為提高銀行(xing)(xing)(xing)永(yong)(yong)(yong)續(xu)(xu)債(zhai)的市(shi)(shi)場流動性，支持銀行(xing)(xing)(xing)發(fa)(fa)行(xing)(xing)(xing)永(yong)(yong)(yong)續(xu)(xu)債(zhai)補(bu)充資本(ben)，央行(xing)(xing)(xing)于3月25日(ri)開展50億元央行(xing)(xing)(xing)票據互換（CBS）操作(zuo)，期限3個月，費率0.10%。央行(xing)(xing)(xing)表示，本(ben)次操作(zuo)面(mian)向公(gong)開市(shi)(shi)場業(ye)務一級交易商(shang)公(gong)開招(zhao)標，中標機(ji)構包括國(guo)(guo)有(you)大型商(shang)業(ye)銀行(xing)(xing)(xing)、股(gu)份制(zhi)銀行(xing)(xing)(xing)、城商(shang)行(xing)(xing)(xing)、農商(shang)行(xing)(xing)(xing)、證券(quan)公(gong)司(si)等各類(lei)金融(rong)機(ji)構。換入債(zhai)券(quan)既有(you)國(guo)(guo)有(you)大型商(shang)業(ye)銀行(xing)(xing)(xing)和股(gu)份制(zhi)銀行(xing)(xing)(xing)發(fa)(fa)行(xing)(xing)(xing)的永(yong)(yong)(yong)續(xu)(xu)債(zhai)，也有(you)城商(shang)行(xing)(xing)(xing)發(fa)(fa)行(xing)(xing)(xing)的永(yong)(yong)(yong)續(xu)(xu)債(zhai)，體現了(le)對(dui)中小銀行(xing)(xing)(xing)發(fa)(fa)行(xing)(xing)(xing)永(yong)(yong)(yong)續(xu)(xu)債(zhai)補(bu)充資本(ben)的支持。同時，央行(xing)(xing)(xing)表示，將綜合考慮市(shi)(shi)場狀況(kuang)和合理需(xu)求，采(cai)用市(shi)(shi)場化方(fang)式穩慎開展CBS操作(zuo)。

　　值得一提(ti)的(de)是，這已是央(yang)行(xing)(xing)今(jin)年以(yi)來(lai)第三次展開(kai)CBS操(cao)(cao)作。今(jin)年1月20日，央(yang)行(xing)(xing)以(yi)固定費率(lv)(lv)數(shu)量(liang)(liang)招標方式(shi)開(kai)展了(le)2020年第一期CBS操(cao)(cao)作，發行(xing)(xing)總量(liang)(liang)為(wei)60億(yi)元(yuan)，期限3個(ge)月，費率(lv)(lv)為(wei)0.1%；2月28日，央(yang)行(xing)(xing)開(kai)展了(le)今(jin)年第二期CBS操(cao)(cao)作，發行(xing)(xing)總量(liang)(liang)為(wei)50億(yi)元(yuan)，限期和(he)費率(lv)(lv)則(ze)與(yu)前期相同。今(jin)年以(yi)來(lai)，三期CBS操(cao)(cao)作累(lei)計發行(xing)(xing)總量(liang)(liang)為(wei)160億(yi)元(yuan)。

　　“銀(yin)(yin)行(xing)(xing)(xing)(xing)永(yong)(yong)續(xu)債是(shi)當前商業銀(yin)(yin)行(xing)(xing)(xing)(xing)補充資本金的重要方(fang)式之一，但永(yong)(yong)續(xu)債由于其(qi)收益和交易(yi)層(ceng)面的因素，面臨流(liu)動(dong)性的考驗(yan)。央(yang)行(xing)(xing)(xing)(xing)為促進銀(yin)(yin)行(xing)(xing)(xing)(xing)永(yong)(yong)續(xu)債流(liu)動(dong)性，開(kai)展(zhan)了CBS操作。”蘇寧金融(rong)研究(jiu)院高級研究(jiu)員陶金在接(jie)受《證券(quan)日報》記者采訪時表(biao)示，公開(kai)市場操作一級服(fu)務商可將其(qi)持(chi)有(you)(you)的銀(yin)(yin)行(xing)(xing)(xing)(xing)永(yong)(yong)續(xu)債換入央(yang)行(xing)(xing)(xing)(xing)票據。而央(yang)行(xing)(xing)(xing)(xing)票據對于商業銀(yin)(yin)行(xing)(xing)(xing)(xing)是(shi)優質抵(di)押品。銀(yin)(yin)行(xing)(xing)(xing)(xing)有(you)(you)動(dong)力(li)通(tong)過央(yang)行(xing)(xing)(xing)(xing)CBS操作獲取更多央(yang)行(xing)(xing)(xing)(xing)票據，進而有(you)(you)動(dong)力(li)購買更多的銀(yin)(yin)行(xing)(xing)(xing)(xing)永(yong)(yong)續(xu)債。

