Recently, the total outstanding amount of Chinese commercial banks’ ‘Two Perpetual Bonds’—referring to Tier 2 capital bonds and perpetual bonds—has surpassed RMB 1.66 trillion, drawing significant market attention. These instruments are crucial for banks to bolster their capital bases: Tier 2 capital bonds primarily enhance secondary capital and strengthen risk resilience, while perpetual bonds, which have no fixed maturity date, can be counted as Additional Tier 1 capital, helping optimize capital structures. In recent years, amid tightening regulations, higher capital adequacy requirements, and growing credit expansion needs, commercial banks have increasingly turned to issuing these bonds to shore up their capital positions. Particularly under economic slowdown pressures and deteriorating asset quality, such debt instruments have become essential tools for banks to maintain regulatory compliance and stabilize capital levels. Although these bonds typically offer attractive yields, they often include loss-absorbing features like write-down or conversion clauses, posing potential principal loss risks under stress scenarios. Regulators are thus continuously refining relevant frameworks to enhance disclosure and investor protection. Overall, the rapid growth in ‘Two Perpetual Bonds’ reflects both banks’ urgent need for capital replenishment and the financial system’s ongoing balancing act between supporting economic growth and managing systemic risks.
近期，中国商业银行发行的‘二永债’（即二级资本债和永续债）规模已突破1.66万亿元人民币，引发市场广泛关注。‘二永债’是银行补充资本的重要工具：其中，二级资本债主要用于提升银行的二级资本，增强风险抵御能力；永续债则无固定到期日，可计入其他一级资本，有助于优化资本结构。近年来，在监管趋严、资本充足率要求提高以及信贷扩张需求增加的背景下，商业银行纷纷通过发行‘二永债’来夯实资本基础。尤其在经济下行压力加大、资产质量承压的环境中，这类债券成为银行稳定资本水平、满足监管指标的关键手段。值得注意的是，尽管‘二永债’具有较高的票面利率，对投资者具有一定吸引力，但其存在减记或转股等特殊条款，在极端情况下可能面临本金损失风险。因此，监管层也在持续完善相关制度，强化信息披露与投资者保护。总体来看，‘二永债’规模的快速增长，既反映了银行业对资本补充的迫切需求，也体现了金融体系在稳增长与防风险之间的平衡努力。
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