A Case Study Of Yankuang Group Issuing Private Exchangeable Bonds

Under the goal of carbon-peak and carbon-neutral,the coal industry is faced with the pressure of state-owned enterprise system reform,energy saving and emission reduction,excess capacity and so on.In the process of transition,there is a large amount of financing demand.Affected by the financial crisis and events such as coal industry default,traditional financing channels are unable to meet the required financing funds,it is faced with the problems of high financing cost and insufficient financing fund.Therefore,the study of exchangeable bonds has great significance to help the coal industry to solve the financing difficulties.Exchangeable bonds were first issued in China in 2013.Exchangeable bonds have the characteristics of both debt,equity and options,and are sought after by issuers and investors.By the end of 2020,a total of 315 exchangeable bonds had been issued,with a total issuance size of388.748 billion yuan.As a leading coal company,Yankuang Group Group issued three exchangeable bonds in 2017-2018,among which 17 yan01 eb issued all the shares in a year,which is typical.This paper first reviews the general situation and history of Yankuang Group’s issuance of exchangeable bonds.Under the guidance of relevant theories,through comparative analysis,it concludes the motivation of reducing and financing of Yanzhou Mining Group’s issuance of exchangeable bonds,this paper analyzes the issuance strategy from the issue timing and terms,and finally summarizes the impact of the issue of exchangeable bonds on the Yankuang Group through financial analysis.Through the above analysis,we draw the following conclusions: the timing of issuance is the most important factor for the success of issuance,the convertible bond financing cost is the lowest,the convertible bond reduction effect is the best.Based on the analysis of the above-mentioned cases,this paper concludes the following suggestions: The regulatory structure should lower the threshold of exchangeable bonds and strengthen the ex-post and ex-post supervision;Investors should participate in exchangeable bonds rationally and strengthen risk prevention consciousness.The innovation of this paper is to deeply analyze the economic effect and reducing effect of issuing action,reducing motivation,issuing strategy and private offering exchangeable bond from the perspective of issuing side,and combining exchangeable bonds with the future financing direction of coal enterprises,hoping to alleviate the problem of expensive and difficult financing faced by coal enterprises through private placement of exchangeable bonds,and the private placement of exchangeable bonds for the future development of the relevant recommendations.