Convertible bondIt has been difficult to release. The total amount of bank convertible bonds to be issued as of the beginning of October totaled more than 200 billion yuan, and the rest of the bank's convertible bonds issued by Zhangjiagang Bank and Wujiang Bank were not approved by the China Securities Regulatory Commission. "Unless the listed bank is willing tointerest rateMake obvious concessions on the terms and conditions, otherwise it will be difficult to issue. "Industrial Securities Bank team analysis.
Since the bank convertible bonds can only be converted into shares before the capital can be replenished, considering the convenience of issuance and the low issuance risk, it is still the choice of many banks.
From July to September, Wujiang Bank and Zhangjiagang Bank were approved by the China Securities Regulatory Commission to issue convertible bonds, with a scale of 2.5 billion yuan. On September 4, Jiangsu Bank announced that it plans to issue 20 billion yuan of convertible bonds before 2019. In October, the Bank of Communications was approved by the Banking Regulatory Commission to publicly issue no more than 60 billion convertible bonds. After the conversion, it was included in the core Tier 1 capital according to regulatory requirements.
Recently, a number of banks have also announced the progress of convertible bonds. As of the end of the third quarter, Ningbo Bank's convertible bonds totaled 2.5 billion yuan “Ningxing Convertible Bonds” to convert shares; the unconverted Ninghang Convertible Bonds amounted to 7.499 billion yuan, accounting for 74.9982% of the bank's total issuance; Changshu Bank accumulated There are 387,000 yuan of “Changshu Convertible Bonds” which have been converted into shares. The amount of convertible bonds that have not been converted into shares is about 3 billion yuan, accounting for 99.99% of the total amount of convertible bonds issued; Jiangyin Bank has a total of 326,600 yuan. "Transfer of shares, the amount of Jiangyin convertible bonds that have not yet been converted into shares is 1.99 billion yuan, accounting for 99.98% of the total issued amount of Jiangyin convertible bonds; Everbright Bank has a total of 727,000 yuan of debt-to-equity swaps, and the amount of Everbright convertible bonds that have not been converted into shares is 299.99. 100 million yuan, accounting for 99.9976% of the total issued amount of China Everbright convertible bonds.
However, since July, due to the downturn in the stock market, the above several banks have lowered the conversion price of convertible bonds.
According to the analysis of the Industrial Bank's team, the greater constraint on the issuance of convertible bonds is the valuation of current banking stocks. At present, CITIC and Ping An’s two front-end convertible bonds are 0.77 and 0.84 respectively. It is not difficult to convert the bonds at such a price.
(Article source: Securities Times)