可转债强赎提速，存量规模下降，“老龄化”凸显

Core Viewpoint - The accelerated forced redemption of convertible bonds is leading to a significant reduction in their total outstanding volume, highlighting an aging market and increasing supply-demand imbalance [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 due to forced redemption, resulting in a total outstanding volume decrease of 80.564 billion yuan to 653.058 billion yuan [1][4]. - The recovery of the equity market, coupled with declining financing costs, has accelerated the forced redemption and delisting of convertible bonds [1][2]. - The average remaining maturity of convertible bonds triggering forced redemption has been decreasing, indicating a growing willingness among issuers to opt for forced redemption as the time for conversion diminishes [2][3]. Group 2: Supply Constraints - Only 26 new convertible bonds have been issued this year, totaling 40.579 billion yuan, which, while an increase from 2024, remains significantly lower than peak years like 2022 [5]. - The willingness of listed companies to issue new convertible bonds is constrained by previous market downturns, leading to limited funding needs [5][6]. - Regulatory changes, such as the new refinancing rules from the China Securities Regulatory Commission, have imposed stricter requirements on companies, further slowing the issuance of new convertible bonds [6][7]. Group 3: Demand and Investment Behavior - 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 they face new challenges in navigating the market [9]. - The shrinking supply of convertible bonds is expected to enhance overall market liquidity, as investors may turn to convertible bond ETFs for passive allocation [9].