又一只银行转债，触发强赎

Core Viewpoint - The article discusses the accelerated redemption of bank convertible bonds, particularly focusing on Hangzhou Bank's recent announcement of early redemption for its convertible bond due to strong stock performance, which is expected to lead to a reduction in the number of outstanding bank convertible bonds in the market [1][3][4]. Group 1: Bank Convertible Bonds Redemption - Hangzhou Bank has announced the early redemption of its "Hangyin Convertible Bond" after triggering the conditional redemption clause, marking it as the third bank convertible bond to be redeemed this year [1][3]. - The strong performance of bank stocks has led to the expectation that more convertible bonds will be redeemed, with projections indicating that by 2025, six bank convertible bonds may exit the market, reducing the total to seven outstanding bonds [1][5]. - The rapid reduction in bank convertible bonds is expected to exacerbate the scarcity and supply-demand imbalance in the market, particularly for high-rated convertible bonds [1][5]. Group 2: Stock Performance and Redemption Triggers - The stock price of Hangzhou Bank has consistently exceeded the redemption trigger price, with a notable increase of over 6% from April 29 to May 26, and a further rise to 16.42 yuan per share by May 28 [3][4]. - The article highlights that the strong performance of the banking sector, supported by high dividends and market risk aversion, has contributed to the increase in stock prices, with the China Securities Bank Index rising over 7% [3][4]. Group 3: Impact on Capital and Conversion Rates - The article notes that convertible bonds serve as an important external channel for banks to supplement their core Tier 1 capital, but historically, low stock prices and high conversion premiums have led to low conversion rates [7][8]. - With rising stock prices, the conversion rates of bank convertible bonds are expected to improve, as evidenced by previous cases where bonds triggered mandatory redemption saw conversion rates exceeding 99% [8]. - The unconverted balance of Hangzhou Bank's convertible bond has significantly decreased from 136 billion yuan at the beginning of the year to below 28 billion yuan, indicating a strong trend towards conversion [8][9].