【英语财经】中国各银行纷纷提高资本充足率 China’s banks line up extra capital cushion

  • 【英语财经】中国各银行纷纷提高资本充足率 China’s banks line up extra capital cushion已关闭评论
  • 34 views
  • A+
所属分类:双语财经

2014-5-21 14:58

小艾摘要: China’s banks are poised to raise tens of billions of dollars via preferred share issues in the coming months, as they look to boost capital ratios ahead of strict new regulations and a potential ris ...
China’s banks line up extra capital cushion
China’s banks are poised to raise tens of billions of dollars via preferred share issues in the coming months, as they look to boost capital ratios ahead of strict new regulations and a potential rise in bad loans.

Two of China’s big-four lenders – Agricultural Bank of China and Bank of China – have already announced plans to raise up to Rmb180bn ($29bn) combined through preferred share sales, following rule changes announced last month. Others are expected to follow.

Although Chinese banks appear to have adequate buffers in place, they have limited options for raising capital and face an increasingly uncertain future.

Preferred shares sit between the debt and equity sides of the capital structure, paying a fixed dividend like a bond, but with the potential to capture equity market gains. They convert to common stock if a bank’s capital ratio drops below a certain level. In effect, they are a bet that China’s banks will neither enjoy a large equity market rally nor suffer a serious crisis.

Unlike common equity, preferred shares are also open to funds with mandates that limit them to buying credit assets, and thus potentially give Chinese banks access to global debt investors once they look to issue such shares offshore.

However, “the need for capital is not the backbone of the story. Chinese banks are quite well capitalised,” says Dominique Jooris, head of credit capital markets at Goldman Sachs for Asia ex-Japan. But in addition to meeting new Basel III and mainland Chinese capital requirements, they want to make sure they can “add a cushion to the buffer”.

China’s regulators have set a strict timetable for meeting capital adequacy ratio targets, requiring the big four – AgBank, Bank of China, Industrial and Commercial Bank of China, and China Construction Bank – to have a tier-1 CAR of 9.5 per cent by 2018.

May Yan, banking analyst at Barclays, believes Chinese lenders will need to raise as much as Rmb1tn over the next several years through preferred share issues in order to meet those targets.

While some banks are already there, AgBank and Bank of China have some catching up to do. AgBank’s current preferred share issue plans would lift its tier-1 CAR from 9.25 per cent to 10.08 per cent, according to figures from brokerage CLSA.

中国各银行将在未来数月通过发行优先股融资数百亿美元,以便在坏账可能上升之际、监管新规出台前提高资本充足率。

中国“四大”银行中的两家——中国农业银行(ABC)和中国银行(Bank of China)——已宣布计划,将通过发行优先股总计融资1800亿元人民币(合290亿美元)。预计其他银行将仿效此举。上月,中国宣布调整银行资本充足率标准。

尽管中国各银行看上去都具备足够的资本缓冲,但它们融资渠道有限,且未来的不确定性越来越大。

从资本结构而言,优先股介于债务和权益之间,它与债券一样支付固定股息,但有可能获得股市收益。如果一家银行的资本充足率低于某个水平,优先股可以转换为普通股。投资于优先股,实质上是押注于中国银行业的股价不会大涨,但也不会遭遇严重危机。

与普通股不同,优先股还对那些只能购买信贷资产的基金开放。这意味着如果中国各家银行希望到海外发型这类股票,就有机会从全球债券投资者的手中融资。

然而,高盛(Goldman Sachs)亚洲(除日本以外)信贷资本市场主管多米尼克?尤里斯(Dominique Jooris)认为,最新一轮融资,“资金需求并非重点。中国各银行的资本状况非常良好”。他认为,除了满足《巴塞尔协议III》(Basel III)以及中国内地资本金要求之外,这些银行还希望确保能够“给(资本)缓冲增加一层保护”。

中国监管机构为银行达到资本充足率目标设定了严格的时间表,规定到2018年,四大银行(农行、中行、工行(ICBC)以及建行(CCB))的一级资本充足率应达到9.5%。

巴克莱银行(Barclays)的银行业分析师颜湄之(May Yan)认为,要达到这些目标,未来几年,中国银行需要通过发行优先股融资1万亿元人民币。

d

一些银行已达到目标,但农行和中行距离目标还有一些差距。券商里昂证券(CLSA)的数据显示,农行目前的优先股发行方案将令其一级资本充足率从9.25%升至10.08%。

译者/梁艳裳

本文关键字:财经英语,小艾英语,双语网站,财经双语,财经资讯,互联网新闻,ERWAS,行业解析,创业指导,营销策略,英语学习,可以双语阅读的网站!
  • 我的微信
  • 这是我的微信扫一扫
  • weinxin
  • 我的微信公众号
  • 我的微信公众号扫一扫
  • weinxin