| Mean | SD | Min | Q1 | Median | Q3 | Max |
---|---|---|---|---|---|---|---|
Panel A. All convertible bonds | |||||||
Maturity (years) | 5.93 | 1.15 | 1.00 | 4.00 | 5.00 | 6.00 | 6.00 |
Credit rating | 2.72 | 0.97 | 1.00 | 2.00 | 3.00 | 3.00 | 6.00 |
Conversion price (CNY) | 14.70 | 14.79 | 2.27 | 6.88 | 9.99 | 16.83 | 158.00 |
Conversion premium (%) | 26.38 | 31.22 | −34.22 | 7.61 | 18.06 | 33.12 | 356.43 |
Underlying stock volatility | 0.40 | 0.15 | 0.07 | 0.29 | 0.38 | 0.49 | 1.30 |
Total issuance (CNY’ Mil.) | 259,263.94 | 596,140.28 | 18,500.00 | 62,000.00 | 98,000.00 | 215,300.00 | 5,000,000.00 |
Daily average amount (CNY’ Mil.) | 103.07 | 153.90 | 3.06 | 23.75 | 46.25 | 109.89 | 1,440.43 |
Daily average turnover (%) | 7.66 | 15.23 | 0.34 | 1.66 | 3.46 | 7.15 | 148.99 |
Panel B.1. Equity-liked convertible bonds | |||||||
Maturity (years) | 5.72 | 0.98 | 1.00 | 5.00 | 5.00 | 6.00 | 6.00 |
Credit rating | 2.86 | 0.94 | 1.00 | 2.00 | 3.00 | 3.00 | 6.00 |
Conversion price (CNY) | 18.12 | 19.96 | 2.27 | 6.98 | 11.20 | 19.75 | 158.00 |
Conversion premium (%) | 8.65 | 17.41 | −34.22 | 0.27 | 4.53 | 11.17 | 297.58 |
Underlying stock volatility | 0.49 | 0.16 | 0.10 | 0.39 | 0.49 | 0.59 | 1.30 |
Total issuance (CNY’ Mil.) | 201,029.91 | 410,261.08 | 19,157.00 | 53,800.00 | 94,183.00 | 180,000.00 | 4,000,000.00 |
Daily average amount (CNY’ Mil.) | 211.86 | 379.06 | 5.24 | 50.83 | 93.30 | 198.31 | 3,002.40 |
Daily average turnover (%) | 16.32 | 37.03 | 0.40 | 3.24 | 5.37 | 12.40 | 408.09 |
Panel B.2. Balanced convertible bonds | |||||||
Maturity (years) | 5.89 | 1.02 | 1.00 | 4.00 | 5.00 | 6.00 | 6.00 |
Credit rating | 2.72 | 1.00 | 1.00 | 2.00 | 3.00 | 3.00 | 6.00 |
Conversion price (CNY) | 13.56 | 12.19 | 2.27 | 6.15 | 9.71 | 16.72 | 83.85 |
Conversion premium (%) | 20.32 | 18.83 | −5.50 | 11.59 | 16.95 | 24.06 | 344.59 |
Underlying stock volatility | 0.37 | 0.11 | 0.10 | 0.30 | 0.37 | 0.45 | 0.94 |
Total issuance (CNY’ Mil.) | 255,681.93 | 547,929.89 | 18,500.00 | 60,000.00 | 98,000.00 | 230,000.00 | 4,000,000.00 |
Daily average amount (CNY’ Mil.) | 81.67 | 268.66 | 2.04 | 14.60 | 27.05 | 54.07 | 3,182.42 |
Daily average turnover (%) | 5.73 | 18.08 | 0.20 | 1.23 | 1.93 | 4.24 | 263.91 |
Panel B.3. Bond-liked convertible bonds | |||||||
Maturity (years) | 5.62 | 1.24 | 1.00 | 3.00 | 4.00 | 5.00 | 6.00 |
Credit rating | 2.61 | 0.97 | 1.00 | 2.00 | 3.00 | 3.00 | 6.00 |
Conversion price (CNY) | 12.49 | 9.79 | 2.27 | 7.04 | 9.76 | 14.74 | 81.49 |
