华泰固收：快速壮大的港股可转债市场

Core Viewpoint - The Hong Kong convertible bond market is experiencing rapid growth due to advantages such as low financing costs, high issuance efficiency, and a flexible regulatory environment, attracting many large Chinese enterprises to issue convertible bonds in Hong Kong [1] Group 1: Market Characteristics - The Hong Kong convertible bond market, although established early, has expanded relatively slowly, resulting in a smaller existing scale and lower liquidity compared to the A-share market [1] - The market is characterized by a high degree of institutionalization and a predominance of private placements, which contributes to its unique dynamics [1] Group 2: Pricing and Trading Strategies - Some Hong Kong convertible bonds can be directly compared to corresponding equity options, and the well-developed trading mechanisms in the Hong Kong market allow investors to employ various strategies such as pure long positions, delta-neutral arbitrage, and credit hedging [1] - The terms of Hong Kong convertible bonds typically do not include down-round provisions, and they offer high flexibility in redemption and put options, along with relatively low coupon rates, leading to a bond-like nature and a higher default rate [1]