New debt is a special bond issued by listed companies, which has the properties of bonds and has the right to be converted into convertible bonds.

Buying new bonds is risky, because new bonds are not capital preservation products, and there is the possibility of principal loss. After winning the lottery, investors get the right to buy convertible bonds. The main purpose of the new debt transaction is to earn the difference. When the new debt rises, there will be gains, and when the new debt falls, there will be losses. However, historically, most new bonds are profitable.