并非唯“利”是图:多因素影响下的含权债行权  

Beyond Interest Rates:The Exercising of Bonds with Embedded Options

作　　者：王冰山 刘家祺 WANG Bingshan;LIU Jiaqi(Investment Banking Division,Agricultural Bank of China)

机构地区：[1]中国农业银行投资银行部

出　　处：《金融市场研究》2024年第4期21-30,共10页Financial Market Research

摘　　要：2022—2025年进入新一轮含权债回售的高峰期,其中AA+及AA级的地方国企是含权债的发行主力军,且非经济发达地区含权债发行占比较高。通过研究发现,利率调整水平并非行权结果主导因素,投资集中度限制、操作风险、发行人信用状况、信息基础设施及主承销商协调沟通能力等因素,均对行权产生影响,其中主承销商沟通是可发挥较大主观能动性的因素,建议主承销商强化发行人辅导服务、协调发行人与投资人的需求匹配,并推动配套信息基础设施完善,更有效促进含权债的行权,真正发挥含权债的优势。A fresh wave of exercised options on embedded bonds is expected to peak over the next two years.AA+and AA rated local state-owned enterprises are the main source of option-embedded bond issues,and the proportion of option-embedded bond issues is highest in less economically developed regions.Surprisingly,interest rate adjustments are also not the dominant factor driving the exercising of embedded options.Factors such as investment concentration limits,operational risk,issuer credit status,information infrastructure and underwriter coordination and the communication skills of underwriters all contribute to those decisions.It should also be noted that the communication skills of the lead underwriter can play a critical role in this area.It is recommended that lead underwriters strengthen issuer counseling services,coordinate the matching of interests of issuers and investors,and promote the improvement of information infrastructure to make the exercising of options more effective so that their advantages can be utilized.

关 键 词：含权债 行权 回售 存续期管理 主承销商 

分 类 号：F832.51[经济管理—金融学]