Private equity swap debt as a new favorite, fixed increase + swap bonds, supporting play hot – fund -alienware m17x

Private equity swap debt as a new favorite, fixed increase + swap debt matching hot – fund channel because of the unique debt to equity swap mode and revitalize the stock assets, to reduce the advantages of large shareholders, private equity swap debt is becoming the new darling of the capital market. And, with the increasing "Red Sea" competition is becoming more and more fierce, "fixed increase + exchangeable bonds" supporting play is also increasingly popular in public accounts and private equity funds. However, fund sources, may exchange the debt on the game of buyers and sellers are not a small test, for most of the participants barriers remain high, investors need ability to corporation qualification and product managers have a clear understanding, on the other hand, to understand the current limitations on the bond volume. Fixed gain + exchangeable bonds "is a popular game supporting may exchange the debt that may exchange the corporation stock bond", refers to the shareholders of listed companies to issue, within a certain period of time according to agreed conditions can be exchanged into the listed company held by the shareholders of the company bonds. Exchangeable bonds can be regarded as a kind of embedded option financial derivatives, similar to convertible bonds. However, convertible bonds are incremental issuance, while exchangeable bonds are the issuance of stocks, and the process of debt to equity swap is realized without diluting the equity of listed companies. At the same time, due to the flexibility in supervision, exchangeable debt is regarded as a "big shareholder reduction" tool". Because of this, the reporter understands, many public offering accounts and private equity team is keen on "fixed increase + exchangeable bonds" matching play. The so-called matching game, is set by the project, the actual control of listed companies with private placement may exchange the debt financing to fund subscription companies (mainly for three years will increase due to a period of three years), usually set by the higher discount rate, while private equity may exchange the debt generally high premium, so usually can achieve effective arbitrage. The combination of fixed increase and exchangeable debt is the direction that we are now focusing on." A well-known public accounts team responsible person told the reporter, "may exchange the debt and increase natural meeting point, point is that it is a major shareholder to complete a financing tool, but this tool for current regulation is also more flexible, may exchange the debt is prepared, no need for a long time audit. Large shareholders in the issuance of exchangeable bonds are generally two purposes, one is financing, and fixed increase; the other is to reduce their own shares. We regard the matching play of fixed plus swap debt as a kind of fixed base increase, because exchangeable bonds are partially fixed earnings when they are not converted, and in the future, when the major shareholders intend to reduce, they also have the power to do high share prices." In addition, he specifically mentioned, "when the money making effect of these products is more and more obvious, the future exchangeable bonds will be divorced from minority status, become one of the tools commonly used." However, there are private equity questioned the sustainability of this model. "This arbitrage model may only be theoretical. Assuming that the major shareholders of listed companies take 5 yuan shares to participate in the fixed increase of listed companies, and then in the issue of exchange price is 10 yuan of exchangeable bonds, if the final investor chose the convertible, relative to the issuer only need a bridge fund to achieve the arbitrage of 5 yuan stock. But after all, fixed increase and exchangeable debt issuance are subject to the supervision of the commission.

私募可交换债成新宠 定增+可交换债配套打法火爆-基金频道  由于独特的债转股方式以及盘活存量资产、利于大股东减持的优点,私募可交换债正成为资本市场的新宠。并且,随着定增“红海”的竞争越来越激烈,“定增+可交换债”的配套玩法也在公募专户和私募基金中日趋火爆。不过,基金人士称,可交换债对买卖双方的博弈能力都是不小的考验,对于大多数参与者来说壁垒仍然很高,投资者一方面需对发债公司资质和产品管理者的能力有清晰的了解,另一方面要认清目前这类债券体量上的局限。   “定增+可交换债”配套打法正流行   可交换债即“可交换公司股票的债券”,指上市公司股东发行的、在一定期限内依据约定条件可以交换成该股东所持有的上市公司股份的债券品种。可交换债券可看成是一种内嵌期权的金融衍生品,类似于可转债。不过可转债是增量的发行,而可交换债是存量的发行,在不稀释上市公司股权的前提下,实现债转股的过程。同时,由于在监管方面的灵活性,可交换债也被外界看作大股东的减持“利器”。正因为这一点,记者了解到,不少公募专户和私募团队正热衷于“定增+可交换债”的配套打法。   所谓配套打法,其实是上市公司实际控制人拿发行私募可交换债融来的资金认购公司的定增项目(主要是三年期定增),由于三年期定增通常折价率高,而私募可交换债普遍高溢价发行,所以通常能够实现有效套利。   “定增和可交换债的结合,是我们现在着力布局的方向。”某知名公募的专户团队负责人对记者说,“可交换债和定增有天然的契合点,契合点在于它是大股东完成融资的一个工具,而目前针对这个工具的监管还比较灵活,可交换债是报备制,不需要长时间的审核。大股东在发可交换债时候一般是两种目的,一个是融资,和定增一样;另一个是减持自己的股票。我们把‘定增+可交换债’的配套玩法看成一种类保底的定增,因为可交换债在不转股的时候是有部分固定收益的,而未来当大股东意欲减持,也具备做高股价的动力。”另外,他特意提到,“当这类产品的赚钱效应越来越明显,未来可交换债也会脱离小众状态,变成常用工具之一。”   不过也有私募质疑这一模式的可持续性。“这个套利模式可能仅存于理论上。假设上市公司大股东以5元 股参与上市公司的定增,然后在发行换股价是10元 股的可交换债,如果最终投资人选择了换股,就相对于发行人只需要一笔过桥资金就实现了5元 股的套利。但毕竟定增和可交换债发行都受到证监会的监管,如此明显的套利行为难免不受到窗口指导。同时,用于换股的股权必须保证在换股期是可流通股,而目前定增的股权一般有较长的锁定期,甚至新股会连带老股一起锁定,封锁套利空间。”上海合晟资产管理股份有限公司投资经理徐华提到。   认清潜在约束   数据显示,截至9月20日,今年已有29只可交换债成功发行,另有17家上市公司披露其重要股东启动可交换债发行程序。从数量上看,目前总计已达46只的可交换债发行数量远超过去三年之总和。而在规模方面,这46只可交换债合计募集资金约597亿元,是此前三年总和的两倍。   私募排排网表示,私募可交换债完美结合了股票的进攻性和债券的安全性,再加上“溢价减持套现+资本运作套利+低息融资”等多样性的套利方式,保证了它即使在市场震荡时也能收获不错的绝对收益。不过,这类产品能够被市场追捧多久,依旧取决于市场的后续表现和监管风向的变化。   另外,还有私募提到,可交换债的具体条款都是在发行前期由发行人和投资人博弈的结果,公募、私募等各类有意向的机构投资者都可以参与定价。相对而言,资产管理规模越大,配置能力越强,在博弈条款时更具有议价能力。而不具备议价能力、不能同时覆盖股债两方面的机构最好不要盲目抢筹。此外,目前可交换债的供给仍然较少,一些定向投资可交换债的产品可能面临募集完资金后,无足够可交换债资产可以配置的窘境。而且如前所述,可交换债的核心条款都是博弈的结果,在目前供给不足的情况下,可能有些条款更有利于发行人。不过,随着需求趋旺,发行量增速也非常明显,这一现象会有所缓解。相关的主题文章: