获批发行120亿元“二永债”，长沙银行再启资本补充计划

Core Viewpoint - Changsha Bank has initiated a capital replenishment plan after a decline in capital adequacy indicators in the first half of the year, with approval to issue up to 12 billion yuan in capital instruments, including perpetual bonds and subordinated bonds [2][3]. Group 1: Capital Replenishment Plan - Changsha Bank has received approval from the Hunan Financial Regulatory Bureau to issue capital tools not exceeding 12 billion yuan, which includes perpetual bonds and subordinated bonds [3]. - The bank can decide the timing, batch, and scale of issuance within the approved limit and must complete the issuance within 24 months [3]. Group 2: Capital Adequacy Indicators - As of the first half of 2025, Changsha Bank's core Tier 1 capital adequacy ratio, Tier 1 capital adequacy ratio, and total capital adequacy ratio were 9.73%, 11.3%, and 13.6%, respectively, showing a decline of 0.39, 0.51, and 0.6 percentage points compared to the end of the previous year [5]. - The urgency for capital replenishment is highlighted by the declining capital adequacy ratios, necessitating effective measures to meet increasingly stringent regulatory requirements [5]. Group 3: Industry Context - In 2023, Changsha Bank's total assets exceeded 1 trillion yuan, but the expansion led to increased capital consumption, prompting multiple capital replenishment initiatives [4]. - The issuance of perpetual bonds by commercial banks has accelerated, with a total issuance of 1.26 trillion yuan in 2023, indicating a trend among smaller banks to supplement capital through such instruments [6]. Group 4: Market Dynamics - The interest rates for newly issued perpetual bonds by small and medium-sized banks range from 2.1% to 2.9%, significantly lower than five years ago, which incentivizes banks to redeem old bonds and issue new ones [6]. - The flexibility and cost-effectiveness of issuing perpetual bonds and subordinated bonds provide a sustainable way for small and medium-sized banks to enhance their capital structure without immediately diluting shareholder equity [7].