{"id":8292,"date":"2026-03-23T01:23:02","date_gmt":"2026-03-22T17:23:02","guid":{"rendered":"https:\/\/www.syfe.com\/hk\/magazine\/?p=8292"},"modified":"2026-03-04T17:56:11","modified_gmt":"2026-03-04T09:56:11","slug":"coco-bond-at-1-%e5%82%b5%e5%88%b8","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/coco-bond-at-1-%e5%82%b5%e5%88%b8\/","title":{"rendered":"\u56fa\u5b9a\u6536\u76ca\uff5c\u4e00\u6587\u8a8d\u8b58CoCo Bond\u8207AT1\u50b5\u5238\u7684\u7570\u540c"},"content":{"rendered":"\n<p>\u50b5\u5238\u7a2e\u985e\u4e94\u82b1\u516b\u9580\uff0c\u7576\u4e2d\u67092\u7a2e\u50b5\u5238\u662f\u56e0\u70ba\u91d1\u878d\u5371\u6a5f\u800c\u9032\u5165\u666e\u7f85\u5927\u773e\u8a8d\u77e5\uff0c\u5206\u5225\u662fCoCo bond\uff08\u61c9\u6025\u53ef\u8f49\u50b5\uff09\u53caAT1\u50b5\u5238\uff08\u984d\u5916\u4e00\u7d1a\u8cc7\u672c\u50b5\uff09\uff0c\u800c\u76ee\u524d\u5e02\u5834\u4e0a\u5e38\u898b\u7684AT1\u50b5\u5238\u5fc5\u7136\u662fCoCo Bond\uff0c\u4f46CoCo Bond\u5247\u4e0d\u53eaAT1\u50b5\u5238\uff0c\u672c\u6587\u8a73\u7d30\u8aaa\u660e\u5169\u8005\u7684\u5b9a\u7fa9\u3001\u6838\u5fc3\u7279\u6027\u53ca\u6295\u8cc7\u98a8\u96aa\u3002<\/p>\n\n\n\t\t\t\t<div class=\"wp-block-uagb-table-of-contents uagb-toc__align-left uagb-toc__columns-1  uagb-block-19959a72      \"\n\t\t\t\t\tdata-scroll= \"1\"\n\t\t\t\t\tdata-offset= \"30\"\n\t\t\t\t\tstyle=\"\"\n\t\t\t\t>\n\t\t\t\t<div class=\"uagb-toc__wrap\">\n\t\t\t\t\t\t<div class=\"uagb-toc__title\">\n\t\t\t\t\t\t\t\u50b5\u5238\u6295\u8cc7\u77e5\u8b58\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"uagb-toc__list-wrap \">\n\t\t\t\t\t\t<ol class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#coco-bond\u8207at1\u50b5\u5238\u51fa\u73fe\u7684\u539f\u56e0\" class=\"uagb-toc-link__trigger\">CoCo Bond\u8207AT1\u50b5\u5238\u51fa\u73fe\u7684\u539f\u56e0<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#coco-bond\u662f\u4ec0\u9ebc\" class=\"uagb-toc-link__trigger\">CoCo Bond\u662f\u4ec0\u9ebc\uff1f<\/a><li class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#at1\u50b5\u5238\u662f\u4ec0\u9ebc\" class=\"uagb-toc-link__trigger\">AT1\u50b5\u5238\u662f\u4ec0\u9ebc\uff1f<\/a><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#coco-bond-at1\u50b5\u5238\u5f15\u8d77\u7684\u91d1\u878d\u98a8\u96aa\u4e8b\u4ef6\" class=\"uagb-toc-link__trigger\">CoCo Bond\/ AT1\u50b5\u5238\u5f15\u8d77\u7684\u91d1\u878d\u98a8\u96aa\u4e8b\u4ef6<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#2016\u5e74\u5fb7\u9280coco-bond\u5927\u5e45\u6ce2\u52d5\u4e8b\u4ef6\" class=\"uagb-toc-link__trigger\">2016\u5e74\u5fb7\u9280CoCo Bond\u5927\u5e45\u6ce2\u52d5\u4e8b\u4ef6<\/a><li