Group 1 - The convertible bond market is experiencing a surge in issuance as the year-end approaches, with investors showing high enthusiasm for new offerings [1][2] - Five new convertible bonds have been launched in December, covering various cutting-edge sectors such as smart manufacturing and electronic technology, with total issuance reaching 30.23 billion yuan, an increase from 28.63 billion yuan in November [2] - The total number of convertible bonds issued this year has reached 47, with a total issuance scale of 623.12 billion yuan, showing a significant increase compared to 41 bonds and 367.57 billion yuan in 2024 [2] Group 2 - Despite the increase in new bond issuance, the market remains in a state of supply-demand imbalance, with the total market size of outstanding convertible bonds shrinking to 561.86 billion yuan, down 171.77 billion yuan from the beginning of the year [4] - A total of 158 convertible bonds have exited the market this year, including several large-scale bonds, indicating a trend of market contraction [4] - The number of convertible bonds maturing in 2026 is significant, with 68 bonds totaling approximately 81.2 billion yuan, which is expected to contribute to continued market contraction [5] Group 3 - The valuation of convertible bonds is expected to remain high due to a recovering equity market, particularly in the technology sector, with several brokerages predicting stable but elevated valuations in 2026 [6][7] - The demand for convertible bonds is anticipated to remain strong, especially from "fixed income plus" products, which will support high valuations amid a tight supply-demand balance [7] - The optimistic outlook for the equity market, driven by policy incentives and strong demand for equity assets, is expected to bolster the value of convertible bonds [7]
可转债打新火了！年末迎发行小高峰 新券上市表现强劲
Zheng Quan Shi Bao·2025-12-15 11:59