What are the trading rules for convertible bonds?

1. Transaction methods.

Investors need to have an account to buy and sell convertible bonds, and the specific operation is similar to **. **After the convertible bond, investors can hold it until the principal and interest are paid at maturity, and they can also convert it into shares. T+0 trading can also be implemented by trading in the secondary market.

2. Transaction**.

The face value of 1 convertible bond is 100 yuan, and the unit of "lot" is declared when trading, and 1 lot is equal to the face value of 1,000 yuan, that is, at least 10 each time. For example, an investor buys 10 convertible bonds with a face value of $100 for $1,100, and the conversion price is $10 per share. Regardless of the handling fee, investors can only earn when the underlying stock price is higher than 11 clouds.

3. Transaction fees.

Investors are required to pay a certain commission and handling fee when trading convertible bonds, ** according to 2 of the total transaction amount, Shanghai Stock Exchange at RMB 1 (Shanghai) or 3 yuan (non-local) per transaction, after the transaction, at the time of delivery, according to 2 of the total transaction amount.

Convertible bonds are traded on T+0, and can be sold on the same day, with no limit on the rise and fall, and a temporary suspension mechanism (when the rise and fall of convertible bonds reaches 20%, trading will be suspended for 30 minutes.

When the rise and fall of convertible bonds reaches 30%, the trading will be suspended until 14:57, and if the suspension time of convertible bonds exceeds 14:57, 14:

57 points will automatically resume. The trading unit is 100 shares and their integer multiples, and the transaction is carried out in accordance with the real-time market **, following the principle of ** priority and time priority.

Further information: Convertible bonds are bonds that can be converted into a certain number of different bonds by the holder in a certain percentage or **over a certain period of time.

Convertible bond is the abbreviation of convertible corporate bond, also referred to as convertible bond, which is a special corporate bond that can be converted into ordinary ** at a specific time and under specific conditions. Convertible bonds have the characteristics of both debt and equity.

Like other bonds, convertible bonds have a specified interest rate and maturity, and investors can choose to hold the bonds to maturity and receive principal and interest.

Convertible bonds are pure bonds before being converted into **, but after being converted into **, the original bondholders have changed from creditors to shareholders of the company, and can participate in the company's business decisions and dividend distribution, which will also affect the company's share capital structure to a certain extent. Convertibility is an important sign of a convertible bond, and the bondholder can convert the bond into ** according to the agreed conditions.

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.

Holders of convertible bonds also have the right to sell the bonds back to the issuer under certain conditions, and the issuer has the right to forcibly redeem the bonds under certain conditions.

Convertible bonds have the dual characteristics of bonds and **, making them attractive to both businesses and investors.

Convertible bonds are characterized by a double option. 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, its existence makes the risk and return of investors and issuers limited to a certain range, and can use this feature to hedge the value of ** and obtain more certain returns.

The main rules for convertible bond trading are as follows:

The trading system can support users to buy and sell on the same day.

2.There is no limit on the price increase, and the volatility may be relatively large.

3.Convertible bond entrustment, trading, custody, **disclosure, trading time and A shares are the same.

4.The face value of convertible bonds is 100 yuan, the minimum unit of subscription is 1000 yuan per lot, and the upper limit of the subscription quantity of each account is 5000 lots.

5.Purchase Channel: Convertible bonds can be purchased through ** account.

Convertible bonds can not only be subscribed, but also listed and traded, as a special bond trading system will be different from **, investors can pay attention to the following six aspects.

1. T+0 trading system. Convertible bond trading implements the same day rotation trading system, which is known as T+0, and the convertible bonds of ** do not need to wait until the next trading day to sell, and can be sold on the same day.

2. There is no limit to the rise and fall. Everyone** sometimes makes the limit of the rise and fall of the fire, this convertible bond is much more enlightened, it does not set a limit on the rise and fall, so in a trading day, the amplitude may be very large.

