可转债什么情况下会破发？

可转债，即可转换债券，是一种兼具债权和股权特性的金融衍生品。虽然可转债通常具有相对稳定的收益和较低的风险，但在某些情况下，可转债的价格可能会跌破其面值，即发生“破发”现象。以下是导致可转债破发的几种常见情况：

市场利率上升：当市场利率上升时，投资者对固定收益类产品的需求会减少，导致可转债价格下跌。这是因为可转债的利率通常是固定的，当市场利率上升时，投资者更倾向于购买利率更高的产品，从而减少对可转债的需求。

股市下跌：可转债的转换价值与其对应的股票价格密切相关。当股市下跌时，股票价格下跌，导致可转债的转换价值降低，进而可能引发可转债破发。

发行公司基本面恶化：如果发行公司的基本面出现恶化，如盈利能力下降、偿债能力减弱等，投资者对该公司及其发行的可转债的信心可能会降低，导致可转债价格下跌。

强制赎回风险：在某些情况下，发行公司有权在达到一定条件后强制赎回可转债。如果投资者未能及时卖出或转换可转债，可能面临被强制赎回的风险，从而导致投资损失。

总之，可转债破发受多种因素影响，投资者在投资可转债时，应充分了解市场动态、发行公司基本面以及可转债的具体条款，以制定合理的投资策略。

When Will Convertible Bonds Break?

Convertible bonds, also known as convertible debt, are financial derivatives that combine the characteristics of debt and equity. Although convertible bonds usually offer relatively stable returns and lower risks, there are certain situations where their prices may fall below their face value, known as "breaking" or "breaking down" the bonds. Here are some common scenarios that can lead to the break of convertible bonds:

Rising Market Interest Rates: When market interest rates increase, demand for fixed-income products decreases, leading to a decline in the price of convertible bonds. This is because the interest rate of convertible bonds is usually fixed, and when market rates rise, investors prefer to purchase products with higher interest rates, thus reducing demand for convertible bonds.

Falling Stock Market: The conversion value of convertible bonds is closely related to the price of the underlying stock. When the stock market falls, the price of the stock decreases, resulting in a lower conversion value for the convertible bond, which may trigger a break.

Deterioration of the Issuer's Fundamentals: If the fundamentals of the issuing company worsen, such as a decline in profitability or solvency, investors' confidence in the company and its issued convertible bonds may decrease, leading to a decline in the price of the convertible bonds.

Risk of Forced Redemption: In some cases, the issuing company has the right to forcibly redeem convertible bonds when certain conditions are met. If investors fail to sell or convert the convertible bonds in time, they may face the risk of forced redemption, resulting in investment losses.

In summary, the break of convertible bonds is influenced by various factors. When investing in convertible bonds, investors should fully understand market dynamics, the fundamentals of the issuing company, and the specific terms of the convertible bonds to formulate reasonable investment strategies.