class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#2023\u5e74\u745e\u4fe1at1\u50b5\u5238\u4e8b\u4ef6\u6e05\u96f6\u4e8b\u4ef6\" class=\"uagb-toc-link__trigger\">2023\u5e74\u745e\u4fe1AT1\u50b5\u5238\u4e8b\u4ef6\u300c\u6e05\u96f6\u300d\u4e8b\u4ef6<\/a><\/li><\/ul><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#\u6700\u65b0\u9999\u6e2f\u88ab\u52d5\u6536\u5165\u9078\u64c7\" class=\"uagb-toc-link__trigger\">\u6700\u65b0\u9999\u6e2f\u88ab\u52d5\u6536\u5165\u9078\u64c7<\/a><\/ul><\/ul><\/ol>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\n\n\n<h2 class=\"wp-block-heading\">CoCo Bond\u8207AT1\u50b5\u5238\u51fa\u73fe\u7684\u539f\u56e0<\/h2>\n\n\n\n<p>2008\u5e74\u91d1\u878d\u6d77\u562f\u671f\u9593\uff0c\u8a31\u591a\u88ab\u8a8d\u70ba\u5177\u5099\u5145\u8db3\u8cc7\u672c\u7684\u9280\u884c\uff0c\u5728\u9762\u81e8\u6d41\u52d5\u6027\u67af\u7aed\u8207\u8cc7\u7522\u50f9\u503c\u5d29\u6f70\u6642\uff0c\u6700\u7d42\u8981\u9760\u5404\u570b\u653f\u5e9c\u6ce8\u8cc7\u3001\u570b\u6709\u5316\u6216\u63d0\u4f9b\u64d4\u4fdd\uff0c\u5373\u52d5\u7528\u7d0d\u7a05\u4eba\u7684\u516c\u5171\u8cc7\u91d1\u70ba\u79c1\u4eba\u4f01\u696d\u9032\u884c\u6551\u52a9\u3002<\/p>\n\n\n\n<p>\u70ba\u61c9\u5c0d\u6b64\u985e\u7cfb\u7d71\u6027\u98a8\u96aa\uff0c\u5df4\u585e\u723e\u9280\u884c\u76e3\u7ba1\u59d4\u54e1\u6703\uff08BCBS\uff09\u65bc2010\u5e74\u63a8\u51fa\u300a<a href=\"https:\/\/brdr.hkma.gov.hk\/chi\/doc-ldg\/docId\/20241124-29-TC\">\u5df4\u585e\u723e\u5354\u5b9a\u4e09<\/a>\u300b\uff08Basel III\uff09\uff0c\u5f15\u5165\u4e86\u66f4\u70ba\u56b4\u82db\u7684\u8cc7\u672c\u5b9a\u7fa9\u3002\u6839\u64da\u300a\u5df4\u585e\u723e\u5354\u5b9a\u4e09\u300b\uff0c\u9280\u884c\u76e3\u7ba1\u8cc7\u672c\u88ab\u5927\u81f4\u5283\u5206\u70ba3\u500b\u5c64\u6b21\uff1a\u6838\u5fc3\u4e00\u7d1a\u8cc7\u91d1\u3001\u984d\u5916\u4e00\u7d1a\u8cc7\u672c\u53ca\u4e8c\u7d1a\u8cc7\u672c\uff0c\u7528\u4f86\u5438\u6536\u640d\u5931\u3001\u4fdd\u8b77\u9280\u884c\u5b58\u6b3e\u4eba\u53ca\u91d1\u878d\u9ad4\u7cfb\u7a69\u5b9a\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\u8cc7\u672c\u5c64\u6b21<\/strong><\/td><td><strong>\u4e3b\u8981\u69cb\u6210\u5de5\u5177<\/strong><\/td><\/tr><tr><td><strong>\u6838\u5fc3\u4e00\u7d1a\u8cc7\u672c (Common Equity Tier 1\uff0c\u7c21\u7a31CET1)<\/strong><\/td><td>\u666e\u901a\u80a1\u3001\u7559\u5b58\u5229\u6f64<\/td><\/tr><tr><td><strong>\u984d\u5916\u4e00\u7d1a\u8cc7\u672c (Additional Tier 1, AT1)<\/strong><\/td><td>\u6c38\u7e8c\u50b5\u3001\u975e\u7d2f\u7a4d\u512a\u5148\u80a1<\/td><\/tr><tr><td><strong>\u4e8c\u7d1a\u8cc7\u672c (Tier 