Is Kao convertible bonds worth buying?

It is recommended to buy. Kao convertible bonds are rated as AA-, and if Kao convertible bonds have a discount rate of 6.95%, the value of pure bonds is 84.42 yuan. When the share price of Kao shares is 6.8 yuan, the corresponding convertible bond price is106.51~107.51yuan. When the share price of Kao shares is 5.55~8.3 yuan, the corresponding convertible bond market is reasonably positioned between 98~ 122 yuan. Under the current market conditions, it is unlikely to be broken, so it is recommended to buy it.

Zheng Gu Kao Company is mainly engaged in the implementation and design of landscaping projects in municipal gardens, tourist landscapes, road greening and other fields, and is a leading comprehensive service provider for ecological construction in China. In addition to engineering projects, the company has also built a cultural tourism complex with the theme of "ecology+cultural and sports tourism", with related projects in Netan Base, Shaoshan, Shijiazhuang and Qingfeng.

I. Convertible bonds

Convertible bonds are bonds that bondholders can convert into common shares of the company at the agreed price at the time of issuance. If the bondholders do not want to convert shares, they can continue to hold the bonds until the repayment period expires to collect the principal and interest, or they can be sold and realized in the circulation market. If the holder is optimistic about the appreciation potential of the issuing company's shares, he may exercise the right to convert the bonds into shares at a predetermined conversion price after the grace period, and the issuing company shall not refuse. The interest rate of this bond is generally lower than that of ordinary companies, and the issuance of convertible bonds by enterprises can reduce the financing cost. The holder of convertible bonds also has the right to sell the bonds back to the issuer under certain conditions, and the issuer also has the right to redeem the bonds under certain conditions.

Second, the transaction mode of convertible bonds

Convertible bonds are subject to T+0 trading, and its entrustment, trading, custody, sub-custody, market disclosure and trading time are handled with reference to A shares. The convertible bonds will be terminated ten trading days before the end of the conversion period, and the Exchange will make an announcement one week before the termination. Transferable custody, refer to the A-share rules.

Third, the way to buy convertible bonds.

1. You can directly apply for convertible bonds just like applying for new shares. Specific operation, input code, price, quantity, etc. Convertible bonds, and finally confirmed. The face value of convertible bonds is 65,438+000 yuan, and the minimum unit of subscription is 65,438+0 lots (65,438+00). According to industry insiders, due to the fact that the subscription of convertible bonds 1 requires less funds, more matching numbers are obtained, and the probability of signing 1 is higher than that of subscription of new shares.

2. In addition to direct subscription, investors can also obtain the preemptive right by purchasing shares in advance. Since the issuance of convertible bonds will generally give priority to the old shareholders, investors can buy shares before the registration date, and then exercise the placing right on the placing date to obtain convertible bonds.

In the secondary market, investors can buy and sell convertible bonds as long as they have stock accounts. The specific operation is similar to buying and selling stocks.