本报记者 彭妍 近日，建设银行、四川银行等多家银行公告了二级资本债和永续债（以下统称"二永债"）发行情况。记者据中国货币网数 据整理，7月份以来至少有12家银行发行"二永债"补充资本，显示"二永债"发行节奏加快。 对于下半年"二永债"发行规模走势，受访业内人士表示，综合多方面因素，下半年银行"二永债"市场将呈现"中小行主导、 成本下行、供给增加"的格局，总体发行规模有望保持稳步增长。 7月份发行放量 Wind资讯数据显示，截至7月29日，今年以来商业银行"二永债"总发行量已达到10419.6亿元，发行数量达到67只。从季度 分布来看，一季度仅发行9只，发行总量为1738.6亿元；二季度发行43只，发行总量为6387亿元；进入三季度后，截至7月29日 已发行15只，发行总量为2294亿元。 7月份以来，已有工商银行、中国银行、农业银行、浦发银行、广州银行、四川银行、兰州银行、晋商银行、广东顺德农 村商业银行等12家银行发行"二永债"。比如，7月28日，建设银行发布公告称，其2025年第二期二级资本债券已于7月25日发 行，总规模450亿元。其中，10年期品种（第5年末可赎回）发行400亿元，票面利率1.94%； ...

Core Viewpoint - The issuance of "perpetual bonds" and "subordinated bonds" by commercial banks in China has significantly accelerated, particularly in the second quarter, with a total issuance of 894.56 billion yuan across 57 bonds by July 15, 2023 [1] Group 1: Issuance Trends - The issuance volume of "perpetual bonds" and "subordinated bonds" has notably increased in the second quarter, with 43 bonds issued totaling 638.7 billion yuan, compared to only 9 bonds and 173.86 billion yuan in the first quarter [2] - Major state-owned banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank, have been the primary issuers, with significant amounts raised in May 2023 [2] Group 2: Reasons for Acceleration - The acceleration in issuance is driven by stricter regulatory requirements, necessitating banks to enhance their capital levels to meet standards and mitigate potential risks, especially under the pressures of credit expansion and non-performing asset management [2][3] - Increased support for the real economy has also prompted banks to strengthen their capital bases to facilitate higher credit disbursements [3] Group 3: Challenges for Smaller Banks - While state-owned banks lead in issuance, smaller banks, including regional and rural commercial banks, have seen a significant increase in issuance compared to the previous year, highlighting their capital replenishment pressures [4][5] - Smaller banks face challenges in capital replenishment due to limited internal capital generation capabilities and constrained external funding options, making the issuance of "perpetual bonds" and "subordinated bonds" crucial [5] Group 4: Future Outlook - The issuance of "perpetual bonds" is expected to continue, with a divergence in supply between different types of banks; state-owned banks may see a decrease in issuance due to reduced capital pressures, while smaller banks will remain active participants in the market [8] - Smaller banks may encounter higher funding costs and weaker subscription conditions when issuing "perpetual bonds," necessitating improvements in operational quality and brand image to enhance their issuance capabilities [8]

Group 1 - The issuance of perpetual bonds (二永债) by commercial banks has significantly accelerated, particularly in the second quarter, with a total of 894.56 billion yuan issued across 57 bonds by July 15 [1] - In the second quarter alone, 43 bonds were issued, amounting to 638.7 billion yuan, which is more than three times the issuance in the first quarter [1] - The issuance of perpetual bonds reflects the substantial capital replenishment pressure faced by small and medium-sized banks [1][3] Group 2 - The issuance of perpetual bonds is concentrated in economically developed regions such as Jiangsu, Zhejiang, and Guangdong, while other regions show lower activity [2] - State-owned banks are experiencing a marginal decrease in demand for perpetual bonds as their capital adequacy ratios are already at high levels, indicating a shift in issuance focus towards smaller banks [2] - As of the end of the first quarter, the capital adequacy ratios for city commercial banks and rural commercial banks were 12.44% and 12.96%, respectively, which are significantly lower than the 17.79% of state-owned banks [3] Group 3 - The demand for external capital replenishment among banks is expected to continue increasing in the second half of the year, with the issuance of perpetual bonds likely to maintain an upward trend [3]