2)<\/strong><\/td><td>\u6b21\u7d1a\u50b5\u5238\u3001\u4e00\u822c\u8cb8\u6b3e\u64a5\u5099<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u7576\u4e2d\u6838\u5fc3\u4e00\u7d1a\u8cc7\u91d1\u8207\u984d\u5916\u4e00\u7d1a\u8cc7\u672c\u5408\u7a31\u4e00\u7d1a\u8cc7\u672c\uff0c\u7528\u4ee5\u53cd\u6620\u300c\u9280\u884c\u6301\u7e8c\u7d93\u71df\u300d\u6642\u7684\u640d\u5931\u5438\u6536\u80fd\u529b\uff08Going Concern Capital\uff09\uff0c\u800cCoCo Bond\u53caAT1\u50b5\u5238\u5247\u5728\u6b64\u6642\u958b\u958b\u59cb\u61c9\u904b\u800c\u751f\u3002<\/p>\n\n\n\n<p><strong>\u66f4\u591a\u50b5\u5238\u6295\u8cc7\u8cc7\u8a0a\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/?p=7307\">\u653f\u5e9c\u50b5\u5238<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/ibond-%E9%A6%99%E6%B8%AF-%E6%94%BF%E5%BA%9C-%E9%80%9A%E8%84%B9-%E6%8E%9B%E9%89%A4-%E5%82%B5%E5%88%B8\/\">iBond<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%8a%80%e8%89%b2-%e5%82%b5%e5%88%b8\/\">\u9280\u50b5<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/?p=7291\">\u96f6\u552e\u7da0\u50b5<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e6%a9%9f-%e7%ae%a1-%e5%b1%80-%e5%82%b5%e5%88%b8\/\">\u6a5f\u7ba1\u5c40\u50b5\u5238<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%bb%9e%e5%bf%83-%e5%82%b5-%e7%86%8a%e8%b2%93-%e5%82%b5\/\">\u9ede\u5fc3\u50b5<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">CoCo Bond\u662f\u4ec0\u9ebc\uff1f<\/h3>\n\n\n\n<p><strong>CoCo Bond\uff08\u82f1\u6587\u5168\u7a31\uff1aContingent Convertible Bond\uff09<\/strong>\u662f\u6307\u4efb\u4f55\u5e36\u6709\u300c\u89f8\u767c\u689d\u6b3e\u300d\u7684\u6b21\u7d1a\u50b5\u52d9\u5de5\u5177\u3002\u7576\u7279\u5b9a\u7684\u4e8b\u4ef6\uff08\u5982\u8cc7\u672c\u5145\u8db3\u7387\u4f4e\u65bc\u9580\u6abb\uff09\u767c\u751f\u6642\uff0c\u8a72\u50b5\u5238\u6703\u89f8\u767c\u81ea\u52d5\u8f49\u689d\u6b3e\u50b5\u5238\u6301\u6709\u4eba\u6703\u88ab\u5f37\u5236\u8f49\u63db\u70ba\u666e\u901a\u80a1\u6216\u9032\u884c\u672c\u91d1\u6e1b\u503c \u3002<\/p>\n\n\n\n<p>\u6709\u5225\u65bc\u50b3\u7d71\u7684\u53ef\u8f49\u63db\u50b5\u5238\uff08\u82f1\u6587\uff1aConvertible Bonds, \u7c21\u7a31CB\uff09\uff0c<strong>CoCo Bond<\/strong>\u7684\u8f49\u63db\u5c6c\u975e\u81ea\u9858\u6027\u8cea\u3002\u50b3\u7d71\u7684\u53ef\u8f49\u63db\u50b5\uff0c\u6295\u8cc7\u8005\u901a\u5e38\u5728\u80a1\u50f9\u4e0a\u6f32\u6642\u884c\u4f7f\u9078\u64c7\u6b0a\u4ee5\u7372\u5229\uff0c\u4f46CoCo Bond\u7684\u8f49\u63db\u662f\u7576\u9280\u884c\u9762\u81e8\u8ca1\u52d9\u56f0\u5883\u3001\u8cc7\u672c\u5145\u8db3\u7387\u4e0b\u964d\u6642\u5f37\u5236\u89f8\u767c\u7684\uff0c\u9019\u610f\u5473\u8457\u6295\u8cc7\u8005\u9762\u81e8\u7684\u662f\u56b4\u91cd\u7684\u4e0b\u884c\u98a8\u96aa\u800c\u975e\u4e0a\u884c\u6536\u76ca\u3002<\/p>\n\n\n\n<p>\u6700\u65e9\u7684CoCo