3. Temporary suspension mechanism. Convertible bonds are T+0 transactions, and there is no limit on the rise and fall, in order to curb speculation, there will be a temporary suspension mechanism.

Taking ** convertible bonds as an example, if the intraday trading price of the convertible bond rises or falls by 20% or more for the first time compared with the previous ** price, trading will be temporarily suspended for 30 minutes.

When the intraday transaction price rises or falls by 30% for the first time compared with the previous ** price, trading will be temporarily suspended until 14:57, and trading will resume at 14:57 in case the suspension time exceeds 14:57.

4. Bidding** at least 10 tickets. Every 10 convertible bonds can be regarded as one lot, and they are traded at integer multiples of 10 at the time of **.

Some friends are not subscribed for the lottery but ** bonds, the bonds of listed companies are not necessarily 10 integer multiples, if there are fragmentary convertible bonds when selling, then it is necessary to declare and sell at one time.

5. The order of the transaction. At the time of bidding, the transaction is concluded according to the principle of time priority and priority, that is, if it is commissioned at the same time, the lowest one is preferred; In the same case, the one with the earlier entrustment time is preferred.

6. Trading hours. The trading hours of convertible bonds are the same as those of A-shares, that is, 9:30-11:00 a.m. on the trading day

30, 13:00-15:00 in the afternoon, the call auction time is 9:00 in the morning

It can be seen that there is still a big difference between the trading rules of convertible bonds and **. As an investor, it is important to understand the rules of trading, and also to understand how the transaction fee is calculated.

1.Trading Methods

Convertible bonds are implemented in the T+0 trading method, and its entrustment, trading, custody, transfer custody, ** disclosure, and trading time refer to A shares for convertible bonds, and the transaction will be terminated ten trading days before the end of the conversion period, and the exchange will announce that it can be transferred to custody with reference to the rules of A share ** trading one week before the termination of trading.

2.Transactions**

When buying and selling, use "hands" to declare, one hand is equal to 1,000 yuan, and at least 10 convertible bonds can be bought at one time. For example, an investor converts 10 convertible bonds with a face value of 100 yuan into 10 yuan per share.

3.Transaction costs

Investors are required to pay certain commissions and handling fees for buying and selling convertible bonds. The SZSE pays a commission of 2 of the total turnover, the Shanghai Stock Exchange pays a handling fee of 1 yuan (Shanghai) or 3 yuan (over-the-counter) for each transaction, and the transaction pays a commission of 2 of the total turnover. Convertible bonds generally have early redemption announcements, and investors should always pay attention to avoid unnecessary losses.

4.Disc method

More and more investors are buying convertible bonds, and the winning rate of buying convertible bonds is getting lower and lower. Investors can buy convertible bonds directly, similar to buying new shares. They can also obtain a right of first refusal by purchasing common shares in advance, or they can buy and sell convertible bonds in the secondary market through a pass-through account.

Trading rules of convertible bonds, convertible bonds are a relatively complex investment variety, investors should not invest blindly, but should fully understand the operation mechanism of convertible bonds, understand the corresponding terms, and be familiar with the trading rules before investing funds.

Let's start with the pricing of convertible bonds.

Theoretical value of convertible debt = value of pure debt + value of complex option.

The main factors affecting the value of the convertible bond are: the underlying stock**, the conversion price, the size of the underlying stock and the convertible bond, the historical volatility of the underlying stock, the maturity of the various options included, the market risk-free interest rate, the yield to maturity of the same qualified corporate bond, etc.

How to calculate the value of pure debt, we can calculate it by discounting the future cash flow of the debt.

The value of complex options can be determined by quantitative methods such as binary tree and stochastic simulation, mainly the comprehensive value of the included redemption, resale, modification and conversion options.

The relationship between the theoretical value of convertible bonds, the value of pure debts and the value of equity conversion is as follows:

When the underlying stock is ****, the convertible debt is close to the value of the pure debt;

In the case of the underlying stock, the convertible bond** is close to the value of the convertible bond, and the part of the convertible bond** that is higher than the value of the pure debt is the market for the complex options contained in the convertible bond**.

