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离上次发债成功约10个月,中国平安又启动新一轮发债,这自其上市以来较为少见。

4月24日晚间,中国平安发布公告称,公司拟在境内一次或分多次发行本金不超(含)500亿元债券融资工具。2024年7月,中国平安曾宣布,公司H股可转换债券已完成发行。

AI识股

有市场人士认为,这背后或许透露出一个信号,中国平安认为随着市场利率持续下行,在当前市场利率下发债成本处于比较合理的水平。当前,债权融资工具约束少、发行成本低等优势凸显,金融机构通过合理资本补充,有助于提升资负联动管理水平,利好维持长期稳健经营。

拟发债不超过500亿元

4月24日晚间,中国平安发布公告称,公司于2025年4月24日召开的第十三届董事会第八次会议审议通过了《关于发行境内债券融资工具的议案》。

根据议案,为了满足中国平安长期稳定发展的需求,优化资本结构,调整公司债务结构,降低财务融资成本,公司拟根据市场情况进行债务融资,在境内一次或分多次发行本金不超(含)500亿元债券融资工具,包括但不限于资本补充债券、金融债券、公司债券及其他监管机构许可发行的境内人民币债券融资工具。前述境内债券融资工具不包含可转换债券。

中国平安表示,本轮债券发行期限预计在5年或以上,具体期限构成和各期限品种的发行规模由董事会根据相关规定及市场情况确定。

值得注意的是,2024年7月,中国平安成功发行H股可转换债券。2024年7月16日,中国平安发布公告称,拟发行债券本金总额为35亿美元(按年利率0.875%计息),可于条款及条件所载情形下转换为H股。初始转换价为每股H股43.71港元(可予调整)。公司拟将发行债券所得款项净额用于满足未来以金融为核心的业务发展需求,用于补充资本需求;支持医疗、养老新战略发展的业务需求;同时用作一般公司用途。

中国平安H股可转换债券已于2024年7月22日完成发行,并于2024年7月23日在香港联合交易所有限公司上市和交易。

方正证券曾发布研究报告称,可转债成本较低、使用灵活,有望促进公司业务发展。中国平安发行可转债补充的资本用途相对灵活,同时可转债票面利率仅0.875%,低于近年险企发行的资本补充债的票面利率(2.2%至3.5%),成本可控。此外,如在规定期限成功转股,公司股票流动性等亦将提升。

近年来,中国平安整体经营业绩保持稳健,偿付能力充足率高于监管要求。中国平安3月发布的2024年度业绩报告显示,2024年公司实现归属于母公司股东的营运利润1218.62亿元,同比增长9.1%;归属于母公司股东的净利润1266.07亿元,同比大幅增长47.8%。

此外,中国平安偿二代二期规则下的综合偿付能力充足率为204.1%,核心偿付能力充足率为165.2%。截至2024年12月31日,中国平安现金及现金等价物合计超4790亿元,可动用资金余额为745.65亿元,保持合理水平。

旗下核心子公司先后完成发债

自2024年以来,中国平安旗下核心子公司平安产险、平安人寿先后完成发债。

今年2月,平安人寿2025年第一期无固定期限资本债券成功发行。本期债券基本发行规模80亿元,附不超过50亿元的超额增发权,最终发行规模130亿元,票面利率2.35%,认购倍数达2.4倍。据平安人寿相关负责人介绍,本期债券募集资金将用于补充平安人寿核心二级资本。

2024年12月,平安人寿成功完成2024年无固定期限资本债券发行工作。本期债券基本发行规模100亿元,附不超过50亿元的超额增发权,最终发行规模150亿元,票面利率2.24%。

2024年7月,平安产险发行100亿元资本补充债券,票面利率2.27%,该债券为10年期固定利率债券,在第5年末附有条件的发行人赎回权。募集资金将用于补充公司资本,增强公司偿付能力,为公司业务的良性发展创造条件,支持业务持续稳健发展。

  欧洲央行首席经济学家PhilipLane表示,贸易紧张局势不太可能导致欧元区陷入衰退。

  他指出,尽管美国总统唐纳德·特朗普的关税措施可能会抑制经济增长,但由20个成员国组成的欧元区拥有其他贸易伙伴,不会自动陷入经济下行。

  “有下调,但重要的是指出只是略有下调,”他周四接受采访时表示。“经济仍在增长。”

  欧洲央行目前预测2025年欧元区GDP增长0.9%,但将在6月的下一次政策会议更新预测。国际货币基金组织(IMF)本周将该地区的增长预期从1%下调至0.8%。

  欧洲央行在贸易风暴下继续推进降息,上周进行了第七次降息。尽管多数官员仍持谨慎态度,强调不确定性高企,但部分官员对通胀形势持乐观态度,这可能为进一步降息打开大门。

  偏鹰派的奥地利央行行长RobertHolzmann对CNBC表示:“今年可能还会有更多降息,但次数仍未确定。”

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