SPD BANK(SH:600000) Sou Hu Cai Jing·2025-10-28 04:55Core Viewpoint - The last conversion day for SPDB convertible bonds is October 27, 2023, with the bonds delisting from the Shanghai Stock Exchange on October 28, marking the largest convertible bond to delist this year, leaving only six bank convertible bonds in the market, with a total reduction of at least 90 billion yuan since the beginning of the year [2][6]. Group 1: Convertible Bond Details - SPDB convertible bonds were issued in November 2019 with a total size of 50 billion yuan and a six-year term, initially facing slow conversion due to the underlying stock's poor performance [3]. - As of October 27, 2023, the conversion rate reached 99.67%, with only 0.33% of the bonds remaining unconverted, significantly exceeding market expectations [2][5]. - The unconverted amount was 245.72 billion yuan as of September 30, 2023, representing 49.14% of the total issuance [3]. Group 2: Capital Support and Market Impact - Major investors, including China Mobile and China Orient Asset Management, have increased their stakes in SPDB through the conversion of convertible bonds, providing essential capital support [4][5]. - The conversion of these bonds is crucial for enhancing SPDB's core Tier 1 capital adequacy ratio, which stood at 8.91% as of June 30, 2023, thereby supporting business expansion and risk resilience [5]. - The delisting of SPDB convertible bonds reduces the number of bank convertible bonds in the market from 13 to 6, reflecting a significant contraction in the market size [6]. Group 3: Broader Market Context - The trend of convertible bonds in the banking sector has seen no new issuances in 2023, with several bonds exiting the market due to triggering early redemption clauses amid rising bank stock prices [6][7]. - The successful conversion of SPDB bonds is part of a broader strategy to strengthen banks' capital positions, as seen in previous cases like Everbright Bank, where significant conversions occurred just before bond maturity [7].