　　2019年1月25日，央行(xing)(xing)決定創設CBS，并于去(qu)年2月20日開(kai)展(zhan)首次CBS操作(zuo)，操作(zuo)量15億元(yuan)，限期為(wei)1年。據央行(xing)(xing)發(fa)布(bu)的2019年第(di)四季(ji)度中國(guo)貨幣政(zheng)策執行(xing)(xing)報告顯示，去(qu)年央行(xing)(xing)累計(ji)開(kai)展(zhan)了(le)7次共計(ji)320億元(yuan)CBS操作(zuo)，換(huan)入(ru)債券既(ji)有國(guo)有大行(xing)(xing)、股(gu)份制(zhi)銀行(xing)(xing)發(fa)行(xing)(xing)的永(yong)續債，也有城商行(xing)(xing)發(fa)行(xing)(xing)的永(yong)續債。

　　實際(ji)上，CBS創設的目的就是為商業銀行(xing)(xing)發行(xing)(xing)永續債“保駕護航”，提供流動支(zhi)持。據《證券日報》記者梳理，去年(nian)全年(nian)銀行(xing)(xing)共發行(xing)(xing)永續債5696億元，包括(kuo)5家(jia)國(guo)有銀行(xing)(xing)、7家(jia)股份制銀行(xing)(xing)以(yi)及(ji)3家(jia)城(cheng)商行(xing)(xing)。

　　從發行(xing)(xing)(xing)(xing)(xing)(xing)節(jie)奏來(lai)(lai)看，去年(nian)(nian)下半年(nian)(nian)以(yi)來(lai)(lai)永續債發行(xing)(xing)(xing)(xing)(xing)(xing)速度明顯加快，今年(nian)(nian)以(yi)來(lai)(lai)更是進一(yi)步(bu)提速。截至目(mu)前(qian)，年(nian)(nian)內已先后有東莞(guan)銀行(xing)(xing)(xing)(xing)(xing)(xing)、華(hua)融湘江銀行(xing)(xing)(xing)(xing)(xing)(xing)、湖州銀行(xing)(xing)(xing)(xing)(xing)(xing)、江蘇銀行(xing)(xing)(xing)(xing)(xing)(xing)、桂林銀行(xing)(xing)(xing)(xing)(xing)(xing)、廣西北部灣(wan)銀行(xing)(xing)(xing)(xing)(xing)(xing)、郵儲銀行(xing)(xing)(xing)(xing)(xing)(xing)等7家銀行(xing)(xing)(xing)(xing)(xing)(xing)獲批發行(xing)(xing)(xing)(xing)(xing)(xing)永續債。

　　“近(jin)年來銀(yin)(yin)行(xing)(xing)(xing)資(zi)(zi)本充(chong)(chong)(chong)足(zu)情(qing)況(kuang)得到(dao)穩(wen)步(bu)改善(shan)，資(zi)(zi)本充(chong)(chong)(chong)足(zu)率平穩(wen)提升，資(zi)(zi)本金壓力(li)(li)可控。但(dan)民營銀(yin)(yin)行(xing)(xing)(xing)在(zai)近(jin)兩年面臨資(zi)(zi)本金壓力(li)(li)，且相比于(yu)大型銀(yin)(yin)行(xing)(xing)(xing)，城商(shang)行(xing)(xing)(xing)和農商(shang)行(xing)(xing)(xing)的經營區域限(xian)制也帶來了資(zi)(zi)本補充(chong)(chong)(chong)問題(ti)。”陶(tao)金認為，今年銀(yin)(yin)行(xing)(xing)(xing)發債仍會持(chi)(chi)續，尤(you)其是防(fang)控疫情(qing)需要商(shang)業銀(yin)(yin)行(xing)(xing)(xing)加大對實體經濟的支持(chi)(chi)力(li)(li)度，進而對資(zi)(zi)本金提出(chu)了更高要求。同時永續債在(zai)央行(xing)(xing)(xing)票據互換等(deng)政策(ce)工具的支持(chi)(chi)下(xia)，市場認購(gou)積極(ji)性得到(dao)釋放。中小銀(yin)(yin)行(xing)(xing)(xing)資(zi)(zi)本充(chong)(chong)(chong)足(zu)率獲得有效提升后，銀(yin)(yin)行(xing)(xing)(xing)債券發行(xing)(xing)(xing)節奏將(jiang)趨于(yu)平穩(wen)。