Conversion premium (%) | 48.90 | 36.75 | 0.27 | 25.98 | 38.26 | 58.97 | 356.43 |
Underlying stock volatility | 0.32 | 0.11 | 0.07 | 0.24 | 0.30 | 0.38 | 0.86 |
Total issuance (CNY’ Mil.) | 318,043.98 | 760,364.97 | 18,500.00 | 71,700.00 | 100,000.00 | 241,300.00 | 5,000,000.00 |
Daily average amount (CNY’ Mil.) | 3.51 | 21.75 | 0.00 | 0.24 | 0.59 | 1.58 | 2,973.45 |
Daily average turnover (%) | 2.41 | 7.06 | 0.07 | 0.60 | 0.84 | 1.41 | 83.03 |
Panel C.1. Bull market | |||||||
Maturity (years) | 5.62 | 1.18 | 1.00 | 4.00 | 5.00 | 6.00 | 6.00 |
Credit rating | 2.81 | 0.96 | 1.00 | 2.00 | 3.00 | 3.00 | 6.00 |
Conversion price (CNY) | 15.20 | 15.81 | 2.27 | 6.78 | 10.29 | 16.81 | 158.00 |
Conversion premium (%) | 25.49 | 32.05 | −34.22 | 6.76 | 17.16 | 31.32 | 356.43 |
Underlying stock volatility | 0.41 | 0.15 | 0.10 | 0.30 | 0.39 | 0.50 | 1.30 |
Total issuance (CNY’ Mil.) | 213,281.06 | 499,770.47 | 18,500.00 | 59,575.00 | 92,800.00 | 187,522.00 | 5,000,000.00 |
Daily average amount (CNY’ Mil.) | 110.10 | 167.43 | 1.59 | 24.41 | 47.07 | 114.29 | 1,440.43 |
Daily average turnover (%) | 8.05 | 15.79 | 0.21 | 1.72 | 3.48 | 7.41 | 149.78 |
Panel C.2. Direction-less market | |||||||
Maturity (years) | 5.87 | 0.96 | 2.00 | 5.00 | 5.00 | 6.00 | 6.00 |
Credit rating | 2.56 | 0.90 | 1.00 | 2.00 | 3.00 | 3.00 | 4.00 |
Conversion price (CNY) | 11.87 | 6.73 | 4.26 | 7.74 | 9.40 | 15.25 | 45.48 |
Conversion premium (%) | 32.78 | 20.72 | −4.56 | 16.24 | 29.65 | 46.85 | 114.30 |
Underlying stock volatility | 0.32 | 0.14 | 0.11 | 0.22 | 0.29 | 0.39 | 0.83 |
Total issuance (CNY’ Mil.) | 297,016.59 | 524,006.69 | 18,500.00 | 81,366.00 | 120,000.00 | 410,558.00 | 3,000,000.00 |
Daily average amount (CNY’ Mil.) | 77.54 | 77.66 | 7.58 | 16.45 | 59.17 | 101.17 | 301.45 |
Daily average turnover (%) | 4.79 | 5.02 | 0.85 | 1.19 | 2.72 | 6.81 | 23.98 |
Panel C.3. Bear market | |||||||
Maturity (years) | 5.74 | 1.05 | 1.00 | 4.00 | 5.00 | 6.00 | 6.00 |
Credit rating | 2.38 | 1.00 | 1.00 | 1.00 | 3.00 | 3.00 | 4.00 |
Conversion price (CNY) | 13.22 | 10.99 | 2.40 | 6.88 | 9.15 | 17.47 | 81.49 |
Conversion premium (%) | 28.63 | 29.39 | −10.49 | 9.74 | 19.58 | 36.63 | 231.42 |
Underlying stock volatility | 0.35 | 0.14 | 0.07 | 0.26 | 0.34 | 0.43 | 1.08 |
Total issuance (CNY’ Mil.) | 453,004.13 | 892,501.73 | 18,500.00 | 71,700.00 | 140,000.00 | 340,000.00 | 4,000,000.00 |
Daily average amount (CNY’ Mil.) | 59.67 | 125.40 | 2.06 | 9.85 | 23.72 | 52.33 | 1,028.21 |
Daily average turnover (%) | 2.93 | 4.15 | 0.39 | 0.89 | 1.51 | 3.17 | 26.32 |