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Is the bank contended for issue sustainable debt to involve scale does nearly 500 billion bank lack cash? 
This year on January 25, the Bank of China published sheet of our country head the commercial bank is sustainable debt, dimensions 40 billion yuan, par interest rate is 4.5% , full-court subscribe multiple exceeds 2 times, share about 140 orgnaizations to participate in subscribe, cover policy sex bank, big medium or small commercial bank, insurance company, stockjobber, fund, financial company, fiducial etc. In addition, investor of the orgnaization outside returning family circumstances of know exactly about sth participates in investment. On March 29, the Bank of China issues announcement, apply for to issue again decrease write down model without debenture of fixed deadline capital (sustainable debt) , model of hair guild regulations is do not exceed 40 billion yuan or equivalence foreign currency. According to not complete count, up to now, already 9 appear on the market the sustainable debt that the bank showed aggregate dimensions to be as high as 470 billion yuan issues a plan. At this point already partial market personage worries about large-scale emission sustainable debt, whether can cause impact to the market, also the viewpoint thinks, mood of city of the stock market, debt is at present upbeater, the bank issues sustainable debt to won't cause new impact, can abound supply of bond market breed instead, helpful to optimizing bond market structure. So, why domestic bank centers so this year contend for issue sustainable debt, does the bank lack cash really?
Real reason depends on appearing on the market bank need complements as soon as possible capital is led amply, 2017 end, basel bank superintends committee to release bulletin to express, aim to strengthen banking to superintend " Basel agreement III " already finished edit, will carry out stage by stage since January 1, 2022. This agreement will force each country Central Bank to raise the superintendency requirement to banking, superintend a branch according to our country newest requirement, one class capital led end bank core amply 2018, enough rate and capital lead one class capital to want to achieve respectively amply 7.5% , 8.5% with 10.5% , systematic value bank increases a percent again. Look from data, short-term inside commercial bank capital leads the pressure that amounts to mark amply not quite. But, after endowment canal new rule is carried out, large-scale regression expresses the asset outside bank watch inside, add a large number of bad assets to spend bank capital, make a bank compensatory the pressure of capital gold grows day and day. In the meantime, basis " Basel agreement III " concerned clause, a new the Incantation of the Golden hoop is hanged on each head of big bank again, namely TLAC (total loss absorbs ability) , TLAC superintendency frame is the more stricter than Basel agreement Ⅲ superintendency requirement that in the light of global systematization main bank raises, index of TLAC of this superintendency frame requirement is not gotten since 2019 under 16% , do not get since 2022 under 18% ; TLAC is superintended also have a demand to leverage, the requirement is not gotten since 2019 under 6% , do not get since 2022 under 6.75% . And the demand that Basel agreement Ⅲ leads amply to capital is 8% , it is to the requirement of leverage 3% . Altogether, the superintendency photograph of TLAC will promote superintendency demand considerably to Basel agreement Ⅲ . This also lets since this year if our country banking faces final examination, dear compensatory core capital is led amply.
Actually, begin from 2018, each appear on the market greatly the bank has begun to contend for complement through all sorts of finance channel capital is led amply, according to not complete count, basically appeared on the market 2018 the bank is added through deciding, can turn debt, blame sends the channel collect capital such as travel publicly to amount to 531.2 billion yuan, but capital gold breach still exists. Data of statistic of negotiable securities of the letter in occupying shows, at present already announcement but still the bank financing dimensions in progress still has 744.7 billion yuan, add 35.2 billion yuan surely among them, preferential 331 billion yuan, debt of 2 class capital 130.5 billion yuan, can turn debt 246 billion yuan. Dong Ximiao of assistant dean of academy of heavy in relief finance is accepting Chinese people university " financial times " when interviewing, say, with photograph of the corresponding period was compared last year, bank capital complement appears this year 3 big new features. It is capital compensatory tool is richer. Superintending a layer " green light " below open, big travel begins to issue sustainable debt compensatory and other one class capital, at the same time the likelihood still can continue to innovate tool; 2 it is the doorsill is reduced, be opposite for instance preferential and can turn the requirement of debt, make directly issue tool diversity to increase greatly, examine and approve efficiency to also can rise; 3 it is to issue the forehead to spend increase significantly, place of first months of bank issued last year can complement the bond amount of capital is less than this year 3 into.
Transfer in what experienced 6 years period hind, welcomed banking capital 2019 enough rate amounts to mark to be restricted greatly. Current, in already having a place, small bank occurrence capital is led amply for negative situation. Here setting falls, to the bank " enrich the blood " supportive policy comes on stage ceaselessly. Standing conference decides the State Council that held on Feburary 11, gold of capital of complement of much channel of supportive commercial bank, enhance finance to serve hypostatic economy and windbreak danger ability. Pan Gongsheng shows assistant president of Chinese people bank, through the form of sustainable debt compensatory bank capital is in our country to just began to enter practice phase, to guide and cultivate the market, sustainable debt issues need to have certain policy support. To this, the silver-colored meeting that keep watch enlarged insurance device to invest limits, allow its to invest the capital tool such as sustainable debt; Wealth tax section had made clear the accountant processing of sustainable debt, return the taxation processing that will make clear sustainable debt very quickly; People bank activate tool of crossing-over of Central Bank bill (CBS) , and eligible bank sustainable debt brings into the Central Bank to assure taste limits, spend with promoting the fluidity that promotes sustainable debt and market to accept. Those who deserve attention is, on January 24, the silver-colored meeting that keep watch was released " be restricted what the silver-colored meeting that keep watch decides to unlock limitation to allow insurance device to invest a commercial bank to issue regularly without solid capital debenture " announcement, inform content shows, "Debenture of 2 class capital mixes the bank that the silver-colored meeting that keep watch will permit insurance device investment to accord with a condition to decide deadline capital debenture without solid " . To this, the hair drier that people bank money market manages director Ji Zhihong was held on Feburary 19 expresses on the meeting, current capital complement tool is newer, rate of growth of Chinese investor market needs to be bred further really, especially the investor of high risk and long-term investor contrast lack relatively, this the silver-colored meeting that keep watch allows insurance company to invest sustainable debt great widened investor limits, will still can be built in money market, exposure of information of group of investor of investor of the orgnaization outside including to introduce more conditions, farther rich orgnaization, aggrandizement, through the clause the design strengthens the respect such as investor protection to do more work. Additional, pan Gongsheng still points out, financial management department also can be capital of complement of commercial bank much channel to create favorable environment all the time, below the premise that is interest of good in the balance shareholder and need of commercial bank development, encourage a commercial bank to pass inside the means of source sex will complement capital; 2 it is function of financing of play good stock market, supportive commercial bank appears on the market financing, increase endowment spread, issue preferential etc will complement capital; 3 it is to pass bond market product and tool innovation, will complement commercial bank capital, include sustainable debt; 4 it is the commercial bank should notice, the development of business should as enough as capital sex and photograph of capital complement ability suit.
Chinese hackberrya believes a viewpoint: Our country banking passes old development, resisting respect of fraction defective of risk, control already obtained great progress, at present our country A appear on the market average and dynamic city leads the bank completely for 0.85 times, net rate of city of average static state is 0.9 times, be in to underestimate a level apparently, we have reason to believe, appear on the market to China the future that the investment of the bank will have a happiness, the arrival that Si Shuang of static Hou Daiwei attacks.
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