银行资本补充新工具:永续债创设背景、产品特征与市场运行

New Tools for Bank Capital Replenishment:Undated Additional Tier1Capital Bonds

自2019年国内首发以来,银行永续债为商业银行资本补充提供了创新工具,缓解了银行资本补充压力,对加大信贷支持实体经济力度给予了支撑,也成为境内债券市场的重要品种和优质投资标的。本文从永续债创设背景、产品特点、现有挑战和优化建议等方面,对债券市场这一重要资本工具进行研究和阐述。

Since their domestic debut in 2019,undated additional tier 1 capital bonds have provided banks with an innovative tool for capital replenishment,greatly alleviating capital pressure,boosting credit support for the real economy,and providing a high-quality investment target in the domestic bond market.This paper examines this important capital tool for the bond market and offers suggestions for optimizing its use.