南银转债，强赎倒计时？！

Core Viewpoint - The article discusses the recent trend of bank convertible bonds triggering early redemption conditions due to the strong performance of bank stocks, leading to a reduction in the supply of these bonds in the market [2][10]. Group 1: Bank Convertible Bonds - Nanjing Bank's stock price has remained above 130% of the conversion price for several trading days, indicating that its convertible bond is about to trigger early redemption conditions [2][4]. - Other bank convertible bonds, such as Chengdu Bank and Suzhou Bank, have already exited the market due to similar conditions, with Nanjing Bank potentially becoming the fourth this year to do so [2][10]. - The strong performance of bank stocks is expected to alleviate the repayment pressure on convertible bonds and enhance core Tier 1 capital [2][10]. Group 2: Market Dynamics - As of May 29, the unconverted balance of Nanjing Bank's convertible bonds was 6.402 billion, representing 32.01% of the total bonds [8]. - The exit methods for convertible bonds include conversion, redemption, and maturity payment, with a strong inclination towards conversion due to the need for core Tier 1 capital [8][10]. - The article notes that the supply of large-cap bank convertible bonds is becoming scarce, which may lead to increased demand and potential price appreciation [11]. Group 3: Historical Context - Historically, bank convertible bonds have struggled to meet early redemption conditions due to low stock prices, but recent strong performance has changed this dynamic [10]. - The issuance of convertible bonds by banks is primarily aimed at low-cost financing and enhancing capital adequacy through conversion [10][11]. - The article highlights that the total outstanding bank convertible bonds may decrease from approximately 170 billion to around 100 billion, further emphasizing their scarcity [11].