Monday Tidbits:wave of sub-debt supply from China -fear not!
In the recent weeks, the press (e.g. Bloomberg, China Securities Journal etc)has been increasingly talking about an impending boom in hybrid capitalissuance by Chinese banks. We decided to take a closer look at the driversbehind it, which instruments are in question and how much supply couldactually spill over into external markets.
Regarding the drivers, there are two distinct trends that we would like tohighlight. Larger players in the Chinese banking system are more driven by theoverall desire to increase new business generation, while coping with therising Basel-III requirements and (for the big-4) still pending TLACimplementation. For the city and rural commercial banks, the trends are moredependent on the rising pressure from changes in Macro-PrudentialAssessment by the regulators and yet deteriorating asset quality. Hence thebanks in both camps face the dilemma of how to de-risk their RWAs and boostcapital
- ·市场分析：GDP数据发布 A股震荡回落 2019-10-18
- ·一周市场回：两市震荡下跌 有色、电气设备板块跌幅靠前 2019-10-18
- ·2019年4季度风险溢价预测：4季度末市场估值有下降压力 2019-10-18
- ·科创板新股申购策略之十九：宝兰德报价策略：估值区间67.56％-67.75％分位理性选择 2019-10-18
- ·市场交易主力资金系列：商业银行理财子公司投资全景手册 2019-10-18
- ·2019A股三季报业绩预告简评：创业板业绩持续向好 龙头股业绩占优 2019-10-18
