Zheng Quan Shi Bao·2025-11-09 22:02Core Viewpoint - Major Chinese banks, including Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB), have announced their bond issuance plans for 2026, indicating a strong appetite for raising capital through various debt instruments [1][2]. Group 1: Bond Issuance Plans - ICBC plans to issue financial bonds up to 488 billion yuan for 2026, an increase of approximately 38 billion yuan from its 2025 issuance plan [2]. - CCB's bond issuance plan includes a total of up to 700 billion yuan, with capital instruments not exceeding 450 billion yuan and TLAC bonds not exceeding 250 billion yuan [2]. - Other state-owned banks, such as Agricultural Bank of China and Postal Savings Bank, are also considering their bond issuance plans for 2026, although specific amounts are yet to be disclosed [1][2]. Group 2: Market Trends and Statistics - As of November 9, 2023, the total bond issuance by commercial banks for the year reached 2.88 trillion yuan, with subordinated and perpetual bonds (referred to as "二永债") accounting for approximately 1.37 trillion yuan [1][4]. - The issuance of subordinated bonds has decreased by about 24.9% year-on-year, while perpetual bonds have seen an increase of 18.4% [4]. - State-owned and joint-stock banks are the primary issuers of subordinated and perpetual bonds, accounting for 81.3% of the total market issuance [4]. Group 3: Investment Trends - Financial bonds, including subordinated and TLAC bonds, are becoming core assets for asset management institutions, driven by an increasing demand for fixed-income products [6]. - The market for financial bonds is now the largest investment segment for non-bank institutions, offering higher market value compared to traditional interest rate bonds [6]. - As of the third quarter of 2025, public funds held 43.6% of the market value of bank ordinary bonds, with significant allocations to subordinated and perpetual bonds [7].