Bond\u65bc2009\u5e7411\u6708\u7531Lloyds Banking Group<a href=\"https:\/\/bondblox.com\/news\/at1-bonds-complete-guide-bondevalue\">\u767c\u884c<\/a>\uff0c\u7576\u6642\u88ab\u7a31\u70ba\u589e\u5f37\u578b\u4fe1\u7528\u7968\u64da\uff08ECNs\uff09\uff0c\u767c\u884c\u898f\u6a2185\u5104\u82f1\u938a\uff0c\u689d\u6b3e\u898f\u5b9a\u82e5\u679c\u9280\u884c\u7684\u6838\u5fc3\u8cc7\u672c\u964d\u81f35%\u4ee5\u4e0b\uff0c\u50b5\u5238\u5247\u81ea\u52d5\u8f49\u70ba\u80a1\u6b0a\u3002<\/p>\n\n\n\n<p><strong>\u6295\u8cc7\u50b5\u5238\u77e5\u8b58\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E5%96%AE-%E8%A4%87-%E5%88%A9%E6%81%AF-%E6%9C%AC%E5%88%A9%E5%92%8C-%E5%88%A9%E7%8E%87-%E8%A8%88%E7%AE%97-%E5%85%AC%E5%BC%8F\/\"><strong>\u55ae\u5229\u606f\u8207\u8907\u5229\u606f\u7684\u8a08\u7b97\u516c\u5f0f\u6709\u4ec0\u9ebc\u5206\u5225\uff1f<\/strong><\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">AT1\u50b5\u5238\u662f\u4ec0\u9ebc\uff1f<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/coco-bond-at-1-\u50b5\u5238-1024x576.png\" alt=\"\" class=\"wp-image-8293\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/coco-bond-at-1-\u50b5\u5238-1024x576.png 1024w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/coco-bond-at-1-\u50b5\u5238-300x169.png 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/coco-bond-at-1-\u50b5\u5238-768x432.png 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/coco-bond-at-1-\u50b5\u5238-1536x864.png 1536w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/coco-bond-at-1-\u50b5\u5238-747x420.png 747w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/coco-bond-at-1-\u50b5\u5238-696x392.png 696w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/coco-bond-at-1-\u50b5\u5238-1068x601.png 1068w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/coco-bond-at-1-\u50b5\u5238.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>\u6839\u64da\u300a\u5df4\u585e\u723e\u5354\u5b9a\u4e09\u300b\uff0cCoCo Bond\u53ef\u4ee5\u6839\u64da\u7522\u54c1\u7d50\u69cb\u8a2d\u8a08\u800c\u88ab\u6b78\u985e\u70ba\u300c\u984d\u5916\u4e00\u7d1a\u8cc7\u672c\u300d\uff08AT1\uff09\u6216\u300c\u4e8c\u7d1a\u8cc7\u672c\u300d\uff08Tier 