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

　　Some might question the need for improvement. The ratios of the big four currently rangefrom 8.6 to 11.3 per cent – against a regulatory target of 9.5 per cent by late 2018. Bernsteinestimates that Bank of China’s tier 1 ratio has been boosted 40 to 50 basis points from 10.3 percent by the preference sale. The bank also has approval to issue a further $9.8bn.

　　部分人可能会质疑提高一级资本充足率的必要性。中国四大银行的一级资本充足率目前在8.6%到11.3%的范围之间，而监管目标则是到2018年底以前将一级资本充足率控制在9.5%以上。据伯恩斯坦(Bernstein)估计，通过这次发行优先股，中行的一级资本充足率已从10.3%提升了40到50个基点。除此以外，该行已获批再发行98亿美元的优先股。

　　So bears suggest that the search for new capital reflects concern about a blow-up in non-performing loans. Current reported NPL levels are 1 per cent. Similar suspicions surround theadequacy – or accuracy – of banks’ measurement of risk-weighted assets.

　　悲观者于是得出结论：中资银行急于寻找新的资金，其实反映出它们对不良贷款规模增大的担心。据报道，中国银行业的不良贷款率为1%。人们对中资银行对风险加权资产的评估是否合适(或是否准确)，也有疑虑。

　　All these factors – real or imagined – are likely to have played a part in the need to raise capitalat a juicy yield. The big risk is that the capital adequacy ratio falls below 5.125 per cent, andthe preference shares convert to equity. But as a Chinese state-owned entity, that chanceseems remote. Some are more equal than others.

　　以上所有因素——不论是真实的还是想象中的，可能都在一定程度上增大了中行以较高收益率筹集资金的必要性。对这次优先股发行的投资者而言，一大风险是，当中行资本充足率跌至5.125%以下时，这些优先股将转为普通股。不过，作为中国国有机构，出现这种状况的可能性极小。毕竟，有些人总是比其他人更“平等”一些。

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