China Convertible Bond Index Opens Down 0.14%

The gap between the index's modest opening decline and the sharper moves in individual names points to dispersion rather than broad selling pressure, with a handful of bonds accounting for most of the downside while others still attract bids. That split matters because convertible bonds sit at the intersection of equity sensitivity and credit, so a mixed tape suggests idiosyncratic factors are driving flows more than any single macro signal. Whether the decliners' weakness stays contained to those names or starts bleeding into the wider index is the open question worth watching.