I. What does the premium rate mean This premium rate refers to how many percentage of the price of a correct stock can increase the subscription right holder to reach a profit and loss balance, or how much a percentage of the drop can be allowed Reaches a profit and loss balance. The premium is one of the indicators of the risk of quantitative rights. Generally speaking, the higher the premium, the more difficult it is to reach the profit and loss balance, and the higher the risk. General investors often like to choose low -premium prices, because low -premium varieties mean low risks.
. The premium rate of convertible bonds The premium rate and conversion premium rate: There are two types of convertible bond premium, one is pure debt value of relatively pure debt value The premium rate, one is the conversion premium rate of relatively positive stock value. In actual operation, the premium rate of pure debt is rarely used, the value of pure debt is not fixed, and the calculation is too complicated. It does not make much sense for investors to use. Therefore, the premium rate we say generally refers to the conversion premium rate.
The calculation formula for the premium rate of the conversion is: premium rate = convertible bond price/conversion value -1, convertible debt face value/conversion price*positive stock price.
The understanding with a popular example, a piece of clothing is worth 100 yuan, and later promoted, marketing and other operations, and finally sold at 130 yuan, then its premium rate is (130-100)/100 100/100 100 = 30%. Conversely, when the season is changed, the clothes are sold for 80 yuan, and the premium rate is -20%, which is equivalent to buying at a discount.
The premium rate of convertible bonds is the same as this.刚上市的可转债面值为100元，假如可转债的转股价是10元，对应该上市公司的正股价是11元，则转股价值=100/10*11=110元，溢价率= 100/110-1 = -9.09%.
When the premium rate is negative, it means that I spent 100 yuan to buy a convertible debt worth 110 yuan. Opportunity "buy convertible bonds to equity sell positive shares" arbitrage.
. The conversion premium rate and stock trend In general, the conversion premium rate of convertible bonds is positive, the lower the conversion premium rate The more fully transmit it to the convertible bond; the higher the conversion premium rate, the more difficult the positive stocks will drive the rising convertible bonds.
If the premium rate of convertible bonds is 10%, that is, the positive stock price rises to 10%, which can drive rising convertible bonds; Only can convertible bonds drive up.
So usually people think that the higher the conversion rate of convertible bonds, the worse the equity. In fact, the higher the conversion premium rate The rising stock rises, the reaction to the rising of the positive stocks is lagging behind. From this perspective, the lower the premium rate of convertible bonds, the better.
The calculation formula of the price conversion rate is: premium conversion rate = convertible debt price/equity conversion value -1, equity conversion value = convertible debt price/stock price*positive stock price. It can be seen from the formula that if the premium rate of the new debt is negative, it means that the price of convertible bonds is lower than the equity value. Huatai Securities's one-stop wealth management platform- "Raise Fortune" provides a variety of stock trading knowledge through short videos and series courses. Welcome to download and understand.
I. What does the premium rate mean
This premium rate refers to how many percentage of the price of a correct stock can increase the subscription right holder to reach a profit and loss balance, or how much a percentage of the drop can be allowed Reaches a profit and loss balance. The premium is one of the indicators of the risk of quantitative rights. Generally speaking, the higher the premium, the more difficult it is to reach the profit and loss balance, and the higher the risk. General investors often like to choose low -premium prices, because low -premium varieties mean low risks.
. The premium rate of convertible bonds
The premium rate and conversion premium rate: There are two types of convertible bond premium, one is pure debt value of relatively pure debt value The premium rate, one is the conversion premium rate of relatively positive stock value. In actual operation, the premium rate of pure debt is rarely used, the value of pure debt is not fixed, and the calculation is too complicated. It does not make much sense for investors to use. Therefore, the premium rate we say generally refers to the conversion premium rate.
The calculation formula for the premium rate of the conversion is: premium rate = convertible bond price/conversion value -1, convertible debt face value/conversion price*positive stock price.
The understanding with a popular example, a piece of clothing is worth 100 yuan, and later promoted, marketing and other operations, and finally sold at 130 yuan, then its premium rate is (130-100)/100 100/100 100 = 30%. Conversely, when the season is changed, the clothes are sold for 80 yuan, and the premium rate is -20%, which is equivalent to buying at a discount.
The premium rate of convertible bonds is the same as this.刚上市的可转债面值为100元，假如可转债的转股价是10元，对应该上市公司的正股价是11元，则转股价值=100/10*11=110元，溢价率= 100/110-1 = -9.09%.
When the premium rate is negative, it means that I spent 100 yuan to buy a convertible debt worth 110 yuan. Opportunity "buy convertible bonds to equity sell positive shares" arbitrage.
. The conversion premium rate and stock trend
In general, the conversion premium rate of convertible bonds is positive, the lower the conversion premium rate The more fully transmit it to the convertible bond; the higher the conversion premium rate, the more difficult the positive stocks will drive the rising convertible bonds.
If the premium rate of convertible bonds is 10%, that is, the positive stock price rises to 10%, which can drive rising convertible bonds; Only can convertible bonds drive up.
So usually people think that the higher the conversion rate of convertible bonds, the worse the equity. In fact, the higher the conversion premium rate The rising stock rises, the reaction to the rising of the positive stocks is lagging behind. From this perspective, the lower the premium rate of convertible bonds, the better.
The calculation formula of the price conversion rate is: premium conversion rate = convertible debt price/equity conversion value -1, equity conversion value = convertible debt price/stock price*positive stock price. It can be seen from the formula that if the premium rate of the new debt is negative, it means that the price of convertible bonds is lower than the equity value. Huatai Securities's one-stop wealth management platform- "Raise Fortune" provides a variety of stock trading knowledge through short videos and series courses. Welcome to download and understand.