2\uff09\uff0c\u800c\u76ee\u524d\u5e02\u5834\u4e0a\u7d55\u5927\u591a\u6578\u7684CoCo\u50b5\u5238\u90fd\u5c6c\u65bcAT1\u50b5\u5238\uff0c\u5177\u6709\u4ecb\u4e4e\u80a1\u6b0a\u8207\u50b5\u5238\u4e4b\u9593\u7684\u7279\u6027\uff0c\u56e0\u70ba\u9280\u884c\u6709\u66f4\u5f37\u7684\u76e3\u7ba1\u52d5\u6a5f\u63d0\u5347\u4e00\u7d1a\u8cc7\u672c\u5145\u8db3\u7387\u3002<\/p>\n\n\n\n<p>AT1\u50b5\u5238\u5c6c\u65bc<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E6%B0%B8%E7%BA%8C-%E5%82%B5%E5%88%B8-perpetual-bond\/\">\u6c38\u7e8c\u50b5<\/a>\uff0c\u539f\u5247\u4e0a\u672c\u91d1\u6c92\u6709\u5fc5\u7136\u511f\u9084\u6642\u9593\u3002\u96d6\u7136AT1\u50b5\u901a\u5e38\u8a2d\u67095\u5e74\u621610\u5e74\u7684\u300c\u53ef\u8d16\u56de\u65e5\u300d\uff0c\u9280\u884c\u53ef\u5728\u7b26\u5408\u76e3\u7ba1\u689d\u4ef6\u4e0b<a href=\"https:\/\/bondblox.com\/news\/at1-bonds-complete-guide-bondevalue\">\u9078\u64c7<\/a>\u8d16\u56de\u50b5\u5238\uff0c\u4f46\u82e5\u679c\u9280\u884c\u9078\u64c7\u4e0d\u8d16\u56de\uff0c\u7968\u9762\u5229\u7387\u901a\u5e38\u6703\u91cd\u65b0\u8a02\u50f9\u3002<\/p>\n\n\n\n<p>\u5728\u9280\u884c\u7684\u8ca0\u50b5\u7d50\u69cb\u4e2d\uff0cAT1\u50b5\u5238\u7684\u511f\u4ed8\u9806\u4f4d\u50c5\u9ad8\u65bc\u666e\u901a\u80a1\u80a1\u6771\u3002\u5728\u9280\u884c\u767c\u751f\u6e05\u7b97\u6642\uff0c\u5404\u6301\u4efd\u8005\u7684\u511f\u4ed8\u9806\u5e8f\u5927\u6982\u5982\u4e0b\uff1a&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u6709\u64d4\u4fdd\u50b5\u6b0a\u4eba\uff08\u5982\u62b5\u62bc\u50b5\u5238\u6301\u6709\u8005\uff09<\/li>\n\n\n\n<li>\u7121\u64d4\u4fdd\u9ad8\u7d1a\u50b5\u6b0a\u4eba\u53ca\u5b58\u6b3e\u5ba2\u6236<\/li>\n\n\n\n<li>\u4e8c\u7d1a\u8cc7\u672c\uff08Tier 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href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e4%bf%a1%e7%94%a8-%e8%a9%95%e7%b4%9a-%e6%a9%9f%e6%a7%8b\/\">\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">CoCo Bond\/ AT1\u50b5\u5238\u5f15\u8d77\u7684\u91d1\u878d\u98a8\u96aa\u4e8b\u4ef6<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">2016\u5e74\u5fb7\u9280CoCo Bond\u5927\u5e45\u6ce2\u52d5\u4e8b\u4ef6<\/h3>\n\n\n\n<p>2016\u5e74\u4e00\u6708\uff0c\u5fb7\u9280\u9810\u544a2015\u5168\u5e74\u5927\u7d04\u8667\u640d67\u5104\u6b50\u5143\uff0c\u4ee4\u6295\u8cc7\u8005\u64d4\u6182\u5fb7\u9280Coco Bond\u6703\u66ab\u505c\u6d3e\u767c\u5229\u606f\u3002\u5728\u5e02\u5834\u7f3a\u4e4f\u6d41\u52d5\u6027\u7684\u60c5\u6cc1\u4e0b\uff0c\u90e8\u5206\u5fb7\u9280AT1\u50f9\u683c\u4e00\u5ea6\u8dcc\u81f3\u7d0470\u5de6\u53f3\uff0c\u96b1\u542b\u96d9\u4f4d\u6578\u6536\u76ca\u7387\uff0c\u4e26\u727d\u9023\u5176\u4ed6\u6b50\u6d32\u5927\u884c\u7684CoCo 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bond\uff08\u61c9\u6025\u53ef\u8f49\u50b5\uff09\u53caAT1\u50b5\u5238\uff08\u984d\u5916\u4e00\u7d1a\u8cc7\u672c\u50b5\uff09\uff0c\u800c\u76ee\u524d\u5e02\u5834\u4e0a\u5e38\u898b\u7684AT1\u50b5\u5238\u5fc5\u7136\u662fCoCo Bond\uff0c\u4f46CoCo 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