> Source: https://ashareapi.com/en/docs/guides/convertible-bond-alerts/  ·  Markdown version for LLMs / AI agents

Tutorial

# Monitoring convertible-bond redemption and the double-low value
 Two things convertible-bond holders fear most: missing a redemption announcement (the premium vanishes overnight) and buying at a high premium. Both are visible up front in one `/v1/bond` call — below is the screening and warning code.

## Two numbers first: the double-low value and the premium
 The **double-low value** is the most common "cheapness" metric in the convertible-bond world:

 Double-low value (common formula)
```
double_low = bond_price + conversion_premium × 100

# Example (sh113052, measured 2026-09-25):
# price (/v1/quote) 112.23
# pure-bond premium 26.35%
# double-low 138.577 ← returned by the API
# Lower double-low = "cheaper" (falls less, still tracks upside)
```

-
 **Premium** = (bond price ÷ conversion value − 1) × 100% — how much more you pay than buying the stock

-
 **Conversion value** = 100 ÷ conversion price × stock price — what the bond is worth if converted

-
 **Double-low strategy**: rank the whole universe by double-low and hold the cheapest basket (traditionally 20 names, rotated)

-
 Note on our **double-low definition**: measured sh113052 = `138.577`, while price 112.23 + pure-bond premium 26.35% ≈ 138.58 — the premium term the API uses is **not** the pure-bond premium, so the two do not simply add up. To compute it yourself, verify the definition against the raw fields once

## One request for every term

 Python (key required)
```
import requests

KEY = "ct-your-key"
r = requests.get("https://api.ashareapi.com/v1/bond",
 headers={"Authorization": "Bearer " + KEY},
 params={"code": "sh113052"}, timeout=30)
body = r.json()
print(body["data"][:400]) # NOTE: the payload is Markdown text, not a JSON array
```

-
 **This is the endpoint’s quirk**: `data` is a **Markdown table string** (main terms + detail tables), not a structured array

-
 Render it directly as a table, or parse it for programmatic use (next section)

-
 The free `quote` endpoint also prices convertible bonds (`sh113052` form) — terms from `/v1/bond`, price from `/v1/quote`

## Parse the Markdown into fields
 The main terms live in the first `| item | value |` table — a few lines of regex is enough.

 Python (runnable)
```
import re, requests

KEY = "ct-your-key"
r = requests.get("https://api.ashareapi.com/v1/bond",
 headers={"Authorization": "Bearer " + KEY},
 params={"code": "sh113052"}, timeout=30)
md = r.json()["data"]

def parse_terms(md: str) -> dict:
 """Parse the first | item | value | table into a dict."""
 out = {}
 for line in md.splitlines():
 m = re.match(r"\|\s*([^|]+?)\s*\|\s*([^|]*?)\s*\|\s*$", line)
 if not m:
 continue
 k, v = m.group(1), m.group(2)
 if k in ("项目", "---") or set(k) <= {"-"}:
 continue
 out[k] = v
 return out

t = parse_terms(md)
print("double-low ", t.get("双低"))
print("premium ", t.get("纯债溢价率"))
print("conv. value ", t.get("转股价值"))
print("call trigger ", t.get("强赎触发价"))

# Measured output (2026-09-25):
# double-low 138.577
# premium 26.35%
# conv. value 88.823
# call trigger 26.169
```

## Spotting redemption risk early
 **Forced redemption is the biggest trap**: the issuer redeems at ~100 while the bond trades at 130 — fail to exit and the premium is wiped out.
 The check is simple: **compare the stock price against the call trigger price**.

 Python (key required)
```
# Typical trigger: stock closes ≥ conversion price × 130% for 15 of 30 sessions.
# The endpoint gives you that threshold ("强赎触发价"); compare it to the stock price.

trig = float(t["强赎触发价"].replace("元", "").strip()) # 26.169
stock = requests.get("https://api.ashareapi.com/v1/quote",
 params={"code": "sh601166"}).json()["data"][0]
price = float(stock["last"])

print(f"stock {price} / trigger {trig} = {price / trig:.1%}")
if price >= trig:
 print("WARNING: above the call trigger — watch for an issuer announcement")
elif price >= trig * 0.95:
 print("ALERT: within 5% of the trigger — watch list")
else:
 print("no redemption pressure")
```

-
 **Important**: hitting the trigger price does **not** mean redemption happens — the issuer **may choose not to call**. The trigger tells you to go read the announcements

-
 The real signal is the **issuer announcement**; the `赎回条款详情` table shows historical call tiers and start dates

-
 **High premium + near trigger** is the worst combination: if they call, the premium goes straight to zero

## From one bond to a basket
 A double-low value means nothing in isolation — **it is a ranking metric**. Build a bond pool, loop over it, then sort.