Core Viewpoint - The article highlights the increasing interest of institutional investors in listed banks, particularly focusing on loan allocation, interest margin trends, and capital replenishment strategies. Group 1: Investor Engagement - Multiple listed banks, including Jiangsu Bank, Suzhou Bank, and Ningbo Bank, have engaged in investor relations activities, discussing key issues with investors [1] - As of July 12, 2023, 26 listed banks have been surveyed by institutions, totaling 230 instances of engagement, primarily among small and medium-sized banks [1][3] - Changshu Bank received the highest number of surveys at 33, while Ningbo Bank attracted the most institutions, with 195 participating [3][4] Group 2: Interest Margin Trends - The interest margin remains a hot topic among institutions, with the net interest margin for banks reported at 1.43% in Q1 2025, a year-on-year decrease of 0.11 percentage points [4] - Jiangsu Bank aims to maintain a net interest margin that outperforms peers by enhancing asset research capabilities and managing loan interest rates [5] - Changshu Bank plans to consolidate its interest margin advantage by optimizing both asset and liability sides, focusing on high-yield assets and controlling high-cost deposits [6] Group 3: Capital Replenishment - Capital replenishment is another key focus for investors, with regulatory updates from the Financial Regulatory Bureau regarding advanced capital measurement methods [8] - Ningbo Bank is actively researching regulatory requirements and plans to issue up to 45 billion yuan in capital bonds [8] - Suzhou Bank reported a successful conversion of nearly 5 billion yuan in convertible bonds, enhancing its capital strength [9] - Su Nong Bank intends to issue up to 1 billion yuan in secondary capital bonds to support its operations [9]

Core Viewpoint - The recent strong performance of bank stocks has led to multiple convertible bonds triggering mandatory redemption clauses, which can alleviate repayment pressure and enhance core tier 1 capital for banks [1][2][3]. Group 1: Mandatory Redemption of Convertible Bonds - Qilu Bank has decided to exercise its early redemption rights for its convertible bonds due to a significant increase in its stock price, which has risen nearly 70% since the beginning of 2024 [1]. - Other banks, such as Hangzhou Bank and Nanjing Bank, have also seen their convertible bonds trigger mandatory redemption clauses due to their stock prices exceeding the required thresholds for consecutive trading days [2]. - The mandatory redemption of convertible bonds is becoming a trend among banks, with several already completing this process in 2024 [2][3]. Group 2: Impact on Capital Structure - The triggering of mandatory redemption clauses is expected to facilitate the conversion of bonds into equity, thereby effectively supplementing banks' core tier 1 capital [1][4]. - The unique property of convertible bonds allows banks to optimize their capital structure, making them an increasingly important option for capital supplementation [4][5]. - The redemption process sends a positive signal to the market regarding the financial health and stability of banks, potentially attracting more investors [5]. Group 3: Market Dynamics and Future Outlook - The banking sector has shown strong performance in the secondary market, with the Shenwan Primary Bank Industry Index rising over 17.77% year-to-date, ranking second among 31 primary industry indices [3]. - A decrease in the issuance of new convertible bonds has led to a rapid decline in the market's existing convertible bond scale, creating favorable conditions for mandatory redemptions [3]. - Analysts predict that the ongoing trend of mandatory redemptions will further highlight the supply-demand imbalance in the convertible bond market, providing support for their valuations [3].

