The price of Xiamen-workers ' debt is approaching the historical highs

Monday, Xiamen shares (600815) was narrowly completed the first show in August, a small increase of 0.18% Yang line to the unit since the middle of July, the company record further to 12 days. To help the stock on the attack, in July, the debt stock transfer, the price of debt to the trend of rise and rise.　　As of July 2, the debt-for-work transfer has risen 18.41% in the last one months. As of August 2, the closing price of Xiamen's debt to 145.92 yuan, has been very close to the historical high, the market share premium rate of 0.77%, is currently the only one convertible to share a negative premium rate.　　It is precisely because of this that the number of transfer of debt to the HA has surged from the level of one thousand or two thousand shares per day to around 2 million daily on 4th. What is more noteworthy is that the Redemption trigger clause is "30/20,130%" (that is, during the transfer period, if the stock closing price in any 30 consecutive trading days, there are at least 20 trading days not lower than the current period of 130%, the company has the right to redeem in advance all or part of the convertible bonds),　　In accordance with the current transfer of 7.45 yuan of debt to the price calculation, starting from July 26 (the same day the shares closed at 10.28 yuan, higher than 7.45*130%=9.685 yuan), the price has been 6 consecutive trading days than the transfer of debt triggered redemption price. Analysts said that the recent shares issued a good news, the company to promote the willingness to swap shares, is expected to trigger redemption will be a big probability event, the company to exercise the possibility of redemption. At present, due to the Xia Gong transfer debt has entered the redemption trigger counting cycle, the price changes and shares are basically the same. If there is a sharp decline in the stock at this stage, the transfer of debt can turn its risk into a higher parity premium rate. Therefore, the investment in the transfer of debt can not only share the positive share of the gains, but also to protect against the downside risk. However, it should be noted that the transfer of debt in the redemption period, is basically close to the historical highs. Therefore, the analyst suggested that when the Xia Gong transfer debt into the 150-160-yuan interval, gradually reduce or transfer shares.