Commercial banks have no fixed -term capital bonds (hereinafter referred to as "perpetual debt") for the first time.
On January 2nd, the Central Settlement Company announced that in 2024, including Bank of China, Minsheng Bank, Huaxia Bank, Pudong Development Bank, Industrial and Commercial Bank of China, Agricultural Bank of China, Bohai Bank, Bank of Communications, Guangfa Bank, Construction Bank, Bank of Taizhou, Weihai, WeihaiA total of 15 banks issued by banks, Huishang Bank, CITIC Bank, and Ping An Bank in 2019 will be issued in 2019. According to the issuance clause, it will usher in the right to redemption.
On December 29, 2023, Bank of China has issued a redeeming right to exercise the announcement that it will redeem 40 billion yuan to renew the debt, and the actual rights date will be on January 29.
According to statistics, since Bank of China issued the first perpetual debt in 2019, as of now, the scale of commercial banks' stock permanent debt has been close to 2.5 trillion yuan, of which a total of 569.6 billion yuan was issued in 2019.
Nevertheless, the 21st Century Economic Herald reporter noticed that many commercial banks have planned ahead and applied to the regulatory department for the issuance of capital and debt in advance. It is expected that permanent debt redemption will have a limited impact on the overall first -level capital adequacy ratio.According to data from the State Administration of Finance, as of the end of September 2023, the first -level capital adequacy ratio of commercial banks was 11.90%, a core first -level capital adequacy ratio of 10.36%of 10.36%.
A total of nearly 2.5 trillion issued issuance
On December 25, 2018, the Office of the Financial Committee of the State Council held a special meeting to study multi -channel support for commercial banks to supplement capital -related issues and promote the launch of perpetual debt issuance as soon as possible.On January 25, 2019 (January 29th is the Sobing Day), Bank of China successfully issued the first forever renewal of the commercial bank in my country, with a scale of 40 billion yuan, attracting more than 140 investors at home and abroad to participate in the subscription. The subscription multiple is more than two times, and the fidelity rate is 4.50%, which can increase its first -level capital adequacy ratio of about 0.3 percentage points.
"The launch of the first order without fixed period of capital bonds provides a model for subsequent commercial banks to issue non -fixed -term capital bonds, and also broaden the channels for commercial banks to supplement other first -level capital tools., Improving the ability of commercial banks to serve the real economy has a positive effect. "At that time, the People's Bank of China issued an announcement saying.
Since then, different types of commercial banks including shareholders, urban commercial banks, and rural commercial banks have been issued one after another.According to statistics, as of now, my country's commercial banks have issued a total of nearly 2.5 trillion yuan.
Similar to the secondary capital debt, the Sustainable Debt also has a redemption clause.According to the instructions for the 2019 Masterpieces of Masterpieces of China, 5 years since the date of issuance, the issuer has the right to redeem all or partially or part of the annual paid date (including the 5th year after the issuance of the issuance).EssenceAt the same time, the issuer must exercise the right to redemption under the premise that the CBRC (now the "Financial Supervision Administration") is approved and met with relevant conditions: (1) Use the same or higher -quality capital tools to replace the redeemed periodBonds, can only be replaced with capital instruments only under the conditions of sustainability of income capacity; or (2) the capital level after exercising the right to redemption is still significantly higher than the regulatory capital requirements stipulated by the Banking Insurance Regulatory Commission.
However, it is worth noting that many small and medium banks have not exercised the right to redemption of secondary capital bonds.According to statistics, as of the end of 2023, more than 50 second -level capital bonds have not been redeemed.
"There is a risk of non -redemption of commercial banks. There are three factors that weaken the main body of redemption. One is that it does not include the" capital attenuation "clause of the secondary capital debt (that is, the capital supplementary capacity will decrease every year from the 6th year.20%), the second is to report the approval approval before redemption, and the third is that it can be successfully issued to replace or meet or meets it.The fixed income team said that if it is not redeemed, not only the risk of financing costs brought about by the uncertainty of the benchmark interest rate after 5 years, but also more importantly, the negative impact on this should not be underestimated.
Commercial banks ahead
Facing the redemption of bonds such as permanent debt, secondary capital bonds, and the formal implementation of the "Capital Administration Measures for Commercial Banks", especially the important banks of my country's international system important banks also face the regulatory requirements of total loss and absorption (TLAC). Shao Bank has planned ahead and took measures in advance to deal with it.
In June 2023, Bank of China completed the issuance of 30 billion yuan to renew its debt.Not only that, the bank was approved to issue 450 billion yuan in capital bonds in August 2023, which means that the bank can issue perpetual debt and second -level capital debt at any time within two years.As of the end of September 2023, the bank's first -level capital adequacy ratio was 13.64%, a core first -level capital adequacy ratio of 11.41%higher than 11.41%.
Agricultural Bank will face two -phase perpetual debt redemption this year, with a total of 120 billion yuan.In August 2023, the bank completed the issuance of 40 billion yuan in debt.The bank was also approved for issuance of 450 billion yuan in capital bonds in August 2023, which can issue permanent debt and secondary capital debt at any time within two years.As of the end of September 2023, the bank's first -level capital adequacy ratio was 12.60%, a core first -level capital adequacy ratio of 10.44%higher than 10.44%.
In contrast, the gap between small and medium -sized banks' first -level capital adequacy ratio and its core first -level capital adequacy ratio is relatively small.As of the end of September 2023, the gap between Weihai Bank was 1.64 percentage points, and the gap between Huishang Bank was 0.85 percentage points.
"At present, state -owned banks and shares still have the demand for capital supplementation. Assuming that the perpetual debt will be redeemed in 2024, it is expected that the net financing of the state -owned bank (secondary capital debt and perpetual debt) in 2024 may be 500 billion yuan at 500 billion yuanOn the left and right, according to the state -owned bank accounting for 80%of the 80%of the newly issued capital debt linear push, the total net financing of the bank Erdong Bond in 2024 is expected to be 625 billion yuan, which is further capacity from 2022, and the issuance scale may exceed 1.7 trillion yuan. "ZhongxinSecurities calculations say.