多只银行转债退场银行资本补充提速

Core Points - The announcement from Shanghai Pudong Development Bank (SPDB) indicates that the last trading day for SPDB convertible bonds is October 22, with trading ceasing on October 23 and delisting occurring on October 28 [1][2] - The total issuance of SPDB convertible bonds was 50 billion yuan, marking the largest issuance at the time, and as of October 22, the unconverted proportion was 4.03%, equating to 2.013 billion yuan [2] - The reduction in the number of bank convertible bonds will lead to only six remaining in the market, with the total outstanding amount dropping below 100 billion yuan [4] Summary by Category Convertible Bonds Market - Several bank convertible bonds have exited the market this year, including those from Qilu Bank, Nanyin Bank, Hangzhou Bank, Suhang Bank, and Chengdu Bank, primarily due to strong stock performance triggering redemption clauses [2][4] - The exit of these bonds highlights the scarcity of remaining bank convertible bonds, which may impact asset allocation for institutional investors [4] Capital Supplementation - Convertible bonds serve as a significant external tool for banks to supplement capital, particularly core Tier 1 capital, through conversion into equity [1][2] - The willingness of banks to promote the conversion of convertible bonds has increased due to capital needs, despite historically low conversion rates driven by high conversion premiums [2] Impact of Major Shareholders - Major shareholders, including China Mobile and asset management companies (AMCs), have actively converted their holdings of SPDB convertible bonds into common stock, enhancing the bank's capital strength [3] - Following the conversion, China Mobile's shareholding increased from 17.80% to 18.15%, indicating a strategic move to bolster the bank's capital position [3]