单日获批超140亿！年末险企发债升温，永续债开始唱主角

Core Viewpoint - Insurance companies are intensifying bond issuance to supplement capital as the transition period for the second phase of the solvency regulation approaches its end in 2025, with a total bond issuance scale not exceeding 142 billion yuan approved on December 12 [1][3][4]. Group 1: Bond Issuance Details - On December 12, four insurance companies were approved to issue capital supplement bonds or perpetual bonds, with a total issuance scale of up to 142 billion yuan [3]. - China British Life Insurance was approved to issue up to 10 billion yuan in capital supplement bonds and up to 20 billion yuan in perpetual bonds; Great Wall Life and Everbright Sun Life were approved for up to 10 billion yuan and 12 billion yuan in perpetual and capital supplement bonds, respectively; CITIC Prudential Life was approved for up to 90 billion yuan in perpetual bonds [3]. Group 2: Reasons for Bond Issuance - The urgency for capital supplementation among insurance companies is linked to the upcoming end of the transition period for the second phase of solvency regulations in 2025, which imposes stricter capital regulatory standards [4]. - The economic environment and fluctuations in the investment market have further strained capital, prompting companies to issue bonds to enhance solvency ratios and meet regulatory requirements [4]. Group 3: Preference for Perpetual Bonds - Insurance companies show a preference for perpetual bonds over capital supplement bonds, with a noticeable increase in issuance scale [5]. - Perpetual bonds, which have no fixed maturity and can absorb losses, are favored as they can be counted as equity instruments, directly enhancing core solvency ratios [5]. Group 4: Investor Attraction - With declining coupon rates, insurance companies need to enhance the attractiveness of their bonds to investors by focusing on safety and transparency in terms [6]. - Maintaining a robust financial foundation and transparent disclosures is essential for building market confidence, especially in a low-interest-rate environment [6].