【申万固收|转债】转债定价策略的“理想”与“现实”——转债凸性与定价系列报告之三

Core Viewpoint - The article discusses the ideal versus the reality of convertible bond pricing strategies, focusing on the convexity of convertible bonds and its implications for pricing models [2] Group 1: Convertible Bond Pricing Strategies - The article highlights the importance of understanding the convexity of convertible bonds in pricing strategies, which can significantly affect investment decisions [2] - It emphasizes that while theoretical models suggest certain pricing behaviors, real market conditions often deviate from these ideals, leading to discrepancies in expected versus actual pricing [2] Group 2: Market Conditions and Implications - The analysis indicates that market volatility and investor sentiment play crucial roles in the pricing of convertible bonds, often leading to a misalignment with theoretical models [2] - The article provides data on recent trends in convertible bond issuance and pricing, noting a significant increase in issuance volume, which reached a record high of 100 billion in the last quarter [2]