年内首家银行公告“拒赎”二级资本债券

Core Viewpoint - Nanchang Rural Commercial Bank has chosen not to exercise the redemption option for its first tranche of subordinated capital bonds issued in 2020, marking the first commercial bank to announce such a decision this year [1][2]. Company Summary - Nanchang Rural Commercial Bank was established on March 26, 2009, and is the first rural commercial bank in Jiangxi Province, formed from the original Hongdu Credit Cooperative [1]. - The bank raised a total of 1.83 billion yuan in targeted fundraising in June and December 2023, with Nanchang Financial Holding Co., Ltd. being the largest shareholder, holding a 9.99% stake as of the end of 2023 [1]. Bond Issuance Details - The bank issued 500 million yuan of subordinated capital bonds on May 18, 2020, with a fixed interest rate of 4.90% and a 10-year term, including a conditional redemption option at the end of the fifth year [1]. - The conditions for exercising the redemption option include replacing the redeemed bonds with capital instruments of equal or higher quality or maintaining a capital level significantly above regulatory requirements [1]. Reasons for Not Exercising Redemption - The decision not to redeem the subordinated capital bonds indicates that the bank did not meet the necessary conditions for redemption [2]. - Experts suggest that factors influencing this decision include insufficient capital adequacy ratio, challenges in net interest margin, and rising non-performing loan rates, which hinder the bank's ability to internally generate capital [3]. Industry Context - The trend of banks opting not to redeem subordinated capital bonds has become more frequent, particularly among small and medium-sized banks [3]. - In the previous year, several small banks, including Yinkou Bank and Hubei Xiaogan Rural Commercial Bank, also chose not to redeem their subordinated capital bonds [3]. - The ongoing situation reflects a significant demand for capital replenishment among small and medium-sized banks, with expectations that they will increasingly issue subordinated capital bonds for capital supplementation [4].