多只银行转债退场 银行资本补充提速

Core Viewpoint - The announcement from Shanghai Pudong Development Bank (SPDB) indicates that the SPDB convertible bonds will cease trading on October 23, with the last trading day being October 22, and will be delisted on October 28, marking a significant reduction in the number of bank convertible bonds in the market [1][2]. Group 1: Convertible Bond Details - SPDB convertible bonds have a total issuance amount of 50 billion yuan, which was the largest issuance at the time in 2019, and will be redeemed at 110% of face value after maturity [2][4]. - As of October 22, the closing price of SPDB convertible bonds was 110.80 yuan, with an unconverted proportion of 4.03%, amounting to 2.013 billion yuan [2][4]. Group 2: Market Impact - The exit of multiple bank convertible bonds from the market this year has reduced the total number of such bonds to six, with the overall scale dropping below 100 billion yuan [3][7]. - The scarcity of existing bank convertible bonds is expected to impact asset allocation for institutional investors, as these bonds are favored as fixed-income fund base assets [6][7]. Group 3: Capital Supplementation - Convertible bonds serve as an important tool for banks to supplement core Tier 1 capital, with a strong push from banks to convert these bonds into stocks to enhance capital strength [4][5]. - Following the announcement of SPDB's bond maturity, major shareholders, including China Mobile, have actively converted their bonds into shares, increasing their stake in the bank [4][5].