又见银行转债强赎

Core Viewpoint - The continuous strength in the banking sector has led to multiple bank convertible bonds being redeemed early, with Hangzhou Bank's convertible bond being the third to exit the market this year due to favorable stock performance [1][2]. Group 1: Early Redemption of Convertible Bonds - Hangzhou Bank announced the early redemption of its convertible bond, triggering the conditional redemption clause as the stock price exceeded 130% of the conversion price for 15 trading days [2]. - The bond, issued on March 29, 2021, has a total of 150 million units with a face value of 100 yuan each and a maturity of six years, set to expire on March 29, 2027 [2]. - The trend of early redemptions in bank convertible bonds is linked to the recent strong performance of bank stocks, which have improved significantly compared to previous years [2][3]. Group 2: Market Trends and Data - As of May 27, the scale of AAA-rated convertible bonds has shrunk to approximately 252.73 billion yuan, down from 291.27 billion yuan at the end of 2024, indicating a reduction of nearly 40 billion yuan in less than six months [4]. - The market currently has 10 bank convertible bonds, with the total scale potentially decreasing from around 170 billion yuan to approximately 100 billion yuan due to accelerated redemptions [6]. - The lack of new bank convertible bond issuances since 2023, combined with the upcoming maturity of existing bonds, is expected to lead to a rapid contraction in the scale of bank convertible bonds by 2025 [7].