Core Viewpoint - The convertible bond market is experiencing a significant increase in early redemption rates, driven by a recovering equity market and favorable policies, with the strong redemption rate approaching 70% in 2024. Group 1: Market Trends - Since the fourth quarter of 2024, the equity market has shown a warming trend, leading to changes in the exit paths of convertible bonds [1] - In the first half of 2024, 52.94% of convertible bonds exited through strong redemption, which increased to 64% in the second half due to rising stock prices and favorable policies [1] - As of now, the strong redemption rate has further increased to nearly 70% [1] Group 2: Redemption Statistics - As of May 8, 2024, 49 convertible bonds have been delisted from exchanges, with 34 of them (69.39%) exiting through strong redemption [2] - In 2020, 95.89% of the 73 convertible bonds that exited the market did so via strong redemption, while this percentage has decreased in subsequent years [4] - In 2024, only 50 out of 84 convertible bonds exited through strong redemption, indicating a shift in redemption methods [4] Group 3: Factors Influencing Redemption - The increase in strong redemption probability is attributed to the overall positive sentiment in the equity market, which has been bolstered by economic policies since September 2023 [4][5] - Companies are motivated to redeem convertible bonds to convert debt into equity, thereby reducing future financial costs and debt pressure [5][6] Group 4: Market Size and Supply - The convertible bond market is experiencing a contraction in its stock size, with fewer than 500 convertible bonds and a total scale of less than 7000 billion yuan, down from over 8700 billion yuan at the end of 2023 [8] - The shrinking market size implies a reduction in investable assets, which may influence investors' strategies [8] - The decrease in AAA-rated convertible bonds has been particularly notable, with their scale dropping from nearly 4200 billion yuan at the end of 2022 to 2624.46 billion yuan as of May 12, 2024 [9] Group 5: Investment Opportunities - The convertible bond market has outperformed the broader market, with the convertible bond index rising 3.86% compared to a 0.69% increase in the Shanghai Composite Index since the beginning of the year [11] - The unique risk-return profile of convertible bonds, characterized by unlimited upside potential and downside protection, makes them attractive in the current market environment [11][12] - The strong redemption process is expected to create opportunities for valuation increases and attract more capital into the convertible bond market [12]

2024年四季度以来，权益市场整体呈现回暖走势，可转债市场的退出路径出现新的变化。 据证券时报记者统计，2024年上半年，由于市场行情比较低迷，以强赎方式退出的转债占比为52.94%，2024年下半年，在正股价格攀升、政策利好叠加的推动下， 转债强赎退出比例提升至64%。今年以来，转债强赎退出比例进一步提升，截至目前已接近70%。 多位受访人士指出，今年以来，A股市场持续保持稳定走势，是可转债市场提前赎回现象增多的重要背景，也为存量可转债估值提升和活力改善创造有利条件。可 转债强赎案例增多，将进一步提升转债市场的吸引力，吸引更多资金流入转债市场。 强赎占比提升至70% 5月8日，博杰转债发布公告称，根据中国结算的数据，截至赎回登记日收市后，博杰转债尚有8445张未转股，赎回价格为100.70元/张，共计支付赎回款85.04万元。 赎回完成后，博杰转债将不再流通或交易，并自5月8日起在深圳证券交易所摘牌。 记者注意到，今年以来，已有49只转债从交易所摘牌。从转债退出方式来看，今年以来，转债市场以强赎方式退出的占比明显提升。数据显示，在目前已从交易所 摘牌的可转债中，有34只可转债因触发提前赎回条款退出了转债市场 ...