千亿元核电巨头大动作

Core Viewpoint - China General Nuclear Power Corporation (CGN) has launched a public offering of 4.9 billion yuan convertible bonds, which is the second-largest issuance of convertible bonds this year, amid a low supply of new bonds in the market [1][4]. Group 1: Convertible Bond Issuance - The convertible bond, named "CGN Convertible Bond," has an initial conversion price of 3.67 yuan per share and a credit rating of AAA [4]. - The funds raised will be used for the construction of the 5th and 6th units of the Lufeng Nuclear Power Plant in Guangdong [5]. - The issuance is expected to improve the market's supply-demand situation, as the convertible bond is considered a top-tier product due to its size and rating [7]. Group 2: Market Context - The market for convertible bonds is currently experiencing a decline in new issuances, while the number of bonds being delisted, particularly bank convertible bonds, is increasing [1][8]. - Recent delistings include the Hangzhou Bank Convertible Bond and the South Bank Convertible Bond, indicating a tightening market for convertible bonds [8]. Group 3: Impact on Subscription Rate - Historical data shows a positive correlation between the issuance size of convertible bonds and the subscription rate, with larger issuances typically resulting in higher subscription rates [10][11]. - The subscription rate for CGN's convertible bond is expected to be significantly higher, although it may be influenced by the participation of the controlling shareholder, CGN Group [12].