Two banks have nearly 10 billion yuan in convertible bonds that are about to mature.

Since July, the banking sector has rebounded by more than 2% at one point, but on the 9th, with the semiconductor sector surging, the banking sector once again fell back. On the 10th, the CSI Bank Index opened low and then fluctuated at a low level, with individual stocks showing differentiated performance. Calculated from the high point on July 8, 2025, the CSI Bank Index has cumulatively dropped by nearly 20%. In the past year, only 5 bank stocks in A shares have risen in price, while 10 have fallen by more than 20%, with Bank of Communications and China Minsheng Bank falling by more than 30%. This has caused the remaining convertible bonds of the few banks to once again fall into the dilemma of conversion. Of the 6 remaining bank convertible bonds, the Zijin Bank Convertible Bond and the Qingnong Convertible Bond have less than half a month and one and a half months until the final conversion time, with a total amount of nearly 10 billion yuan. The other 4 bank convertible bonds will all mature by the end of September 2028, with generally low conversion rates at present. Currently, the stock prices of Zijin Bank and Qingnong Rural Commercial Bank are significantly lower than the conversion prices, and holders lack the motivation to convert. According to those interviewed, if the stock price does not show a significant improvement in the short term, the subsequent redemption pressure should be monitored. At the same time, due to the ineffective role of convertible bonds in supplementing capital, it is necessary to consider expanding channels for capital supplementation in the future. Currently, constrained by valuation and policies, it is still difficult for the banking capital market to carry out further refinancing.