China’s CSI Convertible Bond Index opens down 0.15%

The dispersion here matters more than the index's modest opening dip: individual convertibles are moving by several percent in both directions while the benchmark barely budges, a sign that issuer-specific factors rather than broad sentiment are driving flows. That kind of single-name volatility cuts both ways for holders, with Fuxin's gain far outpacing any of the day's decliners. Whether this wide spread between the index and its components persists is the open question for anyone tracking convertible positioning.