a measure of convertible bond valuations of key indicators. As of October 28

Since entering the last quarter of 2011, convertible bonds market changed the past downturns, took the lead in rebounding. CITIC p convertible bond index as an example, as of November 18, the index since October 10, rose had reached 6.37%, well ahead of Shanghai 3.06% gains. Meanwhile, the convertible bond market are ushering in a new round of expansion. On November 24The evening, China's heavy industry announcements, the Commission agreed in principle to China's heavy industry issued 8 billion yuan convertible bond package. In addition to China's heavy industry, Tong ren Tang also announced that the company planning to issue shares not exceeding 1.205 billion worth of convertible bonds Beijing Daxing construction base, in addition, Minsheng Bank application for a plan to issue no more than 20 billion yuan convertible bond already has the reply of the China Banking Regulatory Commission, it appears the convertible bondMarket capacity will be further expanded. Relevant data show that only $ 4.15 billion from 2002 convertible bonds market scale, the scale of increase to $ 71.73 billion for the year 2010, the convertible bond market scale nearly 20 times the 9 years. According to the information at the end of October this year, the convertible bond market size has exceeded $ 100 billion, includingState Bank, industrial and commercial bank, Sinopec, a number of State-owned enterprises are issuing convertible bonds, convertible bonds market investment opportunity starting by the Agency's attention. Insiders believe that because of the recent stock market sustained oscillations, from the perspective of expected future incremental analysis, select the through the issuance of convertible bond financing of listed companies will be more and more. Securities analysis pointed out that convertible bonds marketCalendar from the beginning to the end of the third quarter fell sharply, with the release of valuation risk and its showing "three-low and one high" advantage, investment value of convertible bonds has been good. Prior to this, Xie Jun GF strong debt Fund of funds Manager, UBS sdic fixed-income Department Deputy Director Han Haiping said the medium and long term, the configured value of convertible bonds has appeared. "In China's economic structureIn the context of the transformation of, equity and convertible bond markets are in the low valuation area. The medium and long term, charm of convertible bonds market continues unabated. "Big convertible bond fund Zhu Wenhui to be appointed Fund Manager considers, in the bond market is still in a bull market trend swtor power leveling, long term convertible bond markets are expected to benefit from changes in the stock market's performance, in addition to repurchase of convertible bond pledge may be released in the near future, which would provide someExtent, increasing market demand for convertible bond especially large convertible bond. De Santa Fund Research Center report that, in the context of inflation and economic double drop, bond market going bovine a well established, Outlook can reassortant bond funds. Sound pure bond fund investors can invest, positive mixed type fund investors can invest in convertible bonds and other debt. Faced with the constant expansion of the convertible bondMarket, is Shen Wanling letter issued convertible bonds Fund proposed Fund Manager Zhou Ming believed that convertible bond expansion effect is mostly positive. First of all, market expansion will no doubt enhance the investment subject of diversity and flexibility. With the convertible bond market capacity continues to increase, the market supply of adequate, for recently-issued convertible bonds Fund provides a more adequate investment targets after widespreadSupply and demand imbalances or concerns of the convertible bond will be effectively solved and, secondly, apart from issuing the convertible bond market has been expanding, a type of issuers also tend to diversify Minsheng Bank, China's heavy industry, tongrentang company joined issuers tend to diversify star wars the old republic, conducive to the healthy development of the convertible bond market more and, finally, while the convertible bond market expansion might give stockPressure on convertible bond valuation, but due to early negative news had priced in money supply will also increase, not to the convertible bond market have a greater negative effect. Zhou Ming believed that valuations from the convertible bond itself, convertible bond the implied volatility of stock price-earnings ratio, a measure of convertible bond valuations of key indicators. As of October 28, 2011, 19 average implied volatility of the convertible bond at historically low levels, most of the convertible bond are below their historical averages, valuations are already relatively reasonable area. Industry also said listed companies are optimistic about convertible bonds market also has created an opportunity for the development of the convertible bond fund. According to reports, has only recently dedicated convertible bond market fund allowed to issue, and are subject to marketHot hands. "Although in 2004 the first domestic convertible bond fund---convertible bond has been established, but only 8 convertible bond fund currently on the market, 5 only founded this year, next year as dedicated convertible bond market fund more and more, and further promote the expansion and development of the market. "Northeast securities funds analyst Liu Chaoyang reporter-productionVisit said that by 2010, insufficient capacity of billion of convertible bond market, but with the convertible bond market to grow, the current capacity has reached billions of dollars, this expansion trend will continue, provide objective conditions for investment operations. Apart from the convertible bond market expansion to the convertible bond fund play a positive role in promoting things, insiders believe that future performance of the stock, bond markets and"Unit debt" dual characteristics of the convertible bond fund also outweigh the disadvantages. "From the perspective of current market situation, fundamental, policy and funding are constitutes a positive support to bond. Convertible bonds after a sharp correction, absolute value and premiums are falling dramatically, in part, to yield to maturity of bonds already has, its small space continued to fall, and on the stock market rebounded with a strongRising power. "The person said.