国有大行明年发债热情不减金融债成资管产品配置“压舱石”

Core Viewpoint - The issuance of various types of bonds by commercial banks has reached 2.88 trillion yuan in 2023, with a significant portion being secondary capital bonds and perpetual bonds, indicating a stable market for these financial instruments [1][5]. Group 1: Bond Issuance Plans - Industrial and Commercial Bank of China (ICBC) plans to issue up to 488 billion yuan in financial bonds for 2026, an increase of approximately 38 billion yuan from the previous year's plan [2][3]. - China Construction Bank (CCB) has announced a total bond issuance plan of up to 700 billion yuan for 2026, including capital instruments and TLAC bonds [2][3]. - Other major state-owned banks, such as Agricultural Bank of China and Postal Savings Bank, are also reviewing their bond issuance plans for 2026, although specific amounts are yet to be disclosed [4]. Group 2: Market Trends and Dynamics - The total issuance of secondary capital bonds and perpetual bonds (collectively referred to as "二永债") has reached approximately 1.37 trillion yuan in 2023, with a notable decrease in secondary capital bonds by about 24.9% year-on-year, while perpetual bonds have increased by 18.4% [5][6]. - State-owned banks and joint-stock banks dominate the issuance of "二永债," accounting for 81.3% of the total market share [5]. - A significant redemption wave is observed in the "二永债" market, with 1.15 trillion yuan maturing by the end of November 2023 [5]. Group 3: Asset Management and Investment Trends - Financial bonds, including "二永债" and TLAC bonds, are becoming core assets for asset management institutions, driven by an increasing demand for fixed-income products [7][8]. - The market for financial bonds is now the largest investment segment for non-bank institutions, offering higher safety and market value compared to other debt instruments [7]. - As of Q3 2025, public funds have a significant allocation in bank bonds, with 43.6% in ordinary bank bonds, 28.5% in secondary bonds, and 9.8% in perpetual bonds [8].