银行“二永债”发行升温，年内破万亿

Core Insights - The issuance of "perpetual bonds" (also known as secondary capital bonds) by banks has significantly increased in 2023, surpassing 1 trillion yuan by August 7, with over 200 billion yuan issued in July alone [1][3] Group 1: Issuance Trends - The pace of issuance has accelerated since the second quarter, with banks issuing 9 and 43 "perpetual bonds" in the first two quarters, totaling 173.86 billion yuan and 638.7 billion yuan respectively [3] - In the second half of the year, 15 "perpetual bonds" were issued in July, with a total issuance scale of 229.4 billion yuan [3] - The trend indicates a continuous growth in both the number and scale of issuances for 2023-2024 [3] Group 2: Capital Supplementation - "Perpetual bonds" serve as a crucial tool for banks to supplement their capital, with secondary capital bonds providing fixed-term support and perpetual bonds offering indefinite support [3] - The acceleration in issuance is attributed to the increasing demand for capital supplementation among banks, driven by regulatory requirements for capital adequacy ratios and the need to support the real economy through increased lending [3] - The narrowing interest margin between deposits and loans has made it challenging for banks to replenish capital through internal sources, making "perpetual bonds" an effective external financing option [3] Group 3: Issuance Disparities - There is a notable disparity in issuance among different types of banks, with state-owned and joint-stock banks issuing larger amounts compared to local and private banks [3] - State-owned banks have issued a total of 595 billion yuan, while joint-stock banks have issued 267 billion yuan [3] - Although local and private banks have issued 46 bonds, their total issuance amounts to only 184.46 billion yuan [3]