 Python (key required)
```
import time

codes = ["sh113052", "sz123138", "sh110043"] # your bond pool
rows = []
for c in codes:
 try:
 b = requests.get("https://api.ashareapi.com/v1/bond",
 headers={"Authorization": "Bearer " + KEY},
 params={"code": c}, timeout=30).json()
 t = parse_terms(b["data"])
 rows.append((c, float(t.get("双低", 999)), t.get("纯债溢价率", "")))
 except Exception as e:
 print(c, "failed:", e)
 time.sleep(0.3) # be gentle with rate limits

for c, dl, prem in sorted(rows, key=lambda x: x[1]):
 print(f"{c} double-low {dl:>7.2f} premium {prem}")
```

-
 **We do not provide a whole-market bond list** — prepare your own pool (or confirm codes one by one via `/v1/search?q= `)

-
 **Cheaper is not always better**: a small-cap, low-rated bond near maturity may carry **credit risk**, not opportunity

-
 **Do not loop intraday**: terms do not need second-by-second refresh; once after the close is enough

## Common mistakes and boundaries

-
 **Treating `data` as a JSON array** → it is a Markdown string; parse it (see above)

-
 **Assuming the API computes the double-low** → it returns the field directly, but ranking a pool is your job

-
 **Panicking at the trigger price** → trigger ≠ redemption; **the announcement governs**

-
 **Misreading the putback price** → in our measurement the putback trigger showed `0`, meaning the clause does not currently apply — not "the putback price is zero"

-
 **Units** → values carry "元" and percentages carry "%"; strip before casting to float

-
 **Rate limits** → `/v1/bond` is a paid endpoint; anonymous callers only get the five free endpoints

## FAQ
 Why does /v1/bond return Markdown instead of JSON?
 The terms span many fields at different levels (main terms + coupon schedule + call terms + adjustment terms + cash flows). A Markdown table reads naturally and renders directly. For programmatic use, parse the first table with `parse_terms()` as shown.

 How is the double-low value computed — can I trust it?
 The endpoint **returns it directly**. The common industry formula is "bond price + conversion premium × 100", but **the premium term this API uses is not the pure-bond premium field** (measured sh113052: double-low 138.577, while price 112.23 + pure-bond premium 26.35% ≈ 138.58 — close, but they do not add up exactly). So use the returned value as-is; if you must compute it yourself, verify the definition against the raw fields first.

 Can I fetch every convertible bond in one call?
 **No** — we do not offer a whole-market bond list or bulk export. Prepare a pool of codes, call `/v1/bond` per code, then rank locally. Use `/v1/search?q= ` to confirm codes first.

 What does a call trigger of 26.169 mean?
 It is the stock price at which the redemption condition is met (usually 130% of the conversion price). The actual rule requires the stock to close at or above it for **15 of 30 sessions**, and the issuer **may still choose not to call**. Treat it as a reminder, not a forecast.

 How do I get the bond price?
 Use `/v1/quote?code=sh113052` — **free, no key needed**. Convertible bonds share the same code format as stocks. `/v1/bond` covers terms; the price comes from quote.

 Last updated: 2026-09-25
 Fields and values come from live responses (measured 2026-09-25 on sh113052: double-low 138.577 · pure-bond premium 26.35% · conversion value 88.823 · call trigger 26.169 · putback trigger 0 · underlying 601166; the payload is a Markdown string with four detail tables). The double-low formula follows the common industry convention; redemption rules follow the prospectus and issuer announcements.

 Read next

-
[Endpoint reference (bond / quote / search)](/en/endpoints)

-
[Migrating from AkShare (bond_zh_cov mapping)](/en/docs/guides/migrate-from-akshare)

-
[Quantifying A-Share market mood (all-free endpoints)](/en/docs/guides/market-mood)

-
[Error codes & rate limits](/en/docs/errors)

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