Economic Daily： Acceleration of perpetual bond issuance will not impact the stock market
Economic Daily: Acceleration of perpetual bond issuance will not impact the stock market
Economic Daily’s accelerated issuance of perpetual bonds will not have an impact on the stock market Reporter Guo Ziyuan □ The introduction of perpetual bonds can gradually make up for the shortcomings of other tier 1 capital shortages, which will help commercial banks to further enrich capital, optimize capital structure, and expand creditIssuing space, improving the ability to resist risks □ At present, the sentiment in the securities and bond markets is relatively optimistic. The issue of perpetual bonds by banks will not cause new shocks to the market, but will enrich the supply of varieties in the bond market and help optimize the structure of the bond market.As a capital instrument innovation of domestic commercial banks, perpetual bonds are gaining favor from many listed banks.According to incomplete statistics, currently 9 listed banks have disclosed a total of 470 billion yuan in perpetual bond issuance plans.Among them, six banks disclosed a total of 3,600 trillion issuance plans after March 25. Why does the issue of perpetual bonds by listed banks speed up?What is the role of perpetual debt in capital replenishment?How will it affect the credit space of commercial banks?Does the potential stock market have a “siphon” effect? As a mature bond variety in the international market, “perpetual bonds” are non-fixed-term capital bonds. They, together with preferred stocks, convertible bonds, and secondary capital bonds, are important tools for commercial banks to supplement capital.The wholesale bank approved by the Bank of China on January 17 this year did not exceed 40 billion perpetual bonds, which marked the initial official launch of this new capital instrument. Several veterans said that the previous launch of this product is not only an inherent requirement of the banking industry to supplement capital, but also an inevitable choice for the bond market to open to the outside world. Since last year, the urgency of commercial banks to replenish capital has become increasingly prominent.Several new regulations have been issued that require commercial banks to shrink their interbank business and return to traditional credit businesses in order to effectively prevent and control financial risks.”The rapid growth of the Air Force’s interbank business is prominent because it saves capital.”Now it is required to ‘go to the channel and return to the credit business’. The essence is to gradually equate risk returns.”A person in the asset management department of a joint-stock commercial bank said. Therefore, it is inevitable for commercial banks to supplement capital through multiple channels.This year’s “Government Work Report” clearly stated that it supports large commercial banks to replenish capital through multiple channels and enhance their credit capacity.In this case, the advantages of perpetual debt are more prominent. Specifically, the capital of commercial banks can be divided into Tier 1 capital and Tier 2 capital, the former can be divided into core Tier 1 capital and other Tier 1 capital.Approximately, Tier 2 capital bonds can only be used to supplement Tier 2 capital, preferred stocks, and convertible bonds, although they can replace Tier 1 capital, have a higher gate. ”Minimum, from the perspective of the previous capital structure of commercial banks, there were too many tier 2 capital, the thickness of other tier 1 capital was insufficient, and the gap penetrated. The main reason was that before that, other tier 1 capital supplementary tools had only one type of preferred stock and a single channel.”Relevant person in charge of Xingye Research said. The person in charge said that the introduction of perpetual bonds can make up for the shortcomings of other Tier 1 capital shortages in advance, which will help commercial banks to further enrich their capital, optimize their capital structure, expand credit space, and enhance their ability to resist risks. ”With regard to capital replenishment, commercial banks have two main channels.”Industrial and Commercial Bank of China President Gu Yan said that the first is internal replenishment, that is, the bank’s annual net profit after removing dividends, this part of the funds left behind, ICBC itself can replenish 200 billion US dollars of core tier one capital each year; the second is external sourcesReplenishment means supplementing capital through external sources such as tier 1 capital instruments and tier 2 capital instruments. Gu Yan said that the ICBC Board of Directors has approved the “Quotation on Issuing Capital Bonds with Unfixed Term” and intends to issue write-down write-down capital bonds with a fixed amount of no more than US $ 80 billion in the national interbank bond market. The funds raised will be usedTo supplement the bank’s other Tier 1 capital. Official, ICBC has publicly issued Tier 2 capital bonds with a size of US $ 55 billion in the national interbank bond market, and all the funds raised are used to supplement 武汉夜网论坛 the bank’s Tier 2 capital. However, there have also been market fluctuations recently. Does the 470 billion yuan of perpetual debt of listed banks cause the stock market to have a “siphon” effect?Bank of Communications Financial Research Center’s chief banking analyst Xu Wenbing believes that the current stock market and bond market sentiment are relatively optimistic, and the issue of perpetual bonds by banks will not cause a new impact on the market, but will enrich the supply of bond markets and effectively optimize the bond market.structure. In addition, Liao Zhiming, chief analyst of Tianfeng Securities Banking, said that since the allocation of perpetual debt funds to replace solid income, such funds could have participated in equity investments, so it would not have a significant impact on the stock market; instead, 南京桑拿网 current bondsThe issuing interest rate budget is a better issuing time window for banks, which can save capital costs.