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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。

  国际货币基金组织(IMF)总裁克里斯塔利娜・格奥尔基耶娃周四表示,国际货币基金组织将“高度专注”于预防国际收支危机,并将特朗普政府的关切纳入其政策之中,但仍会继续支持受气候变化影响的国家。

  格奥尔基耶娃在国际货币基金组织和世界银行春季会议期间举行的新闻发布会上表示,将与该组织190个成员国的代表讨论美国财政部长斯科特・贝森特的指示。

  她还称,她对贝森特表达美国对这家多边危机贷款机构的支持表示欢迎。

  贝森特周三呼吁国际货币基金组织和世界银行重新聚焦于宏观经济稳定和发展的核心使命,称它们在气候变化、性别平等和包容性等问题上涉足过深,降低了自身的效力。

  贝森特的主张与特朗普政府扭转拜登政府在气候和性别问题上政策的努力相一致,其中还包括呼吁世界银行扩大对化石燃料和核能的能源贷款。

  这位掌控着美国在这两家机构中主要股权的财政部长还表示,格奥尔基耶娃和世界银行行长阿贾伊・班加需要通过实施“回归基础”的政策来赢得特朗普政府的信任。

  格奥尔基耶娃表示,在某些情况下,气候变化会影响宏观经济政策。

  谈到国际货币基金组织时,她称:“人们认为我们有气候专家。但我们没有。那不是我们的工作。我们的工作是要考虑,‘好吧,如果你是多米尼克,一场飓风可能会摧毁相当于你国内生产总值200%的资产,那么制定什么样的合理政策才好呢?’”

  当被问及国际货币基金组织是否会重新考虑其在2022年推出的“韧性与可持续性信托融资机制”(该机制旨在帮助各国应对气候变化、疫情和其他长期挑战)时,格奥尔基耶娃表示,这一贷款在国际货币基金组织的总融资中占比“非常小”。

  她补充道,国际货币基金组织也是一个成员制组织,其政策最终将由成员们来决定。

  她表示,她赞同贝森特呼吁这两家布雷顿森林机构提高成本效益的观点,并指出,按实际价值并扣除通货膨胀因素计算,国际货币基金组织的预算在20年内没有变化,她还补充说:“我真的希望把机构管理得井井有条。”

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