银行行业行业专题研究：资本新规下395家发债银行分级、分档一览（2023）

Industry Overview - The report provides an in-depth analysis of the banking industry under the new capital regulations, focusing on the classification and grading of 395 bond-issuing banks [1][2] - The core view of the report is that the new capital regulations, issued by the Financial Regulatory Bureau in November 2023, have introduced a three-tier classification system for commercial banks based on consolidated asset size and overseas debt, with differentiated capital requirements [2] - The report updates the classification and grading of banks based on the latest disclosed total asset size, capital indicators, and leverage ratios from the 2023 annual reports [2] Bank Classification and Grading - Among the 395 sample bond-issuing banks, 63 are classified as Tier 1, accounting for 15.95% of the total, with total assets of 317.7 trillion yuan, representing 89.61% of the total assets [3] - Tier 2 banks comprise 325 institutions, accounting for 82.28% of the total, with total assets of 36.8 trillion yuan, representing 10.37% of the total assets [3] - Only 7 banks are classified as Tier 3, accounting for 1.77% of the total, with total assets of 450 billion yuan, representing 0.01% of the total assets [3] - Among the 42 A-share listed banks, 31 meet the Tier 1 classification requirements, while the remaining 11 are Tier 2, including 3 city commercial banks and 8 rural commercial banks [3] Bank Grading by Risk Weight - The report classifies banks into four grades (A+, A, B, C) based on their risk weight requirements under the new regulations [12] - A+ grade banks must have a core Tier 1 capital adequacy ratio of at least 14% and a leverage ratio of at least 5%, with a risk weight of 20%-30% for bank claims [12] - A grade banks must meet the minimum capital requirements and buffer capital requirements set by their respective regulatory authorities, with a risk weight of 20%-40% for bank claims [12] - B grade banks must meet the minimum capital requirements but may not fully meet other capital requirements, with a risk weight of 50%-75% for bank claims [12] - C grade banks do not meet the minimum capital requirements or have received adverse audit opinions, with a risk weight of 150% for bank claims [12] Financial Bond Issuance - As of July 30, 2024, A+ grade banks have issued 1.68 trillion yuan in outstanding certificates of deposit, accounting for 9.46% of the total, with 314.4 billion yuan in 3M and below and 1.36 trillion yuan in 3M and above [3] - A+ grade banks have issued 587 billion yuan in outstanding Tier 2 capital bonds, accounting for 14.37% of the total, and 275.3 billion yuan in perpetual bonds, accounting for 10.92% of the total [3] - A grade banks have issued 16.4 trillion yuan in outstanding certificates of deposit, accounting for 92.54% of the total, with 1.84 trillion yuan in 3M and below and 14.6 trillion yuan in 3M and above [3] - A grade banks have issued 3.52 trillion yuan in outstanding Tier 2 capital bonds, accounting for 86.08% of the total, and 2.29 trillion yuan in perpetual bonds, accounting for 90.76% of the total [3] - B and C grade banks have relatively small amounts of outstanding financial bonds, with 45.9 billion yuan in certificates of deposit, 6.6 billion yuan in Tier 2 capital bonds, and 10.3 billion yuan in commercial bank bonds [3] Key Bank Data - The report provides detailed data on key financial indicators for major banks, including total assets, core Tier 1 capital adequacy ratios, leverage ratios, and outstanding financial bonds [18][19][20] - For example, Industrial and Commercial Bank of China (ICBC) has total assets of 476 trillion yuan, a core Tier 1 capital adequacy ratio of 13.78%, and a leverage ratio of 7.68%, with 7.165 trillion yuan in outstanding certificates of deposit [19] - China Construction Bank (CCB) has total assets of 421.573 trillion yuan, a core Tier 1 capital adequacy ratio of 11.37%, and a leverage ratio of 6.79%, with 16.632 trillion yuan in outstanding certificates of deposit [19] - Bank of China (BOC) has total assets of 397.293 trillion yuan, a core Tier 1 capital adequacy ratio of 14.11%, and a leverage ratio of 7.76%, with 12.25 trillion yuan in outstanding certificates of deposit [19]