中资银行融资热背后中行发行优先股

2014-10-23 17:23:21来源：网络

　　In a communist society, all citizens are createdequal. Until this week, so were all shareholders. Buton Thursday, Bank of China sold China’s firstpreference shares – hybrid securities thatconvert to common equity if capital ratios fall toofar. The Rmb40bn ($6.5bn) issue priced at a 6.75per cent yield, in the middle of the expected range.Still, the pricing was attractive enough for demandto be reportedly three times the deal size.

　　社会主义社会人人平等。直至本周以前，股东也是人人平等。然而，就在周四，中国银行(Bank of China)成为第一家发行优先股的中国上市公司。优先股是一种混合型证券，在银行资本充足率跌得太厉害时会转变为普通股。中行这次发行的优先股规模为400亿元人民币(合65亿美元)，收益率为6.75%，落在了此前人们预期范围的中间。不过，这一定价依然有很大的吸引力。据报道，对这批优先股的需求达到了发行规模的三倍。

　　The yield looks generous compared with the available alternatives. Up until last week, whenChinese property developer Agile ran into trouble, that sector’s listed bonds were offered atsimilar levels. Bank of China’s own common shares yield 7 per cent.

　　与其它类似的投资产品相比，这一收益率看上去相当慷慨。上周，中国房地产开发商雅居乐(Agile)遇到麻烦时，地产板块上市债券的收益率也接近这一水平。此外，中行自己的普通股收益率也只有7%而已。

　　By these measures, the yield is too high. But this is only the first of such deals from theChinese banks. Preference share approvals suggest $50bn yet to come. With common equityissuance below book value unpalatable, the sector has limited options for improving tier onecapital adequacy ratios.

　　以这些标准衡量，这一收益率太高了。不过，这只是中资银行发行优先股的第一宗。从各行获批情况看，还有500亿美元的优先股将会上市发行。如果发行低于账面价值的普通股，对于提高一级资本充足率毫无用处，所以银行业可供选择的手段其实十分有限。

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