中国移动驰援 浦发银行化解500亿可转债到期兑付压力“最后冲刺”

Core Viewpoint - China Mobile has become the third "white knight" to assist Shanghai Pudong Development Bank (SPDB) in alleviating the pressure of 50 billion yuan in convertible bond maturity due on October 27, 2025, by converting its holdings into ordinary shares [2][3]. Group 1: Convertible Bond Details - SPDB issued 500 million convertible bonds in October 2019, with a face value of 100 yuan each, totaling 50 billion yuan, maturing in six years [3]. - As of the end of June, only 144 million yuan worth of convertible bonds had been converted, indicating a low conversion rate [3]. - By September 30, the total amount of unconverted convertible bonds decreased to approximately 245.72 billion yuan, representing only 49.14% of the total issuance [5]. Group 2: Impact of Conversion - The conversion of 56,314,540 convertible bonds by China Mobile will relieve SPDB of approximately 6.194 billion yuan in maturity repayment pressure [6]. - If all convertible bonds are converted, SPDB's core Tier 1 capital adequacy ratio could increase by 48 basis points to 9.39%, enhancing its capital strength [6]. - The ongoing trend of rising bank stock prices has encouraged more bondholders to consider conversion, driven by potential returns exceeding 10% [8]. Group 3: Strategic Investors - The involvement of strategic investors, referred to as "white knights," is crucial for SPDB to manage its convertible bond maturity effectively [4][7]. - Previous instances of strategic investments, such as those from Xinda Investment and Dongfang Asset, have already contributed to reducing the pressure on SPDB [5][8]. - The governance participation rights granted to these investors upon conversion highlight the strategic importance of their involvement in SPDB's capital structure [8].