Paul Taylor is president and chief executive officer of Fitch Group, a leading provider of essential financial information and services to the global financial markets. Mr. Taylor was appointed to this position in April 2012 and is based in London.
Mr. Taylor previously served as President of Fitch Ratings, the group’s largest business and a leading provider of credit ratings, commentary and research. Prior to this appointment in 2010, he spent two years as global head of structured finance ratings, presiding over numerous ratings reforms following the 2007 collapse of the U.S. housing market. Mr. Taylor has held a variety of analytical leadership positions at Fitch Ratings, including global head of sovereign, public finance, corporate, and financial institution ratings. He also headed the agency's operations in Europe, Middle East, and Africa.
近期长春发展农村商业银行股份有限公司宣布暂缓支付二级资本债利息,与此前同样未能及时支付二级资本债利息的延边农村商业银行股份有限公司一致,该行当前处于省内农信系统相关改革工作之中。
商业银行发行的二级资本债在条款设计上具有损失吸收功能,除发生触发事件时可以减记之外,还规定了清偿顺序在存款人和一般债权人之后,股权资本、其他一级资本工具和混合资本债券之前;分红或派息必须来自于可分配项目;债券的派息需遵守监管现时有效规定等多个方面。上述一系列条款要求为长春发展农商银行及延边农商银行在风险化解中暂缓支付利息提供依据,相关实践也反映出该类债务工具在风险化解过程中的资本属性。此外资本新规实施后发行的二级资本债在条款上发生一定变化,但惠誉博华认为该变化不会使同类新老债券面临风险产生差异。
从境外其他地区案例观察,特定债务工具的风险评估亦需要结合其偿付顺序地位进行,拥有充足的深度次级债务作为缓冲可降低损失程度。
现诚挚地邀请您参与2026年5月19日下午 4:00点举行的“惠誉博华短评 — 从“不付息”看次级债资本属性与信用风险差异”,惠誉博华分析师将与您分享最新的行业观点。
参与者的相关问题将有机会在网络直播期间得到解答,您可以将问题提前发送至 fitchbohuabrm@fitchbohua.com。
惠誉博华信用评级有限公司于2018年7月成立,现已完成中国人民银行营业管理部信用评级机构备案及中国银行间市场交易商协会的注册,在中国开展银行间债券市场金融机构债券、结构化产品信用评级业务。
惠誉博华的隐私政策和使用条款