可转换债券：动态市场的灵活融资工具.pptxVIP

Convertiblebonds:Thefinancial

roadsterfordynamicmarkets

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Content

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ExecutiveSummary

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Thebestofbothworlds?

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Whatdrivesperformance?

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Hybridreturnswithlowervolatility

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2025marketreview:Outperformanceandsustainability

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What’scomingandwhy?

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Whatdoesthismeanforinvestors?

AllianzResearch

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•Fromnichemarkettothecenterofattention?Convertiblebonds–i.e.

corporatebondswithanattachedequitycalloption–areoftenoverlookedinassetallocationbuttheirperformancein2025hassprungtheminto

thespotlight.Overthelast30years,convertiblesdelivered70%ofequity

returnsbutwithonly35%ofthevolatility(6.7%p.a.).2025hastoppedthisperformance,withconvertiblesoutperformingbothequitiesandbonds

(Sharperatio2vs.1.0and0.1),helpedbyfallinginterestrates,therise

oftechnology,balancedtechnicalsandresilienceduringvolatility.The

attractiveyields,moderateconversionpremiumsandhealthynewissuancereinforcedthetechnicalstrengthofthemarket.Globalissuancehita

five-yearpeakofaboutUSD81bn,drivenbygrowthsectorsliketechand

biotech,aswellascompaniesseekingflexiblefundingamidelevatedrates.

•Convertiblesofferauniqueblendofappealingbondandequity

features,makingthemahighlyattractiveoptionforbothcorporatesandinvestors.Investorsreceivethedownsideprotectionofabondbutbenefitfromtheupsidepotentialofequitieswhenmarketperformanceisstrong

(onaveragestartingat6%p.a.equityperformance).Corporateissuers

areparticularlyattractedwhenfacinghigherfinancing-costpressuresastheequityoptionlowerstheburden.Thisisofparticularvaluetogrowth

companiesandduringrestructurings,bothofwhicharehighlyrepresentedintheUS,whichaccountsfor75%ofissuanceandoutstandingvolume.

Moreover,convertiblesarehardlyaspeculativeasset:Thecreditqualityoftheseinvestmentshasimproved