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实际成本高同业存单 银行为何争抢国库现金定存
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Topic: 实际成本高同业存单 银行为何争抢国库现金定存 (Read 119 times)
Janiceog
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实际成本高同业存单 银行为何争抢国库现金定存
May 20, 2017, 09:18:02 AM
#1
李奇霖对21世纪经济报道记者表示,国库定存利率上调是银行竞争中长期资金的结果。一个证据是3个月期限Shibor自4月中旬起在持续上行,监管压力下,银行仍有较强的资金需求。
5月19日,央行和财政部开展3个月期限中央国库现金管理商业银行定期存款(下称“国库现金定存”)招投标,规模800亿元,中标利率为4.5%,较最近一次的4.2%上浮30个BP,创2015年以来新高。
当日,公开市场有200亿元逆回购到期,央行未展开逆回购操作,当日实现净投放600亿元。
“这是银行负债端紧张的反映,不宜过度解读。”联讯证券首席宏观分析师李奇霖对21世纪经济报道记者表示,“逆回购利率跟随上调的可能性较小。”
值得一提的是,尽管本次国库现金定存招标利率为4.5%,但这并非商业银行实际承受的成本。据中金公司固收分析师陈健恒测算,本次国库现金定存招标中,商业银行负债端的实际成本接近5%,比中标利率高了近50BP。
而Wind数据显示,5月19日,股份制银行AAA同业存单发行利率约为4.7%,比本次国库现金定存的成本低了大约30BP。
“银行负债端紧张的反映”
国库现金定存实际成本高于中标利率,原因在于缴纳存款准备金的因素。
陈健恒在研报指出,国库现金定存属于一般存款,故需按16%的标准缴纳存款准备金,这16%的资金只能享受1.62%的超额准备金利率;若无需缴准,目前的市场4.62%的投资收益率较容易达到。
“这16%的资金机会成本在300BP或以上,对应均摊全笔资金后在50BP。如果把这50BP加回,相当于不需要缴准的负债成本在5%。”陈健恒如此解释他“成本近5%”的观点。
商业银行为何不发行4.7%的同业存单,而是竞标更高成本的国库现金定存?
陈健恒对此解释称,一方面,5月中旬的本次3M国库现金定存跨半年末,计入一般存款有助于改善商业银行存款相关的指标,如贷存比等;另一方面,国库现金存款不算同业负债,部分包括同业存单后大口径下的同业负债超过总负债1/3的中小银行对一般存款的需求较强。
也就是说,商业银行高成本竞标本次国库现金定存的原因,主要在于即将到来的季末考核,以及趋严的同业负债监管。
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