A股上市银行可转换公司债券发行策略研究

A Study of Issue Strategies of A-Share Listed Bank’s Convertible Corporate Bonds

A股上市银行通过资本市场融资进行资本补充时,可通过发行可转换公司债券补充附属资本,并在可转换公司债券转股后,补充核心资本。确定可转债发行方案一是要确定可转债价格,既要通过合理确定票面利率、贴现率和利率结构科学计算纯债价值,又要通过合理确定转股价格和隐含波动率科学计算转股期权价值,从而叠加确定可转债上市后可能的交易价格;二是要确定可转债优先配售给老股东的比例,从而既保障老股东权益,增加其申购动力,又将可转债发行对正股股价的影响控制在较小范围,维护上市银行良好的资本市场形象。

While supplementing capital through financing in capital market, A-share listed banks can issue convertible corporate bonds to supplement subordinated capital and after the conversion of convertible bonds, to supplement core capital. The issue plan includes, first, calculating the price of convertible bonds, both calculating the reasonable structure of coupon rate, discount rate and interest rate for scientific calculation of net debt value and calculating reasonable conversion price and implied volatility for scientific calculation of the option value of converted shares so as to calculate the possible transaction price of convertible bonds in market; second, calculating the allocation proportion of convertible bonds for preferred existing shareholders so as to protect the existing shareholders＇ benefits and increase their purchase demands, and so as to control the impacts of convertible bond issue on stock price to a less extent and maintain good images of listed banks in capital market.