南银转债进入退市倒计时 银行转债降至8只

Core Viewpoint - The imminent delisting of Nan Yin Convertible Bonds marks a significant trend in the banking convertible bond market, with multiple bonds facing similar fates this year, indicating a potential shift in investor sentiment and market dynamics [1][2][4]. Group 1: Upcoming Delistings - Nan Yin Convertible Bonds will be delisted from the Shanghai Stock Exchange on July 18, following its last trading day on July 14 and last conversion day on July 17 [1]. - This will be the second bank convertible bond to be delisted in July and the fourth this year, highlighting a concerning trend in the sector [1][2]. Group 2: Redemption and Conversion Details - Investors can either trade Nan Yin Convertible Bonds in the secondary market or convert them at a price adjusted to RMB 8.02 per share starting June 23, 2025, or face forced redemption at RMB 100 per bond plus accrued interest [2]. - The recent delisting of Hang Yin Convertible Bonds, which had a conversion ratio of 99.39%, indicates a significant shift in the market, with only 0.61% remaining unconverted [2]. Group 3: Market Impact and Trends - The delisting of bank convertible bonds is expected to significantly impact the convertible bond market, leading to a reduction in supply and potentially increasing the scarcity of high-quality bonds [5]. - The total balance of bank convertible bonds has decreased from nearly RMB 300 billion at its peak in 2023 to below RMB 150 billion, with market share dropping from 40% to approximately 20% [5][6]. - Institutional investors are adjusting their strategies, moving away from bank convertible bonds towards other assets, such as utility bonds, which offer stable dividends [5][6].