QILU BANK(SH:601665) Zheng Quan Shi Bao·2025-08-05 18:50Core Viewpoint - The forced redemption of convertible bonds is accelerating, leading to a significant reduction in the total outstanding amount of convertible bonds in the market [1][4]. Group 1: Market Dynamics - As of August 5, 2023, 71 convertible bonds have been delisted from exchanges this year, with 51 of these delistings attributed to forced redemptions [2][3]. - The total outstanding amount of convertible bonds has decreased by 80.564 billion yuan to 653.058 billion yuan [4]. - The current market environment, characterized by a recovering equity market and declining financing costs, is contributing to the acceleration of forced redemptions [1][3]. Group 2: Supply and Demand - The issuance of new convertible bonds has been limited, with only 26 new bonds issued this year, totaling 40.579 billion yuan, which is still significantly lower than peak years like 2022 [5][6]. - The tightening of refinancing regulations by the China Securities Regulatory Commission has further restricted the issuance of new convertible bonds, leading to a slowdown in the market [6][7]. - The expected issuance of convertible bonds in the second half of the year is projected to be less than 20 billion yuan, while over 40 billion yuan of convertible bonds are set to mature [7]. Group 3: Investor Sentiment and Market Trends - Despite the reduction in supply, demand for convertible bonds remains high, particularly among institutional investors seeking "fixed income plus" products [8]. - The increasing number of forced redemptions is making investors more cautious, as it compresses the selection space for bonds and amplifies trading demand [8]. - The current market conditions are likely to maintain a high premium rate for convertible bonds, as the overall supply continues to decline [8].