商业银行年内发行“二永债”规模已达4070亿元 较去年同期增长55.8%

Core Insights - Several commercial banks, including Agricultural Bank of China, Bohai Bank, and Industrial Bank, have successfully issued varying scales of secondary capital bonds or perpetual bonds in the interbank bond market [1] - The issuance of secondary capital bonds and perpetual bonds helps improve the capital adequacy ratio of commercial banks [1] Group 1: Issuance Trends - As of April 18, 2023, nine commercial banks have issued a total of 407 billion yuan in "two perpetual bonds" (secondary capital bonds and perpetual bonds combined), representing a year-on-year increase of 55.8% [1] - Among the total issuance, secondary capital bonds accounted for 314 billion yuan (77.1%), while perpetual bonds made up 93 billion yuan (22.9%) [1] - State-owned banks have been particularly active in bond issuance, with China Bank, Agricultural Bank, and Construction Bank issuing a total of 280 billion yuan in secondary capital bonds this year [1] Group 2: Capital Supplementation Needs - The increase in issuance volume compared to the same period last year is attributed to stronger capital supplementation needs, regulatory guidance encouraging market-based capital replenishment, and a favorable interest rate environment [1] - The overall capital adequacy ratio of commercial banks is facing downward pressure, with capital adequacy ratios reported at 15.06%, 12.12%, and 10.54% for total, tier 1, and core tier 1 capital respectively, all showing declines from the end of 2022 [1] - The decline in core tier 1 capital adequacy ratio is primarily due to increased risk-weighted assets from declining asset quality, reduced net profit growth affecting internal capital replenishment, and the need for more capital due to increased credit issuance [1] Group 3: TLAC Requirements - Despite currently high capital adequacy ratios, major state-owned banks need to enhance their TLAC (Total Loss-Absorbing Capacity) to meet regulatory requirements, which will require a TLAC ratio of 16% by early 2025 [2] - Different types of banks are expected to adopt various strategies for capital supplementation, including internal capital retention, issuance of secondary capital bonds, preferred shares, and perpetual bonds, as well as asset restructuring and strategic investor introduction [2] - Large banks are likely to prefer issuing long-term capital instruments in the capital market, while smaller banks may rely more on restructuring, mergers and acquisitions, and profit retention for capital supplementation [2]