银行“二永债”年内发行超万亿元 结构性缺口仍待解

Core Insights - The issuance of "perpetual bonds" (referred to as "二永债") by domestic banks has accelerated significantly this year, with a total issuance exceeding 1 trillion yuan as of August 5, driven by low interest rates, tight credit supply, and growing capital demands [2][3][4] Group 1: Issuance Overview - A total of 67 "二永债" have been issued this year, with a cumulative scale surpassing 1 trillion yuan [3] - Major contributors to the issuance include state-owned banks and joint-stock banks, with the former issuing 16 bonds totaling 595 billion yuan and the latter 9 bonds totaling 267 billion yuan [3] - Smaller banks, including city commercial banks and rural commercial banks, have also increased their issuance, with 42 bonds totaling approximately 179.96 billion yuan [3] Group 2: Factors Driving Issuance - The acceleration in "二永债" issuance is attributed to several favorable factors, including the need for banks to supplement capital due to expanding business and increasing risk-weighted assets [4] - Low bond market interest rates have significantly reduced the cost of issuing bonds for banks [4] - The tightening supply of traditional credit bonds has increased the demand for high-rated financial bonds like "二永债" [4] Group 3: Characteristics of "二永债" - "二永债" includes both secondary capital bonds and perpetual bonds, which serve similar functions in capital supplementation [6] - Secondary capital bonds have a fixed term, while perpetual bonds do not have a maturity date, allowing banks to redeem them at their discretion after a certain period [6] - Both types of bonds have embedded write-down or conversion clauses that can enhance capital buffers in times of risk [6] Group 4: Challenges and Limitations - Despite the active issuance, "二永债" has structural limitations in addressing core Tier 1 capital shortages, as the proportion of secondary capital bonds that can be counted towards capital decreases over time [8] - Some banks, like Nanchang Rural Commercial Bank, have faced challenges in redeeming their bonds, reflecting the increasing difficulty in capital supplementation [8][9] - The reliance on "二永债" by smaller banks has grown due to constraints in internal capital accumulation and limited access to equity financing [7][10] Group 5: Policy Recommendations - To address the capital supplementation challenges faced by smaller banks, it is recommended to diversify the supply of capital tools and ease the issuance thresholds for preferred shares and convertible bonds [10] - Enhancing the market environment for capital tools and simplifying the listing approval process for quality smaller banks could encourage more capital market financing [10] - Implementing differentiated support policies tailored to specific banks could help establish robust capital buffers and sustainable development mechanisms [10]