可交换债风险收益特征及其对商业银行的启示

发布时间：2018-03-26 08:20

  本文选题：可交换债　切入点：商业银行　出处：《新金融》2017年03期

【摘要】：可交换债市场近年较为火爆,存有较大发展空间。可交换债兼具"债性"与"股性",条款设置复杂但较为灵活,发行便利、票面利率低、质押率高,还可实现溢价减持,对股价冲击较小。风险方面,可交换债兼具"股"、"债"双重风险,其中市场风险、流动性风险相对突出,信用风险较小但也不可忽视。收益方面,可交换债收益主要取决于正股股价与转股条款,发行人减持意愿的强弱是决定可交换债收益高低的关键。商业银行应采取适当策略、拓宽准入、充分利用好总分行优势,抢占可交换债投资及承销市场:一是可根据不同投资策略灵活选取不同业务模式;二是可适当放宽准入标准,拓宽商业银行投资范围;三是应充分发挥商业银行总分行联动优势,深挖可交换债发行人减持意愿;四是可积极争取可交换债市场火爆所带来的承销业务机会。
[Abstract]:May exchange the debt market in recent years is more popular, there is a greater development space. May exchange the debt both "debt" and "equity", the terms set complex but more flexible, offering convenience, the coupon rate is low, the pledge rate is high, but also can realize the reduction of price premium, the impact is small. The risk side, may exchange the debt both "shares", "debt" the dual risk, market risk, liquidity risk is relatively outstanding, credit risk is small but can not be ignored. The income aspect, may exchange the debt income mainly depends on the Yu Zheng stock and convertible terms, the issuer will to reduce the intensity is the key to decide the level of income may exchange the debt. Commercial banks should adopt appropriate strategies to broaden access, make full use of the total branch advantage, seize the exchangeable bonds investment and underwriting market: one can be selected flexibly according to different business different investment strategy mode; two is appropriate to relax the access standards, expand investment in commercial banks Scope; three, we should give full play to the advantages of the general branches of commercial banks, dig deeper the willingness to reduce exchangeable debt issuers, and four, we can actively strive for the underwriting business opportunities brought about by the exchangeable bond market.

【作者单位】： 交通银行博士后工作站;
【分类号】：F832.51;F832.33
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本文编号：1667148