Entering November, a number of banks began issuing secondary capital bonds and perpetual bonds, and permanent bonds entered the centralized issuance period at the end of the year. According to Wande data, as of November 5, commercial banks had issued 104 permanent bonds during the year, with a total issuance scale of 1.95 trillion yuan, an increase of 10.7% over the same period last year. Specifically, there was almost an empty window for issuing two-year bonds in the first quarter of this year; the backlog in the early period was released centrally in the second quarter, and the issuance volume exceeded trillion yuan, becoming the peak supply for the whole year; supply gradually subsided in the third quarter, and the pace of issuance slowed markedly; entering the fourth quarter, issuers were further concentrated on major state-owned banks and leading joint-stock banks, and the participation of small and medium-sized banks continued to decline.

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