to the company within 30 trading days, and can obtain interest income, and then you can also choose the model of buying low and selling high.

The advantage is that the cost is also very low, the interest is also very low, the issuance is high, there is no need for credit consumption, and the hail can be converted at any time, and the rate of return is as high as 10%.

The advantage is that the profit is relatively high. Ruheng's development is relatively stable, the risk is relatively small, and the transaction process is relatively long, which is sought after by many people in the market. The advantages of this kind of convertible bonds are more obvious, so they will be loved by people.

Convertible bonds are traded in the T+0 model, but the ordinary ** is the T+1 model, the probability of convertible bonds is relatively safe, and then the interest is also guaranteed by the Bureau, if the enterprise rises rapidly, then the yield will also become higher, you can balance equity and debt financing, and the cost is relatively low. Celery.

The trading rules of convertible bonds are T+0, so they can be bought and sold on the same day, and Huizi can obtain a part of the economic income and profits, which can prevent the dilution of profits, and the stock price is relatively stable compared to Shifan, the profit value is relatively high, and there is the potential for long-term growth, so it is loved by many investors.

The average rate of return is high, and there is no need for credit rating, the cost is relatively low, and the interest is relatively low. So people like to invest.

Because although the risk is greater, the return is greater than that of convertible bonds.

First of all, it is necessary to have a certain amount of funds to open the GEM.

Few migrant workers and students are eligible for the opening.

Those elites are opened, they don't have time to look at it, they can't buy it.

Rich people don't want to play.

Only housewives, shopkeepers, charter owners, gnawing old people, social idlers, etc. play.

The income is high and stable, and it is the rumors of big-mouthed losers and bond-issuing companies to induce them into the pit.

There are a lot of people who buy it, but the money is gone.

What I can do is, as with the underlying stock, wait for the pattern to improve, and everyone, including me, is impatient.

Because the purchase of convertible bonds requires certain conditions, and the process of purchasing convertible bonds is very troublesome, and various processes need to be followed.

A lot of people don't know about convertible bonds. Many people don't know about convertible bonds, so fewer people buy them.

The transaction fees for convertible bonds are mainly transaction commissions and processing fees (depending on the fees charged by different companies, which are basically between 1-1 yuan).**Stamp duty is also charged on transactions (the current policy does not allow the transaction commission to be exempted from 5 yuan, that is, the transaction is a transaction, the minimum commission rate is 5 yuan, and the stamp duty that must be paid by the state is calculated at 1/1000 of the transaction amount). There is no price limit for convertible bonds. As long as the market allows **** or **, it is possible.

However, there are limits on the rise and fall of China** trading. The daily limit of the Shanghai and Shenzhen main boards is limited to 10%, and the daily limit of the ChiNext and technological innovation boards is limited to 20%.

**Transactions are T1 transactions. But convertible bonds can be traded intraday trading, i.e. t 0 trading. Investment thresholds.

The minimum unit of convertible bonds** is 1 lot, 1 lot is 10 lots, and the face value of the bonds at the time of issuance is 100 yuan. The corresponding minimum ** amount is 1,000 yuan. The expected interest income of convertible bonds is generally lower than that of other bond types, and the annual interest rate is generally less than 2%.

As a result, expected interest income is usually not the primary profit of the convertible bond**. Rather, it is just a lower expected income, however, the expected return on the investment is uncertain. In general, ** losses are higher than on convertible bonds.

Convertible bonds are flexible and can be bought or sold, and can be converted into **. Interest and expected returns, the investment risk is moderate, and ordinary investors can also participate. **It is a typical high-risk investment variety, and investors with weak risk tolerance should not buy it.

When an enterprise goes bankrupt, the order of repayment of claims takes precedence. Learn from ** investment first! This year, I have an income of 20%, but I still don't dare to play, because the market is not going, I have been in a bear market, and it is still safe!

Having said so many benefits, I believe you should have a good answer to convertible bonds than **, in short, buy low-priced convertible bonds, wait for strong redemption, most convertible bonds in history will complete the mission of strong redemption, not before the strong redemption means that the listed company repays the money, which is the result of failure,The best result is to complete a strong redemption, investors can also make money, hold convertible bonds patiently, **low, can not chase ** and high premium rate of double high convertible bonds, especially demon bonds, not advisable, and finally hope to make money and achieve stable happiness.