Core Viewpoint - The demand for capital replenishment among small and medium-sized banks is increasing, with a significant acceleration in the issuance of subordinated and perpetual bonds in the first half of the year [1][2][3]. Group 1: Capital Replenishment Trends - In the first half of 2025, commercial banks issued a total of 52 subordinated and perpetual bonds, amounting to 812.56 billion yuan, a 3.4% increase compared to the same period last year [1]. - Small and medium-sized banks issued 33 subordinated and perpetual bonds, totaling 154.56 billion yuan, representing a 50% year-on-year growth, significantly higher than the industry average [1][2]. - Recent issuances include Sichuan Bank's 6.6 billion yuan bond at a 2.15% interest rate and Xi'an Bank's 5 billion yuan perpetual bond [1]. Group 2: Regulatory Environment and Approval - The National Financial Regulatory Administration has approved several banks, including Shanxi Bank and Chengdu Bank, to issue capital tools, with approval limits of up to 9.5 billion yuan and 11 billion yuan respectively [2]. - Lanzhou Bank is set to issue a 4 billion yuan perpetual bond, marking the first perpetual bond issuance by a commercial bank in July [2]. Group 3: Capital Adequacy and Challenges - As of Q1 this year, the capital adequacy ratios for city commercial banks, private banks, and rural commercial banks were 12.44%, 11.98%, and 12.96% respectively, compared to 17.79% and 13.71% for state-owned and national joint-stock banks [3]. - Small and medium-sized banks face pressure to expand capital and are increasingly turning to subordinated bonds to quickly enhance their capital adequacy ratios [3]. Group 4: Capital Supplementation Methods - Capital replenishment for banks includes both internal and external sources, with internal sources primarily being retained earnings and external sources including IPOs, rights issues, and subordinated bonds [3][4]. - The issuance of perpetual bonds is seen as a significant method for banks to optimize their capital structure and meet regulatory requirements [2][3]. Group 5: Market Dynamics and Investor Sentiment - Historically, the issuance of perpetual bonds by small and medium-sized banks has been limited due to high regulatory thresholds and market skepticism regarding credit risks [6]. - The approval of perpetual bonds for private banks, such as the 4 billion yuan issuance by WeBank, indicates a potential shift in market dynamics [5][6]. Group 6: Future Outlook - With ongoing regulatory improvements, the capital replenishment channels for private and small banks are expected to diversify, leading to a more robust capital replenishment system [7].

Core Viewpoint - Su Nong Bank is planning to issue subordinated capital bonds to enhance its capital adequacy ratio amid transformation pressures and has reduced cash dividends for the second consecutive year to retain profits for capital replenishment [1][2][4]. Group 1: Capital Management - Su Nong Bank intends to issue subordinated capital bonds with a total scale of no more than 1 billion yuan to strengthen its capital base [1][3]. - As of March 2025, the bank's capital adequacy ratio is 12.91%, a decrease of 0.17 percentage points from the end of the previous year [2][3]. - The bank has previously issued subordinated capital bonds in April 2021 and May 2024, with sizes of 500 million yuan and 1 billion yuan, respectively [3]. Group 2: Financial Performance - In 2024, Su Nong Bank reported operating income of 4.174 billion yuan, a year-on-year increase of 3.17%, and a net profit of 1.945 billion yuan, up 11.62% [2][5]. - The bank's cash dividend for 2024 was 330 million yuan, with a cash dividend payout ratio of only 16.98%, marking the lowest in nearly eight years [4][5]. - For Q1 2025, the bank achieved operating income of 1.132 billion yuan, a 3.29% increase year-on-year, and a net profit of 440 million yuan, up 6.19% [6]. Group 3: Strategic Focus - The bank is focusing on retail transformation, with customer assets under management (AUM) exceeding 118 billion yuan and retail deposits surpassing 100 billion yuan [5]. - The bank's management has indicated that the low dividend payout ratio is due to the need to retain profits for capital replenishment and to enhance risk resistance capabilities [5][6]. - The bank's non-performing loan ratio remains stable at 0.90%, with a provision coverage ratio of 420.03% as of March 2025 [6].

Core Viewpoint - The issuance of perpetual bonds by commercial banks is accelerating, particularly among regional small and medium-sized banks, as they face significant capital replenishment pressures in the second half of the year [1][4]. Group 1: Issuance Trends - In the first half of the year, commercial banks issued a total of 52 perpetual bonds, with an issuance scale of 8125.60 billion, representing a year-on-year increase of 3.43% [2]. - The second quarter saw a significant increase in issuance, with a total of 6387 billion issued, reflecting a quarter-on-quarter growth of over 267% and a year-on-year increase of 22.23% [2]. - State-owned banks accounted for over 50% of the total issuance, with a total of 4100 billion, although this was a decrease of 460 billion compared to the previous year [2]. Group 2: Capital Replenishment Pressure - Small and medium-sized banks are under considerable pressure to replenish capital due to declining profitability and limited internal capital retention [3][4]. - The reliance on external capital sources, such as perpetual bonds and convertible bonds, is increasing among these banks [3]. - Experts predict that the demand for external capital will continue, leading to an expansion in the issuance of perpetual bonds [4]. Group 3: Future Outlook - The upcoming expiration of a large volume of perpetual bonds in the second half of the year will necessitate early issuance for replacement, supporting supply [5]. - The core tier one capital adequacy ratio for commercial banks has declined, indicating a need for further capital replenishment [5]. - National joint-stock banks and city commercial banks are expected to become the main issuers in the future, particularly in economically developed regions [5].

