截至7月25日规模超8900亿元 银行密集发行“二永债”补充资本

Core Viewpoint - The issuance of "perpetual bonds" (also known as secondary capital bonds) has become a crucial tool for Chinese banks to supplement their capital in 2023, with a total issuance exceeding 890 billion yuan as of July 25, 2023 [1] Group 1: Issuance Trends - The issuance of "perpetual bonds" by large state-owned commercial banks has accelerated, with a significant increase of 260.82% in the second quarter compared to the previous quarter [1] - Agricultural Bank successfully issued 60 billion yuan of secondary capital bonds on July 22, while China Construction Bank completed a 40 billion yuan issuance of perpetual bonds on May 19 [1] - The average interest rates for these bonds have shown a downward trend, with secondary capital bonds at 2.25% and perpetual bonds at 2.31% in the second quarter, further decreasing from the first quarter [1] Group 2: Capital Adequacy and Needs - Regulatory requirements for capital adequacy have become stricter following the implementation of Basel III, necessitating banks to enhance their capital levels to meet compliance and risk management needs [2] - The capital adequacy ratio for commercial banks (excluding foreign bank branches) was reported at 15.28% as of the first quarter, with smaller banks like city and rural commercial banks showing lower ratios of 12.44% and 12.96% respectively [2] - There is an urgent need for smaller banks to issue "perpetual bonds" to alleviate capital pressure and support business expansion, especially as some banks face upcoming bond redemptions [2] Group 3: Support for Small and Medium Banks - There is a call for better support for small and medium banks to establish long-term capital replenishment mechanisms and broaden their capital supplement channels [3] - Smaller banks have been actively issuing "perpetual bonds," albeit in smaller amounts, with institutions like Lanzhou Bank and Sichuan Bank successfully issuing bonds in June [3] - The Central Financial Work Conference has proposed to expand the scope of local government special bonds to support capital replenishment for banks, particularly focusing on city and rural commercial banks [3]