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图表3银行永续债、普通企业永续债条款对比
图表3银行永续债、普通企业永续债条款对比
行业数据
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图片格式:PNG
图片大小:487KB
图片尺寸:2327*1800
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所属报告:
债券品种小百科系列之一:银行永续债加速扩容配置新宠-20210519(17页).pdf
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绝对估值相对折现率和永续增长率的敏感性分析(元)
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行业数据
2026-07-06
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绝对估值相对折现率和永续增长率的敏感性分析(元)
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行业数据
2026-07-06
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绝对估值相对折现率和永续增长率的敏感性分析(横/纵轴:折现率/永续增长率)
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行业数据
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绝对估值相对折现率和永续增长率的敏感性分析(元)
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行业数据
2026-06-26
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绝对估值相对折现率和永续增长率的敏感性分析(元)
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行业数据
2026-06-12
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绝对估值相对折现率和永续增长率的敏感性分析(元)
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行业数据
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原图定位
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绝对估值相对折现率和永续增长率的敏感性分析(元)
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行业数据
2026-06-12
原图定位
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绝对估值相对折现率和永续增长率的敏感性分析(元)
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行业数据
2026-05-19
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表E.按地区划分的新兴市场和发展中经济体的净对外头寸,重债穷国,以及人均收入分类(续)
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fCDmsLjnu63lop7plb/njodcV0FDQyB8IDExLjclIHwgMTEuOSUgfCAxMi4xMCUgfCAxMi4zJSB8IDEyLjUlIHwKfC0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLXwtLS0tLS0tfC0tLS0tLS0tfC0tLS0tLS18LS0tLS0tLXwKfCAyLjQlICAgICAgICAgICB8IDM0LjE4IHwgMzMuMjIgfCAzMi4zMCAgfCAzMS40MiB8IDMwLjU4IHwKfCAyLjIlICAgICAgICAgICB8IDMzLjcwIHwgMzIuNzcgfCAzMS44NyAgfCAzMS4wMiB8IDMwLjIwIHwKfCAyLjAlICAgICAgICAgICB8IDMzLjI0IHwgMzIuMzMgfCAzMS40NiAgfCAzMC42MiB8IDI5LjgzIHwKfCAxLjglICAgICAgICAgICB8IDMyLjc5IHwgMzEuOTEgfCAzMS4wNiAgfCAzMC4yNSB8IDI5LjQ3IHwKfCAxLjYlICAgICAgICAgICB8IDMyLjM2IHwgMzEuNTAgfCAzMC42OCAgfCAyOS44OCB8IDI5LjEyIHwKCui1hOaWmeadpea6kO+8muWbveS/oeivgeWIuOe7j+a1jueglOeptuaJgOWIhuaekA==
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计上,银行永续债通常不涉及利率跳升等赎回激励机制,且赎回条件更加严格,即需要经过监管审批;在发生触发事件时,银行永续债无需经持有人同意即可以全部减记,以保证银行资本的安全性,由此可见,银行永续债的资本工具属性更强。与之相对,非金融机构永续债通常包含利率跳升等赎回激励机制,即鼓励发行人赎回,否则可能面临信用受损或者融资成本大幅上行的后果,递延付息也会受到复利孳息的“惩罚”,这些条款设计也反映出,市场对于普通企业永续债的定位仍然是债务融资工具,其债性更强、资本属性更弱。
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债券品种小百科系列之一:银行永续债加速扩容配置新宠-20210519(17页).pdf
图表9城商行、农商行永续债发行日渐活跃
图表82020年银行永续债发行明显加快
图表72021年银行永续债发行占比继续提升(亿元)
图表6永续债存量规模结构分布(截至20210430)
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