NJBK(SH:601009) 证券时报·2025-06-09 12:41Core Viewpoint - Nanjing Bank has decided to exercise its early redemption rights for its convertible bonds due to the triggering of conditional redemption clauses, which may lead to significant losses for investors who do not act promptly [1][3][4]. Group 1: Early Redemption Announcement - Nanjing Bank announced the early redemption of its convertible bonds, which will be redeemed at face value plus accrued interest [1][3]. - The bonds are currently trading at 137.998 yuan per bond, and investors could face nearly a 30% loss if they do not act in time [4][6]. - The bank's stock price has remained above 130% of the conversion price for 15 out of 19 trading days, triggering the redemption clause [3]. Group 2: Market Implications - The number of bank convertible bonds has been decreasing, leading to a potential "asset shortage" for fixed-income funds and wealth management products [1][6]. - As several bank convertible bonds exit the market, the scarcity of high-quality convertible bonds is expected to persist, maintaining high valuations for these bonds [1][11]. - Currently, only 10 bank convertible bonds remain in the market, with several having triggered early redemption clauses, indicating a shrinking market [11]. Group 3: Investment Strategy Adjustments - Investors are advised to adjust their strategies in light of the declining supply of high-rated convertible bonds, as demand remains stable [11]. - The market for high-quality convertible bonds is expected to see increased valuations due to supply-demand imbalances, although this may also lead to some bonds trading above their intrinsic value, increasing investment risks [11].