专家解读：年内招商银行等机构为何出手赎回优先股？

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央广网北京4月17日消息（记者宓迪）央广财经记者关注到，招商银行（600036.SH）近日公告宣布，优先股“招银优1”的赎回及摘牌已完成。该行也成为年内又一家完成赎回旗下优先股的上市银行。　　具体来看，招商银行公告称，于2017年12月非公开发行2.75亿股境内优先股（简称本次优先股），募集资金总额为人民币275亿元，优先股简称“招银优1”，优先股代码360028。　　公告称，该行已于4月15日向...

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year?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600036":1.5,"03143":0.6,"03968":1.5,"PFF":1.5},"content_text":"央广网北京4月17日消息（记者宓迪）央广财经记者关注到，招商银行（600036.SH）近日公告宣布，优先股“招银优1”的赎回及摘牌已完成。该行也成为年内又一家完成赎回旗下优先股的上市银行。　　具体来看，招商银行公告称，于2017年12月非公开发行2.75亿股境内优先股（简称本次优先股），募集资金总额为人民币275亿元，优先股简称“招银优1”，优先股代码360028。　　公告称，该行已于4月15日向4月14日在中国证券登记结算有限责任公司上海分公司（简称中登上海分公司）登记在册的本次优先股股东足额支付本次优先股票面金额及2025年12月18日至2026年4月14日持有期间的股息，共计278.22亿元，赎回全部已发行的本次优先股。根据中登上海分公司提供的数据，本次优先股已于2026年4月15日注销。本次优先股的赎回及摘牌已完成。　　记者关注到，今年以来，平安银行（000001.SZ）、光大银行(601818.SH)均曾出手赎回旗下优先股。3月9日，平安银行发布关于优先股赎回结果暨摘牌的公告。公告称，本次优先股赎回数量为2亿股，赎回价格为104.37元/股（含税），共计支付赎回款208.74亿元。本次优先股赎回完成后，该行优先股总股份由2亿股变更为0股。自2026年3月10日起，本次优先股将从深圳证券交易所摘牌。　　2月12日，光大银行发布关于第三期优先股全部赎回及摘牌完成的公告。该行于2019年7月15日非公开发行3.5亿股优先股，发行规模为350亿元人民币（简称第三期优先股）。根据中登上海分公司提供的数据，第三期优先股已于2026年2月11日注销。该行第三期优先股的赎回及摘牌已完成。　　中国邮政储蓄银行研究员娄飞鹏对记者表示，2025年下半年以来，商业银行密集赎回优先股，主要驱动因素在于利率下行环境下优先股仍然高息，与低成本资本工具之间的存在显著的成本差，叠加监管对资本质量要求的提升，推动银行主动优化资本结构、降低财务负担、提升经营效益。　　“之前发行的优先股股息率较高，成本已经明显高于永续债与二级资本债等资本补充工具。加上优先股股息不具备税前扣除效应，而永续债利息可计入税前成本，实际税后融资成本更低。再者，监管鼓励银行提升资本质量，优先股虽属其他一级资本，但其高股息率对净利润形成持续压力。赎回后，银行可释放资本占用，提升资本充足率使用效率。”娄飞鹏说。　　娄飞鹏表示，赎回优先股后，银行资本工具结构更趋标准化、低成本化，有助于增强抗风险能力与监管合规性。同时，利息支出下降直接增厚净利润，缓解盈利压力，也为未来信贷投放与服务实体经济提供了更稳健的资本基础。　　记者亦关注到，4月15日，招商银行还发布了关于无固定期限资本债券发行完毕的公告。公告称，该行近日在全国银行间债券市场发行了“2026年招商银行股份有限公司无固定期限资本债券（第一期）（债券通）”（简称本期债券）。本期债券发行规模为人民币300亿元，前5年票面利率为2.05%，每5年调整一次，在第5年及之后的每个付息日附发行人有条件赎回权。本期债券募集的资金将依据适用法律和监管机构的批准，补充该行的其他一级资本。　　娄飞鹏表示，银行发行永续债是其优化资本结构、夯实其他一级资本的重要举措。2.05%的低票面利率反映了市场对其信用资质的高度认可，有效降低了融资成本。此举不仅提升了风险抵御能力，也为后续信贷投放和业务扩张腾出空间，对长期稳健经营构成利好，同时向市场传递了积极信号。（文章来源：央广财经）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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