Shanxi plans to issue 654.38+053 billion special bonds, which will be injected into Shanxi Bank to replenish capital through Shanxi Financial Control.

Shanxi Province recently announced that it plans to issue153 billion special bonds on February 23, 65438 to supplement the capital of newly established city commercial banks.

According to the project implementation plan, the main body of the project is Shanxi Jinkong. The specific operation mode is that the Shanxi provincial government issues special bonds, which are injected into the new city commercial banks through the indirect shareholding of Shanxi Financial Holdings to enhance their capital strength. The injected funds are used by the new city commercial banks as a whole.

Among them, the new city commercial bank refers to a new city commercial bank that Shanxi intends to merge from five city commercial banks: Datong Bank Co., Ltd., Jincheng Bank Co., Ltd., Changzhi Bank Co., Ltd., Jinzhong Bank Co., Ltd. and Yangquan City Commercial Bank Co., Ltd.

According to media reports, the merged bank is called Shanxi Bank. The staff recruitment announcement of Shanxi Bank in 20021year issued by WeChat official account WeChat 12 15 shows that Shanxi Bank (to be established) is a major strategic move for financial reform and innovation in Shanxi Province. Through the reorganization and merger of five city commercial banks in the province, a new modern regional bank with strong capital strength, strong anti-risk ability and strong brand influence will be established.

"At the beginning of its establishment, its assets were close to 300 billion yuan, ranking more than 30 in the national 130 city commercial banks, and it will complete the resource integration and network layout in the province within three years, and strive to reach 400 billion yuan." The job posting says.

According to the plan, the total assets of Shanxi Bank after capital replenishment are 29021800 million yuan, and the average growth rate of the five merged city commercial banks in the last three years (20 17-20 19) is 1 1%. According to the data released by CBRC, it is 20 18. According to the development goal of Shanxi Bank, it is estimated that its asset growth rate will be 1 1% in 200213, 10% in 2024-2030, and its total assets will be about 773.469 billion yuan by the end of 2030.

(Assets Appraisal of Shanxi Bank)

In terms of exit mechanism, the equity formed after the funds raised by special bonds are injected into Shanxi Bank will be gradually withdrawn through market-oriented transfer, and the withdrawal funds will be used to repay the principal and interest of special bonds. If it is to be held for a long time, it will raise funds through other means to repay the principal and interest of this special bond.

Specifically, the principal and interest repayment funds of bonds in this period are included in the budget management of Shanxi provincial government funds, and the sources of debt repayment funds include dividend income, financial subsidy income, interest income of retained funds and market-oriented share transfer income:

In terms of dividends, according to the return on assets of 0.8%, it is estimated that the dividend income during the duration of this bond will be 765,438+0.665,438+0 billion yuan.

In terms of financial subsidies, Shanxi Jinkong will apply for financial subsidies according to the operating conditions of Shanxi Bank, and it is estimated that it will receive a financial subsidy income of 3.507 billion yuan within 10;

In terms of interest on retained funds, during the duration of this bond, the recovered funds still have some retained funds after paying the principal and interest of this year's loan. According to the interest rate of 5%, the estimated interest income is 654.38+0.023 billion yuan;

In terms of market-oriented share transfer, in order to ensure the timely and full withdrawal of the current bonds, the shares of Shanxi Bank will be transferred in the market-oriented way in the sixth year and 10 year respectively, and the estimated share transfer income is 1 16 10 billion yuan.

According to the rating report, according to the project income and cost forecast, the total planned investment of this bond raising project is 65.438+05.300 billion yuan, and it is planned to use all the funds raised by this bond. During the duration of the bond, the project is expected to form a debt repayment fund of 2330 1 billion yuan, and the total financing principal and interest is 65.438+09.829 billion yuan. The coverage rate of project debt service funds to financing cost is 65.438+0. 1.8 times, and the bond of this issue is rated AAA.

Shanxi is the third province to disclose the scheme of injecting special debt into small and medium-sized banks after Guangdong and Zhejiang disclosed relevant schemes. Generally speaking, it is the same choice for the three provinces to supplement the capital of relevant banks through indirect shareholding by local financial control:

In the Zhejiang plan, 5 billion yuan of special bonds will be indirectly invested in Wenzhou Bank through Wenzhou State-owned Financial Capital Management Co., Ltd.

In the Guangdong plan, Guangdong Cai Yue Investment Holding Co., Ltd. is the main fund operator of the 654.38+000 billion special bonds, and the capital of the four banks is supplemented by indirect shares.

According to the budget adjustment plan of Guangdong Province, the Ministry of Finance newly issued the special bond quota of Guangdong local government of 654.38+0.00 billion yuan. According to the requirements of the Ministry of Finance, this bond is supplemented by the local government by subscribing for qualified capital replenishment tools of small and medium-sized banks (including convertible bonds, deposit of share conversion agreement, secondary capital bonds, etc.). ) according to laws and regulations. For those who do not have the conditions for issuance, we can study injecting capital into small and medium-sized banks through indirect shareholding by provincial financial holding companies.

Zhang Xu, chief fixed income analyst of Everbright Securities, believes that issuing special bonds to support the development of small and medium-sized banks to inject capital into them can not only improve the ability of financial institutions to promote local economic development, but also lay a solid foundation for preventing and controlling financial risks, and at the same time, it can urge project units to effectively change their operating mechanisms and achieve sustainable development.

He said that this year's special debt line of 200 billion yuan will benefit 18 provinces and cities and support them to resolve the risks of local small and medium-sized banks. In the future, some small and medium-sized banks will still face greater pressure of capital replenishment, so it is still possible to inject capital into small and medium-sized banks in a similar way after the current quota of 200 billion yuan is used up.

The the State Council executive meeting held on July 1 this year pointed out that a certain amount should be arranged in the new special debt limit of local governments this year, allowing local governments to explore new ways to replenish the capital of small and medium-sized banks reasonably by subscribing for convertible bonds in accordance with the law. The meeting decided to give priority to supporting small and medium-sized banks with sustainable market-oriented operation ability to replenish capital and enhance their ability to serve small and medium-sized enterprises and support employment. Reasonably replenish the capital of special bonds, establish a market-oriented timely withdrawal mechanism when it expires, and strictly guard against moral hazard.

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