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For the purposes of regulating the issuance of capital supplementation bonds by banking financial institutions, effectively improving the loss-absorbing capacity of the capital of banking financial institutions, strengthening the macroprudential regulation, and protecting the interests of investors, the following matters concerning the issuance of capital supplementation bonds by banking financial institutions are hereby announced in accordance with the Law of the People's Republic of China on the People's Bank of China and the relevant provisions on the administration of issuance of financial bonds:
I . For the purposes of this Announcement, “capital supplementation bonds” means financial bonds issued by banking financial institutions for satisfying capital regulatory requirements with an agreement on repayment of the bonds upon occurrence of a specific triggering event, including but not limited to capital bonds without fixed terms and Tier-2 capital bonds.
II . To issue capital supplementation bonds, a banking financial institution shall meet the following conditions:
(1) It has a sound corporate governance mechanism.
(2) Its solvency is good, and it has been three years since its formation.
(3) Its operation is robust, has an assets structure conforming to the characteristics of the industry, is oriented to serving the real economy, and complies with the state's industry policies and credit policies.
(4) It satisfies the requirements of macroprudential regulation, and its main financial supervision indicators are in compliance with the relevant rules of the regulatory departments.
III . Upon occurrence of a triggering event, capital supplementation bonds may be written down or converted into shares.
In the event of any change in the equity of an issuer, it shall submit an application for the equity change according to the requirements of the banking regulatory authority. If the equity change involves any listed equity, the requirements of the regulatory authority for the listed equity or the exchange on which the equity is listed shall also be satisfied.
IV . An issuer shall fully disclose information on capital supplementation bonds in a timely manner, and reveal the particular risks associated with capital supplementation bonds in a truthful, accurate, and complete manner, including but not limited to the risks of secondariness, write-down, and conversion into shares.
In the duration of capital supplementation bonds, the issuer shall disclose information on a quarterly basis.
V . An issuer or investor may retain a credit rating agency to conduct credit rating of capital supplementation bonds.
An investor shall enhance its internal rating capacity, and make an independent judgment on the investment risks associated with capital supplementation bonds.
VI . Banking financial institutions shall, by comprehensively considering its asset growth, structural adjustment, internal capital conservation, external environment, and other factors, reasonably and prudently develop its capital replenishment and capital bond issuance plans, promote robust operations under corresponding capital constraints, and ensure that the raised funds are primarily used for serving the real economy.
VII . The registration, custody, and settlement, among others, of capital supplementation bonds shall be handled at the bond registration and custody institutions recognized by the People's Bank of China.
VIII . Banking financial institutions are encouraged to issue new-type capital supplementation bonds with innovative loss absorption mechanisms or triggering events.
IX . Banking financial institutions may explore the issuance of bonds aimed at improving the total loss-absorbing capacity (TLAC), and this Announcement shall apply, mutatis mutandis, to the specific issuance.
X . Matters not covered by this Announcement shall be governed by the relevant provisions of the Measures for the Administration of the Issuance of Financial Bonds on the Interbank Market.
XI . This Announcement shall come into force on the date of issuance, upon which the Announcement No. 11 [2006] of the People's Bank of China shall be repealed.
The People's Bank of China
February 22, 2018
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