20230611-YY评级-2023年6月第一周转债周报_6页_240kb

Summary of 2023/6/11 YY Team First Weekly Convertible Bond Report

Market Overview

• Stock markets remained subdued with 上证指数 up 0.04% and 创业板指 down 4.04%; 中证转债指数 fell 0.11%.
• Key events: 正邦转债 went into early maturity after重整受理, with提前停止交易 and 转股. SSE issued guidelines on convertible bond delisting, including synchronous trading and no price limit on the first day of delisting.

Primary Market Tracking

• First-week issuance: 1 bond, 金埔转债 (5.2亿).
• Approval updates: 5 companies received CSRC approval (孩子王, 山东赫达, 力合微, 宏微科技, 阳谷华泰).
• Listing updates: 5 companies passed the发审委 (四会富仕, 东宝生物, 铭利达, 奥瑞金, 奥特维).
• Prospectus announcements: 2 companies (泰瑞机器, 陕西建工).
• Pending issuance: Total of 27 approved bonds with 23.3亿 scale and 31 passed bonds with 27.9亿 scale.

Valuation Changes

• High 转股溢价率 at 4.8% on average, with specific segments like low-100平价 bonds at high估值 positions.

Clause Tracking

• Unsuccessful提议下修 for正邦转债 and全筑转债.