8月7日晚间，齐鲁银行发布公告称，8月8日为齐鲁转债最后一个交易日，8月13日为齐鲁转债最后一个 转股日。提前赎回完成后，齐鲁转债将于8月14日在上交所摘牌。 齐鲁转债将是今年第五只摘牌的银行转债，齐鲁转债退市后，银行可转债将仅剩7只。 今年10月，一旦 浦银转债到期摘牌，银行转债的规模将降至1000亿元之下，若假设常银转债、上银转债能够完成促转 股，年末剩余兴业转债、重银转债、青农转债、紫银转债4只转债合计剩余规模约639亿元，银行转债的 稀缺性进一步提升。 齐鲁转债即将退市 齐鲁银行提示，投资者所持齐鲁转债除在规定时限内通过二级市场继续交易或按5元/股的转股价格进行 转股外，仅能选择以100元/张的票面价格加当期应计利息（合计100.7068元/张）被强制赎回。若被强制 赎回，投资者可能面临较大损失。 齐鲁转债原为2028年到期，因正股股价上涨，触发了该债券的强制赎回条款。齐鲁银行在公告中表示， 6月3日至7月4日期间，公司股票已有15个交易日收盘价不低于齐鲁转债当期转股价格的130%（含 130%），已触发齐鲁转债有条件赎回条款。 信达证券分析师张晓辉表示， 齐鲁转债完成转股后，将有利于进一步补充核心一 ...

Core Viewpoint - The A-share market is witnessing a rapid decline in the convertible bond "water reservoir" due to several small and medium-sized listed banks exercising strong redemption of their convertible bonds, creating a significant investment opportunity despite new bond issuances accelerating [1][2]. Group 1: Market Dynamics - Several banks, including Qilu Bank and Hangzhou Bank, have triggered strong redemption clauses for their convertible bonds, with a total issuance amount of 48 billion yuan involved [1][2]. - The overall market for bank convertible bonds is expected to face a shortfall of over 100 billion yuan, as the supply of convertible bonds is decreasing while demand remains high [4][5]. - The banking sector's strong performance, with a 16.02% increase in the A-share banking sector in Q2, has facilitated the successful conversion of convertible bonds into equity [2][3]. Group 2: Investment Strategies - Institutional investors are adjusting their strategies in response to the shrinking supply of bank convertible bonds, with a potential shift towards high-rated convertible bonds and promising growth bonds in emerging industries [4][6]. - The current market environment is prompting funds to seek out assets with strong equity characteristics and stable debt foundations, particularly in sectors like banking and energy [6][7]. - There is a growing interest in new convertible bonds, with companies like China General Nuclear Power Corporation planning to issue 4.9 billion yuan in convertible bonds, although the overall issuance pace is still lagging behind the redemption of existing bank bonds [7][8]. Group 3: Future Outlook - The reduction in bank convertible bond supply is expected to impact both private and public fund investment strategies, necessitating a reevaluation of portfolio allocations [4][5]. - The market anticipates that banks may return to issuing new convertible bonds in favorable market conditions, particularly when stock prices rise, indicating a potential for future capital replenishment [9].

Core Viewpoint - The banking sector has shown strong performance in 2023, leading to a significant increase in bank convertible bonds, with many set to exit the market, raising questions about asset allocation for institutional investors [1][2][3]. Group 1: Market Dynamics - Several bank convertible bonds, including Hangzhou Bank and South Bank, have completed their market conversion and delisting, with a total estimated reduction of around 100 billion yuan in bank convertible bonds this year [1][2]. - The strong redemption mechanism of convertible bonds is closely linked to the performance of the underlying bank stocks, which have been rising recently [1][2]. - The total outstanding convertible bonds as of July 8 was approximately 664.65 billion yuan, a decrease of 68.98 billion yuan since the beginning of the year, with projections suggesting it may fall below 600 billion yuan by the end of the year [3][6]. Group 2: Institutional Investment Trends - Convertible bonds have become a key asset in the "fixed income plus" strategy for asset management products, with institutions increasingly favoring them due to their low volatility and high returns [3][4]. - The demand for bank convertible bonds remains high due to their strong credit quality and risk resistance, despite a slowdown in new issuances [3][4]. - Institutions are now seeking to diversify their asset allocation strategies, looking for alternative high-yielding base assets as the supply of convertible bonds decreases [5][7]. Group 3: Future Outlook - The shrinking supply of bank convertible bonds and the ongoing demand may lead to a situation where valuations become difficult to maintain, prompting institutions to explore other investment opportunities [6][7]. - Analysts suggest that the current market conditions may create short-term trading opportunities in bank convertible bonds, despite their high valuations [6][7]. - The focus may shift towards convertible bond ETFs and other asset classes like REITs and thematic ETFs as institutions adapt to the changing market landscape [6][7].