商业银行年内共发行二永债1.26万亿元！

Core Viewpoint - The recent redemption of perpetual bonds by banks indicates a trend of optimizing capital structure and reducing financing costs in the banking sector [1][4]. Group 1: Redemption of Perpetual Bonds - Industrial Bank has fully redeemed its perpetual bond issued in October 2020, with a total issuance of 30 billion yuan and an interest rate of 4.73% [1]. - As of October 20, over 80 perpetual bonds have been redeemed this year, totaling more than 970 billion yuan [1][2]. - The redemption trend is accompanied by a high issuance of new perpetual bonds, with a total of 1.26 trillion yuan issued this year as of October 20 [1][4]. Group 2: Factors Driving Redemption - The redemption of perpetual bonds is driven by the need to adjust capital structures and improve capital efficiency due to changes in operational and capital conditions [3]. - Banks are redeeming high-interest bonds and issuing new ones at lower rates to reduce financing costs [4]. Group 3: Market Implications - The concentrated redemption of perpetual bonds is expected to lead to a contraction in supply and a scarcity of high-yield bonds, resulting in lower yields and increased investment demand [4]. - This trend is anticipated to contribute to a healthier capital replenishment mechanism for banks in the long term [4].