【海外债市】 北美市场方面，当地时间周三（6月25日），美债收益率全线走低，2年期美债收益率跌4.02BPs报 3.7786%，3年期美债收益率跌1.14BPs报3.7484%，5年期美债收益率跌1.59BP报3.845%，10年期美债收 益率跌0.59BP报4.2906%，30年期美债收益率跌0.31BP报4.8311%。 新华财经北京6月26日电（王菁）债市周四（6月26日）稍回暖，国债期货主力多数收平，银行间现券收 益率回落1BP左右；公开市场单日净投放3058亿元，临近季末，资金利率涨跌互现，月内品种仍延续上 行。 机构认为，总量工具观察期，维持流动性充裕诉求下，预计MLF、买断式逆回购等常规流动性工具将 维持净投放。央行净投放展示呵护态度，但季末资金面仍存扰动，机构交易偏谨慎。债市关键变量仍然 缺位，震荡格局难免。 【行情跟踪】 国债期货收盘多数持平，30年期主力合约涨0.10%报120.720，10年期主力合约跌0.02%报108.950，5年 期主力合约持平于106.170，2年期主力合约持平于102.510。 银行间主要利率债收益率纷纷下行。截至发稿，30年期国债"25超长特别国债02"收益率 ...

Group 1 - The core viewpoint is that the convertible bond market is experiencing a bull market driven by policy support, supply-demand imbalance, and capital allocation needs, with the China Securities Convertible Bond Index reaching a new high since June 2015 [1] - Since September 24, 2024, the China Securities Convertible Bond Index has accumulated over a 20% increase, entering a technical bull market phase [1] - The supply-demand imbalance is a key driver of the bull market, with the market's outstanding scale shrinking from over 870 billion yuan at the beginning of 2024 to below 680 billion yuan currently [1] Group 2 - The median conversion premium rate in the convertible bond market is close to 30%, with some bonds exceeding 100%, indicating a high valuation state driven by supply-demand imbalance and capital [2] - Investors may not continue to allocate convertible bonds at high premiums if the equity market is extremely weak, as both conversion and holding to maturity could lead to losses [2] - The ongoing bull market in convertible bonds raises the risk of forced redemption, as companies often include redemption clauses that can be triggered under certain conditions [2] Group 3 - Overall, the valuation compression space for convertible bonds is limited under the current institutional capital allocation and supply contraction backdrop, while investors need to be cautious of forced redemption risks [3] - It is advisable to select convertible bonds with good credit quality and avoid those with potential rating downgrades [3] - Despite a noticeable decrease in the number of delistings in the convertible bond market this year, caution is still warranted for bonds with weak credit quality [3]

6月5日，第十八届HED中国峰会·上海隆重举办。本届峰会由财视中国主办，东吴证券联合主办，华安 资管、中信证券协办，标普全球财智展览赞助，高盈证券、QTX、CMS Hong Kong、东英资管、AlfaR Fund Services、Enfusion、Optiver银牌赞助，华金证券、蒙玺投资、千朔投资、友山基金、盈诚投资、 洛肯国际、汐泰投资作为合作伙伴，特许另类投资分析师协会、另类投资标准委员会、香港绿色金融协 会支持。峰会汇聚海内外顶尖金融机构决策者及资深专家领袖，围绕AI驱动配置、中国资产、海外基 金、指数投资策略等核心议题展开深度探讨，为全球资产配置提供前瞻性洞见。 主办方财视中国创始人兼首席执行官朱浩发表开幕致辞。朱浩表示，2025年资管行业面临变革机遇， AI技术正深度重塑投资范式。作为深耕中国资产管理领域十四年的专业平台，财视中国已服务超300家 持牌金融机构及1500余家私募基金，并成功将HED峰会打造为连接上海、香港、新加坡、中东等全球 资管中心的重要桥梁。本届峰会以"AI驱动·智慧投资·全球视野"为主题，汇聚海内外顶尖机构代表，旨 在通过跨地域、跨策略的深度对话，助力中国资管机构把握AI ...

Equity Research Report Bank of Nanjing (601009 CH) CB Conversions Solidify Capital, Offer Dividend & Growth Potential | Huatai Research | Quick Take | Rating (Maintain): | BUY | | --- | --- | --- | --- | | 11 June 2025 │ China (Mainland) | Regional Banks | Target price (RMB): | 13.29 | On 9 June 2025, Bank of Nanjing (BoN) announced that the conditional redemption clause of its convertible bonds (CBs) had been triggered. Rooted in the high-quality region of Jiangsu, BoN has delivered steady profit growth an ...

