This article available in Chinese version only

是「敵」亦是「友」的時間值 (二)

2019-12-20

上周解釋了為何看似「值錢」的仙輪,突然隨市況急轉而變得灸手可熱。只要相關資產價格突破行使價,帶動「內在值」增加,加上對沖值急升,最終定必可為這類仙輪帶來數以倍數計的升幅。本周將繼續討論時間值對窩輪價格帶來的影響及如何挑選心儀產品。

上星期的例子是一些輕微價外及短年期的仙輪,只要到期前相關資產價格突破行使價,便能發揮最大的爆炸力。順帶一提的是,若正股的升幅不夠大,或是升得較為慢的話,因為這類產品對正股敏感度會較低,輪價的表現有機會差於預期。進而若正股靜止不動或是走勢相反的話,這類仙輪防守性就更低,最壞情況理論價值會低於1仙,發行商有機會未能提供買賣盤報價。因此,投資者切記莫因為這些仙輪看來很平,便貿然投放過多資金。反之這類產品只適合進取的投資者以少量資金博短線正股劇變,看錯方向的話產品將當作自動止蝕。

針對策略上較溫和的中長線投資者,在選擇窩輪時該把戰線拉長,以中長線年期及輕微價外證作部署,特點是每日的時間值損耗相對較低,即使相關資產以較溫和的速度走向預期的方向,或在走勢當中整固,這類產品的防守性仍是較高。不過,與此同時,由於產品的時間值含量較多,輪證價格看上去可能會較貴。

最後是一些「深入價內」的產品,一般來說,對沖值愈高,產品價格愈能跟貼正股走勢,因此有不少投資者會以此類窩輪去取代正股作長線持有。不過亦要提醒,若正股中長線走勢有變,令深入價內程度突然減少的話,這些產品亦難以獨善其身。

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本結構性產品並無抵押品,如發行人無力償債或違約,投資者可能無法收回部份或全部應收款項。

本文由香港上海匯豐銀行有限公司(「本行」或「發行商」)發行(包括任何參考條款),僅供參考之用,並不構成邀約、游說、或建議出售或購買結構性產品。

結構性產品屬複雜產品,投資者務須就此審慎行事,除非投資者完全了解及願意承擔所涉風險,否則切勿投資此產品。結構性產品價格可急升可急跌,投資者或會損失所有或大部分投資。過往表現並不反映將來表現。投資前應了解結構性產品之性質及風險,並詳閱有關上市文件,獨立決定是否適合自己,若需要應諮詢專業建議。本行及其委任之流通量提供者可能是結構性產品的唯一市場參與者,而結構性產品的二級市場可能有限。謹請注意,牛熊證設有強制收回機制,因此有可能提早終止,在此情況下(i)N類牛熊證投資者會損失於牛熊證的全部投資;而(ii)R類牛熊證之剩餘價值則可能為零。界內證在市場是全新的結構性產品,現時在香港交易所並無類似上市產品可作比較。界內證具備有別於標準的特徵,其條款及定價或較其他標準權證複雜,其最大潛在回報為固定及設有上限。界內證價格變動可能與其掛鈎資產的價格變動不成比例或呈相反方向。

作者為金管局及證監會持牌人士,並無就結構性產品或相關資產持有任何直接或間接權益。
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