Group 1 - The core viewpoint of the articles highlights a significant acceleration in the capital replenishment process of small and medium-sized banks in the first half of 2025, with a notable increase in the issuance of "perpetual bonds" [1][2] - The issuance scale of "perpetual bonds" by small and medium-sized banks reached 154.56 billion yuan, marking a substantial year-on-year growth of 50% [1][2] - The capital adequacy ratios of small and medium-sized banks are under pressure, with the core Tier 1 capital adequacy ratio for commercial banks dropping to 10.7% as of the end of March, compared to 17.79% for state-owned banks [1][2] Group 2 - In the first half of 2025, a total of 52 "perpetual bonds" were issued across the industry, amounting to 812.56 billion yuan, with small and medium-sized banks accounting for 33 issuances totaling 154.56 billion yuan [2][3] - The issuance structure shows that small and medium-sized banks issued 584.6 billion yuan in subordinated bonds and 961 billion yuan in perpetual bonds, with interest rates generally above 2.0% [2] - The issuance pace of "perpetual bonds" by small and medium-sized banks has accelerated, with a peak issuance of 55.8 billion yuan in April and a record monthly issuance of 40.4 billion yuan in June [2][3] Group 3 - City commercial banks played a dominant role in the issuance of "perpetual bonds," with 22 city commercial banks successfully issuing bonds totaling 148.1 billion yuan, representing 95.8% of the total issuance by small and medium-sized banks [3] - Major city commercial banks such as Jiangsu Bank, Beijing Bank, Nanjing Bank, and Hangzhou Bank led in issuance scale, with Jiangsu Bank issuing 30 billion yuan in perpetual bonds [3][4] - The core capital adequacy ratios of these leading city commercial banks are below the industry average, indicating a pressing need for capital replenishment [4] Group 4 - Several small and medium-sized banks have received regulatory approval for capital tool issuance, including Lanzhou Bank, which was approved to issue up to 5 billion yuan in perpetual bonds [4][6] - The approval for bond issuance reflects the urgent capital replenishment needs of regional small and medium-sized banks, contrasting with the significant capital increases seen in state-owned banks [4][6] - Recommendations have been made to establish a long-term mechanism to support capital replenishment for small and medium-sized banks, including broadening the scope of local government special bonds and optimizing shareholder qualifications [11]

Group 1 - The issuance of perpetual bonds and subordinated bonds by commercial banks has significantly increased since the second quarter, with a total issuance exceeding 800 billion yuan this year, and over 600 billion yuan in the second quarter alone, representing a quarter-on-quarter growth of 260.82% [1][2] - The average interest rates for subordinated and perpetual bonds have decreased in the second quarter, with rates of 2.25% and 2.31% respectively, compared to 2.40% and 2.44% in the first quarter, prompting banks to accelerate their issuance [2][3] - Major state-owned banks have been actively issuing these bonds, with Agricultural Bank of China issuing 600 billion yuan in subordinated bonds and other banks like Industrial and Commercial Bank of China and China Construction Bank also completing significant issuances [2][3] Group 2 - Regional small and medium-sized banks have a more urgent need for capital replenishment, with nearly 30 such banks issuing a total of 119.1 billion yuan in subordinated and perpetual bonds in the second quarter, reflecting a strong demand for capital [3][4] - The capital adequacy ratios of city commercial banks and rural commercial banks are lower than those of larger banks, necessitating the issuance of bonds to meet operational needs [3][4] - There is a noticeable regional disparity in bond issuance among small and medium-sized banks, with most activity concentrated in economically developed areas such as Jiangsu, Zhejiang, and Guangdong [4]