年内商业银行“二永债”发行规模达1.66万亿元

Core Viewpoint - The issuance of perpetual bonds by commercial banks in China remains robust, with a total issuance of 1.66 trillion yuan in 2023, indicating a stable demand for capital replenishment despite fluctuations in specific categories of bonds [1][2]. Group 1: Issuance Overview - Shanghai Bank recently completed the issuance of its first perpetual capital bond of the year, with a scale of 10 billion yuan [1]. - As of December 11, 2023, commercial banks have issued 1.66 trillion yuan in perpetual bonds, maintaining a high level of issuance compared to the same period in 2024 [1]. - The issuance of perpetual bonds by commercial banks reached 821.8 billion yuan in 2023, an increase of 117.1 billion yuan year-on-year [1]. Group 2: Issuance by Bank Type - State-owned banks and joint-stock banks are the main issuers of perpetual bonds, accounting for 81% of the total issuance, with state-owned banks issuing 910 billion yuan, an increase of 69 billion yuan year-on-year [1]. - Regional banks, including city commercial banks and rural commercial banks, issued 88 perpetual bonds totaling 324.86 billion yuan, reflecting a 10% year-on-year increase [2]. Group 3: Redemption Trends - There has been a significant increase in the redemption of previously issued perpetual bonds, with a total redemption scale of 1.22 trillion yuan in 2023, an increase of 819.29 billion yuan year-on-year [2]. - The trend of banks redeeming high-interest old bonds to issue new bonds at lower rates indicates a refined approach to capital and liability management [2]. Group 4: Future Outlook - The market for perpetual bonds is expected to remain active, with most banks likely to continue the practice of "borrowing new to repay old," leading to a slight increase in market size [3]. - Large and medium-sized banks are anticipated to issue perpetual bonds that will remain important assets for institutional investors such as wealth management and bond funds due to manageable risks and relatively high coupon rates [3].