Value analysis of Bailey bond issuance

At the current market valuation level, it is unlikely that Bailey convertible bonds will break. Due to the recent volatility of the equity market, investors are advised to participate in the subscription and placement rationally according to the volatility level, credit rating and their own risk preference of convertible bonds.

Cause and logic

1, Pele convertible bonds are calculated at a discount rate of 4.45%, and the pure debt value is 92.88 yuan. When Polaiya's share price is 197 yuan, the corresponding convertible bond price is 135.32- 135.47 yuan. When Polaiya's share price is 157-245 yuan, the corresponding convertible bond market is reasonably positioned between 127- 149 yuan. It is roughly estimated that the remaining subscription amount is 230-330 million yuan.

Subscription funds 10 trillion to 10.5 trillion, the winning rate range is estimated to be 0.0022% to 0.0033%, and the static subscription income center is 10 yuan. Assuming that the first day's increase is 35%, and 197 yuan participates in the placement, the comprehensive placement income is 0.65%.

2. If the special paper convertible bonds are calculated according to the discount rate of 4.45%, the value of pure bonds is 90.57 yuan. When the stock price of Wuzhou Special Paper is 18.5 yuan, the corresponding convertible bond price is124.31-124.95 yuan. When the stock price of Wuzhou Special Paper is 15-22.7 yuan, the corresponding convertible bond market is reasonably positioned around 1 16. It is roughly estimated that the remaining subscription amount is 0.7 to10.70 billion yuan. The subscription funds range from 10 trillion to 10.5 trillion. The winning rate is estimated to be between 0.0007% and 0.0017%, and the revenue center of electrostatic power purchase is 3 yuan. Assuming that the first day's increase is 24%, and 18.5 yuan participates in the placing, the comprehensive placing income is 1.99%.

The priority placing date and payment date of the original shareholders of this issue are 202165438+February 8 (T day), and the priority subscription of all original shareholders (including shareholders with restricted shares) is conducted through the trading system of Shenzhen Stock Exchange. Subscription time is 9: 30- 1 year, 65438+February 8th (T day) +0: 30, 13: 00- 15: 00. The subscription code is "754605", and the subscription is abbreviated as "Bailey Bond Issuance".

It is worth mentioning that the main credit rating of Polaiya is AA, the credit rating of this convertible corporate bond is AA, the redemption price is 1 15, and the conversion price is 195.98 yuan. At present, the discount premium rate of Bailey bond issuance is-1.52%, and the bond breaking probability is extremely low, so investors can consider participating in the subscription.

Note: the stock market is risky, so you need to be cautious when investing!