Core Viewpoint - A significant wave of redemptions for "perpetual bonds" and "subordinated bonds" issued by banks in 2020 has been observed since September, driven by banks' efforts to optimize their asset structures and improve capital adequacy in response to changing interest rate environments [1][2][3]. Group 1: Redemption Activity - As of September 25, 15 "perpetual bonds" have been redeemed, totaling 302.6 billion yuan, which is significantly higher than previous months [1][2]. - Notable redemptions include those by Bank of Communications and Dongying Bank, with redemption amounts of 30 billion yuan and 2.5 billion yuan, respectively, at coupon rates of 4.59% and 4.80% [2]. - Predictions indicate that by September 30, at least 24 "perpetual bonds" will be redeemed, with a total redemption scale not less than 321 billion yuan [3]. Group 2: Market Implications - The redemption of high-rate bonds is seen as a proactive measure by banks to enhance their capital structure and align with regulatory guidance, ultimately strengthening their risk resilience [3][4]. - The current redemption trend may lead to a temporary reduction in the supply of "perpetual bonds," potentially causing price fluctuations, but it is expected to guide funds towards high-quality enterprises and lower financing costs for the real economy [3][4]. Group 3: Interest Rate Dynamics - The interest rates of the redeemed "perpetual bonds" range from 4.20% to 5.40%, while newly issued bonds this year have rates mostly between 1.88% and 2.90% [4]. - Banks' actions reflect their accurate predictions regarding market interest rate trends, as they seek to release funds for more profitable asset allocations during a declining interest rate cycle [4]. Group 4: Strategic Recommendations - In addition to redeeming "perpetual bonds," mid-sized banks are encouraged to strengthen their capital base through strategic investors or capital increases, and to utilize financial instruments like preferred shares and convertible bonds for better capital structure optimization [5].

二季度以来，商业银行二永债(二级资本债和永续债)发行规模明显增加，包括国有大行、股份行、城商 行在内的各类商业银行"补血"动作频频。数据显示，截至6月26日记者发稿时，今年以来商业银行二永 债发行规模合计突破8000亿元。其中，二季度以来发行量超6000亿元，环比增长260.82%。业内人士认 为，近年来，在商业银行盈利能力下降、利润留存补充资本空间缩窄的情况下，发行二永债可以通过外 源性渠道丰富资本金来源，提升经营的稳健性。(中证报) ...