中小银行二永债发行节奏加快

Core Viewpoint - The issuance of subordinated and perpetual bonds (referred to as "subordinated bonds") by several small and medium-sized banks has accelerated since June, driven by the need for capital replenishment amid tightening regulatory policies and declining net interest margins [1][3]. Group 1: Recent Issuances - Chongqing Three Gorges Bank issued 3.5 billion yuan in perpetual bonds with a coupon rate of 2.69%, significantly lower than the 4.8% rate from a previous issuance in October 2020 [2][3]. - Tianjin Rural Commercial Bank successfully issued 2 billion yuan in subordinated bonds at a record low interest rate of 2.50%, down from 4.28% in August 2020 [2][3]. - Shunde Rural Commercial Bank plans to issue subordinated bonds worth 3.5 to 4.5 billion yuan, with an expected interest rate range of 2.1% to 2.6% [2]. Group 2: Market Conditions - The People's Bank of China reduced the reserve requirement ratio for financial institutions, which has led to increased liquidity and lower financing costs in the bond market [2][4]. - The issuance of subordinated bonds is expected to reach between 800 billion and 1 trillion yuan in the second and third quarters of 2025, driven by the urgent capital needs of small and medium-sized banks [3][4]. Group 3: Capital Adequacy and Regulatory Environment - As of March 2025, the capital adequacy ratio for city commercial banks was 12.44%, and for rural commercial banks, it was 12.96%, both below the industry average [4][5]. - Regulatory policies continue to tighten capital constraints on small and medium-sized banks, increasing their demand for external capital [3][5]. - The issuance of subordinated bonds has been concentrated in economically developed regions such as Jiangsu, Zhejiang, and Guangdong, which account for over 70% of the total issuance [5][6]. Group 4: Future Outlook - Tianjin Rural Commercial Bank aims to enhance its risk resistance and support regional economic development through increased credit allocation, leveraging capital replenishment as an opportunity for structural reform [3][4]. - The trend of capital replenishment through bond issuance and shareholder capital increases is expected to continue, particularly for banks with strong local government backing [6].