How to determine the opening price of convertible bonds on the second day

The determination method is as follows: look for reasonable convertible bonds in the same industry. This view should be easy to understand. If there are very similar convertible bonds in the market, then the newly listed convertible bonds are basically at this price. For example, the recently purchased Eagle 19 convertible bonds have accurate benchmark convertible bonds, and Shan Ying convertible bonds have been listed. The two convertible bonds correspond to the same company, but the price and interest are slightly different, so the price of UK 19 convertible bonds after listing should be similar to that of Shan Ying convertible bonds.

1. First, find a convertible bond that is not accurately positioned, and we will make a valuation for it. For example, the recent gold medal convertible bonds, the furniture industry convertible bonds listed in the same period include Lily convertible bonds, Gu Jia convertible bonds, European convertible bonds and hotel convertible bonds. At present, the market value of gold kitchen cabinets is 4 billion, that of Gu Jia household is 26.3 billion, and that of Ou Pai household is 42.5 billion, which is obviously inappropriate. The market value of Haolaike is 4.5 billion, and the dream lily is 6.4 billion, which is similar to the gold medal kitchen cabinet. Then look at the current conversion value of gold medal convertible bonds is 95.88 yuan, the value of hospitality convertible bonds is 88.09 yuan, and lily convertible bonds are 140.55 yuan, so lily convertible bonds are excluded. Therefore, the situation of hotel convertible bonds and gold convertible bonds is the closest. At present, the transaction price of hotel convertible bonds is 107.95 yuan, so it is a high probability event that the gold medal convertible bonds are above 1 10 yuan. Look at the current European debt-to-equity swap with a value of 99.84 yuan and a transaction price of 12 1.7 1 yuan.

2. The texture of gold kitchen cabinets is weaker than that of European furniture, so the price of convertible bonds is 80% lower than that of 120 yuan. So at present, we see that the price range of gold convertible bonds is between 1 10 yuan and 120 yuan, and it takes a long time to make an accurate pricing. Pay attention to the rating of convertible bonds. For ordinary convertible bonds, different rating states also correspond to different premium rates. I summed up the general experience and gave different premium rates of the convertible bonds.

3. Pay attention to the real texture of the company Generally speaking, the rating of convertible bonds is reasonable, but sometimes the rating fails to reflect the real texture of the company. For example, Collet convertible bonds, which have not yet been listed, are currently rated as A+, which I think is underestimated. For example, the European convertible bonds mentioned above are currently rated AA, but the value of convertible bonds is 99.84 yuan, and the corresponding transaction price is as high as 12 1.7 1 yuan. This premium rate is even higher than most AAA convertible bonds. Therefore, when we predict the opening price of convertible bonds, we can look for the real premium range.