In a communist society, all citizens are created equal. Until this week, so were all shareholders. But on Thursday, Bank of China sold China’s first preference shares – hybrid securities that convert to common equity if capital ratios fall too far. The Rmb40bn ($6.5bn) issue priced at a 6.75 per cent yield, in the middle of the expected range. Still, the pricing was attractive enough for demand to be reportedly three times the deal size.
社会主义社会人人平等。直至本周以前，股东也是人人平等。然而，就在周四，中国银行(Bank of China)成为第一家发行优先股的中国上市公司。优先股是一种混合型证券，在银行资本充足率跌得太厉害时会转变为普通股。中行这次发行的优先股规模为400亿元人民币（合65亿美元），收益率为6.75%，落在了此前人们预期范围的中间。不过，这一定价依然有很大的吸引力。据报道，对这批优先股的需求达到了发行规模的三倍。

The yield looks generous compared with the available alternatives. Up until last week, when Chinese property developer Agile ran into trouble, that sector’s listed bonds were offered at similar levels. Bank of China’s own common shares yield 7 per cent.
与其它类似的投资产品相比，这一收益率看上去相当慷慨。上周，中国房地产开发商雅居乐(Agile)遇到麻烦时，地产板块上市债券的收益率也接近这一水平。此外，中行自己的普通股收益率也只有7%而已。
By these measures, the yield is too high. But this is only the first of such deals from the Chinese banks. Preference share approvals suggest $50bn yet to come. With common equity issuance below book value unpalatable, the sector has limited options for improving tier one capital adequacy ratios.
以这些标准衡量，这一收益率太高了。不过，这只是中资银行发行优先股的第一宗。从各行获批情况看，还有500亿美元的优先股将会上市发行。如果发行低于账面价值的普通股，对于提高一级资本充足率毫无用处，所以银行业可供选择的手段其实十分有限。
Some might question the need for improvement. The ratios of the big four currently range from 8.6 to 11.3 per cent – against a regulatory target of 9.5 per cent by late 2018. Bernstein estimates that Bank of China’s tier 1 ratio has been boosted 40 to 50 basis points from 10.3 per cent by the preference sale. The bank also has approval to issue a further $9.8bn.
部分人可能会质疑提高一级资本充足率的必要性。中国四大银行的一级资本充足率目前在8.6%到11.3%的范围之间，而监管目标则是到2018年底以前将一级资本充足率控制在9.5%以上。据伯恩斯坦(Bernstein)估计，通过这次发行优先股，中行的一级资本充足率已从10.3%提升了40到50个基点。除此以外，该行已获批再发行98亿美元的优先股。
So bears suggest that the search for new capital reflects concern about a blow-up in non-performing loans. Current reported NPL levels are 1 per cent. Similar suspicions surround the adequacy – or accuracy – of banks’ measurement of risk-weighted assets.
悲观者于是得出结论：中资银行急于寻找新的资金，其实反映出它们对不良贷款规模增大的担心。据报道，中国银行业的不良贷款率为1%。人们对中资银行对风险加权资产的评估是否合适（或是否准确），也有疑虑。
All these factors – real or imagined – are likely to have played a part in the need to raise capital at a juicy yield. The big risk is that the capital adequacy ratio falls below 5.125 per cent, and the preference shares convert to equity. But as a Chinese state-owned entity, that chance seems remote. Some are more equal than others.
以上所有因素——不论是真实的还是想象中的，可能都在一定程度上增大了中行以较高收益率筹集资金的必要性。对这次优先股发行的投资者而言，一大风险是，当中行资本充足率跌至5.125%以下时，这些优先股将转为普通股。不过，作为中国国有机构，出现这种状况的可能性极小。毕竟，有些人总是比其他人更“平等”一些。