The investment income of convertible bonds mainly includes: coupon interest income, bid-ask spread income and volume arbitrage income.

Second, understand what are the trading methods of convertible bonds.

Convertible bonds are traded on T+0, and their entrustment, trading, custody, transfer of custody, ** disclosure, and trading time are handled with reference to A-shares.

The trading of the convertible bonds shall be terminated ten trading days before the end of the conversion period, and the exchange shall make an announcement one week before the termination of trading. You can transfer to custody, refer to the rules of A shares.

Next, let's look at the transaction fees of convertible bonds.

**: Investors should pay a commission to the brokerage, the standard is 2 of the total transaction amount, and if the commission is less than 5 yuan, it will be charged at 5 yuan.

Shanghai Market: Investors who entrust brokerages to buy and sell convertible corporate bonds are required to pay a handling fee of RMB 1 per transaction in Shanghai and RMB 3 per transaction in other places. After the transaction, when the transaction is handled, the investor should pay a commission to the brokerage, the standard is 2 of the total transaction amount, and if the commission is less than 5 yuan, it will be charged at 5 yuan.

Finally, let's take a look at the purchase path of convertible bonds.

The purchase of convertible bonds is still relatively new to most investors, and they do not know how to buy and where to buy convertible bonds.

There are several ways in which investors can directly or indirectly participate in convertible bond investments.

First, you can directly subscribe for convertible bonds in the same way as you subscribe for new shares.

For specific operations, enter the **, **, quantity, etc. of the converted bonds, and finally confirm them. The face value of convertible bonds is 100 yuan, and the minimum unit for subscription is 1 lot (10 lots). Industry insiders said that because the convertible bond subscription 1 lot requires less funds, it has obtained more allocation numbers, and the probability of winning 1 lot is higher than that of subscribing for new shares.

Second, in addition to direct subscription, investors obtain the right of first refusal by purchasing the underlying shares in advance.

Since the issuance of convertible bonds will generally give priority to the old shareholders, investors can ** the underlying shares before the equity registration date, and then exercise the placing right on the placing date to obtain the convertible bonds.

Third, in the secondary market, investors can also buy and sell convertible bonds as long as they have a ** account. The specific operation is similar to buying and selling**.

Convertible bond transactions, generally referred to as convertible bond transactions, refer to the circulation and transfer activities of convertible bonds. Convertible bonds have the dual nature of debt and equity. On the one hand, the bondholder can choose a favorable time to request the issuing company to convert the bond into ** according to the specified ** and proportion within the specified conversion period; On the other hand, it can be held until the repayment period expires to recover the principal and interest.

At the same time, such bondholders can also choose to sell them on the ** trading market to achieve gains.

Convertible bond trading rules

1. Trading unit:

The minimum trading unit of convertible bonds is "lot", 1 lot = 10 lots. When entrusting transactions, some brokers display "1 lot", and some brokerages display "10 lots", which means the same.

Time first, ** first. If it is entrusted at the same time, the lowest one will be preferred; If the same ** is entrusted, the earlier one will be preferred.

For example, the opening price of a convertible bond on the first day of listing is 130 yuan, and the 128 entrusted to sell is sold at 130 yuan, and the entrusted 130 yuan may not be able to be traded - the transaction may be completed by submitting a 130 yuan sell order at 9:15, and the transaction of submitting a 130 yuan sell order at 9:23 is not completed.

People often ask why it is clear that the ** of the commission has arrived, but the transaction has not been completed, because there are many people who entrust it, and the queue is not queued.

9:15 to 9:25 is the opening call auction time.

9:30 to 11:30, 13:

From 00 to 14:57 is the continuous bidding time. During this time period, the SSE convertible bond entrustment** cannot exceed 10% of the current transaction**, and the excess order is invalid.

More than 10% of the convertible bond entrustment** of the Shenzhen Stock Exchange can be entrusted.

14:57 to 15:00 is the ** bidding time.