瑞银-中国-银行业-中国银行业资本调整：如何做？要花费多少？-2018.1.17-25页

www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesAsiaLimited.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE18.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.GlobalResearch17January2018ChinaBanksRecapitalizingChina’sbanks:how,howmuchandhowmuchmore?Thejointstockbanks(JSBs)arepositioningtorecapitalizeTheJSBshavethelowestCT1CARsofanysubsetofthebankingsector—andthisisworsening.Howeverwebelieveasolutionisonhorizon.Rmb220bninconvertiblebondswereissuedorannouncedin2017,90%ofwhichwasbyJSBs(equivalentto13.3%ofthe17H1CT1capitaloftheissuingJSBs).Thissuggeststheirrecapitaliz