Di Yi Cai Jing·2025-06-19 12:59Group 1 - Postal Savings Bank of China (PSBC) has completed a targeted issuance of 130 billion yuan, marking its first large-scale state capital injection, with the Ministry of Finance becoming the third-largest shareholder at 15.77% [2][3] - The issuance involved approximately 20.93 billion shares, with the Ministry of Finance contributing 117.58 billion yuan, China Mobile Group 7.85 billion yuan, and China Shipbuilding Group 4.57 billion yuan [2] - The capital raised will be used to supplement core Tier 1 capital, expected to increase PSBC's capital adequacy ratio by 1.5 percentage points, enhancing its capital strength and risk resistance [3][4] Group 2 - The issuance of perpetual bonds (二永债) has accelerated, with banks issuing nearly 800 billion yuan this year, approaching last year's total of 785.6 billion yuan [5][6] - Agricultural Bank of China issued 60 billion yuan in perpetual bonds, with a 10-year fixed rate bond at 1.93% and a 15-year bond at 2.10% [5] - The overall issuance of perpetual bonds in the banking sector is expected to be driven by smaller banks, as larger banks' capital pressures ease following state capital injections [6][7] Group 3 - The Ministry of Finance's recent issuance of special government bonds totaling 500 billion yuan aims to support state-owned commercial banks in capital replenishment [3][4] - The average dividend yield for PSBC is approximately 4.74%, higher than the median yield of 4.2% for 42 listed banks [4] - The trend of early redemption of perpetual bonds is expected to continue, driven by lower issuance costs and the need for banks to maintain refinancing capabilities [7]