The issuance scale of "Eternal Bonds" by commercial banks has increased significantly year-on-year within this year.

Recently, multiple commercial banks have been issuing a significant number of Tier 2 Capital Bonds and Perpetual Capital Bonds in the interbank market. According to Wind data, as of August 12, commercial banks have issued a total of 62 "Tier 2 Perpetual Bonds" this year, with a total issuance scale of 1.281728 trillion yuan, an increase of 22.31% compared to 1.04796 trillion yuan during the same period last year. Experts interviewed indicated that the issuance scale of "Tier 2 Perpetual Bonds" this year has seen a year-on-year surge, with a growing differentiation among market participants. As supply gradually recedes from the peak in the second quarter, the total issuance in the second half of the year is expected to trend marginally downward, with a certain volume maintained in the third quarter and a steady convergence in the fourth quarter, marking a new stage of structural differentiation in the industry. Mingming, chief economist at CITIC Securities, predicts that the total issuance of "Tier 2 Perpetual Bonds" for the year will be between 1.5 trillion yuan and 2 trillion yuan. Supply in the second half of the year will marginally decline from the peak in the second quarter, with the third quarter maintaining a certain scale and the fourth quarter gradually converging.