China Convertible Bond Index Opens 0.36% Higher

A broad index move of this size is usually less about any single credit than about shifts in the equity-linked risk appetite that convertible bonds straddle. The dispersion is the tell: five names up well over 2% against two decliners capped at 0.19% points to concentrated buying in a handful of issues rather than uniform demand. Whether that narrow leadership broadens or fades is the open question, since convertibles tend to track underlying equity moves and financing conditions more than the index headline suggests.