Nanterre, 30 April 2025 Determination of the final price of the additional €150 million tap issue of non-dilutive convertible bonds to be fully assimilated to the €400 million non-dilutive convertible bonds due February 2030 In connection with the placement of the €150 million tap issue of non-dilutive convertible bonds (the "New Bonds") to be fully assimilated to the €400 million non-dilutive convertible bonds due February 2030, VINCI hereby notifies the purchasers of the New Bonds of the following determi ...

Company Overview - UAB "Orkela" is primarily engaged in real estate development and construction, owning a land plot and a building complex located on Vasario 16-osios st. 1, Vilnius [1] Financial Performance - The audited financial statements for the year ended 31 December 2024 show a net loss of EUR 412,324, resulting in retained earnings (losses) at the end of the financial year amounting to EUR (9,509,263) [4] - The retained earnings (losses) at the beginning of the financial year were EUR (10,921,587) [4] Shareholder Decisions - The sole shareholder approved the financial statements for 2024 and the distribution of profit (loss) during the General Shareholders' meeting [3][4] Bond Issuance and Leasing Activities - In 2024, the Company issued 15,156 units of secured non-convertible bonds, each with a nominal value of EUR 1,000, totaling EUR 15.156 million [5] - As of 31 December 2024, the total number of issued bonds was 38,658 units [5] - The Company leased 4,333 sq m of administrative space in a property under development, achieving an occupancy rate of 92% after leasing an additional 922 sq m in Q1 2025 [5] Regulatory Approvals - On 10 April 2025, the State Territorial Planning and Construction Inspectorate approved the completion of the construction of the administrative part of the project [5]

Company Overview - UAB "Kvartalas" is primarily engaged in real estate development and construction, owning a commercial land plot in Vilnius, which is being developed into an office building with over 19,000 sq.m. of ground floor space [1] Financial Performance - The Company reported retained earnings (losses) at the beginning of the financial year amounting to EUR (1,389,366) and a comprehensive income (net loss) for the reporting period of EUR (1,024,284), resulting in retained earnings (losses) at the end of the financial year of EUR (2,413,650) [2] - There were no dividends paid or transfers to the legal reserve during the reporting period [2] Bond Issuance - In 2024, the Company approved a prospectus for the placement of EUR 50 million in bonds and issued 80,000 units of secured non-convertible bonds with a nominal value of EUR 100 each, with a fixed interest rate and semi-annual interest payments [2] - All investment assets of the Company are pledged as security for the obligations to bondholders [2] Future Financing Plans - The Company plans to raise additional external financing through bond issuance in 2025, contingent on project progress and working capital needs [3] Key Events - On 6 March 2025, the bonds issued by UAB "Kvartalas" were listed on the Nasdaq Baltic Bond List [4] - On 1 April 2025, the Company issued an additional 120,000 units of secured non-convertible bonds with a nominal value of EUR 100 each [4]

Nanterre, 28 April 2025 VINCI successfully places a tap issue of non-dilutive convertible bonds for €150 million to be fully assimilated to its €400 million non-dilutive convertible bonds due February 2030 VINCI announces today the successful placement of a tap issue of non-dilutive convertible bonds for a nominal amount of €150 million (the “New Bonds”). The transaction is non-dilutive due to the simultaneous purchase by VINCI of mirroring call options on its own shares. Following investors’ demand, the in ...

Core Viewpoint - VINCI is launching a tap issue of non-dilutive convertible bonds for a nominal amount of €125 million, which may be increased to €150 million, to be fully assimilated with its existing €400 million non-dilutive convertible bonds due February 2030 [1][2] Group 1: Bond Issuance Details - The New Bonds will be issued on the same terms as the Original Bonds, with the exception of the issue date and price, and will be fully fungible with the Original Bonds upon settlement [2] - The initial issue price of the New Bonds is expected to be between 106.450% and 106.950% of their nominal value, with the final price to be announced on 30 April 2025 [5] - The settlement and delivery date for the New Bonds is anticipated to be on 6 May 2025 [6] Group 2: Use of Proceeds - The net proceeds from the issuance of the New Bonds will be utilized for general corporate purposes and the purchase of new cash-settled call options on VINCI's shares [4][3] Group 3: Market and Regulatory Context - The New Bonds will be offered through an accelerated book building process to institutional investors only, with no public offering in certain jurisdictions including the United States, Australia, South Africa, Canada, and Japan [9][18] - VINCI will agree to a lock-up undertaking regarding its shares and equity-linked securities for a period ending 60 days after the settlement date of the New Bonds [8]

编者按 | 常态化退市机制是保障资本市场良性运行的关键，为深化投资者对退市板块的理解与认 | | --- | | 识，在2024年金融宣传月期间，我们特推出"退市板块知识宝典"系列图文，从上市公司退 | | 市后相关安排、退市公司股票转让规则、退市可转债管理等方面，向投资者普及上市公司退 | | 市后的基础知识。本期介绍退市可转债转让规则，快来一起了解一下吧！ | ...