银行“二永债”发行再加速 7月来新发规模近3000亿

Core Viewpoint - The issuance of "perpetual bonds" and "subordinated bonds" (collectively referred to as "perpetual bonds") has accelerated in the second half of the year, with a total issuance of 297.2 billion yuan since July, driven by the capital replenishment needs of banks, particularly smaller banks [1][2][3] Group 1: Issuance Trends - Over 22 commercial banks have issued perpetual bonds in the last two months, with a notable increase in issuance from smaller banks [1][2] - In August, China Bank completed a 40 billion yuan issuance of perpetual bonds, following a 30 billion yuan issuance in the previous month [2] - Nine small and medium-sized banks successfully issued perpetual bonds in August, indicating a strong willingness to issue [2] Group 2: Capital Adequacy - The overall capital adequacy ratio of commercial banks has improved, with the average capital adequacy ratio rising to 15.58% in the first half of the year, an increase of 0.30 percentage points [4] - Some smaller banks still have relatively low capital adequacy ratios, necessitating further capital replenishment through perpetual bonds [4][5] - The capital adequacy ratios for Chengdu Bank, Ningbo Tongshang Bank, and Chouzhou Commercial Bank are below the industry average, highlighting their urgent need for capital [4] Group 3: Market Dynamics - The interest rates for perpetual bonds have shown a downward trend, reflecting a favorable financing cost environment for banks [3][5] - The issuance of perpetual bonds is expected to remain high, particularly among smaller banks, as they face ongoing capital pressures [5][6] - The market is likely to see a concentration of perpetual bond issuances from smaller banks as larger banks' capital replenishment needs stabilize [5][6]