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\/>\n\uff08JCR\u306f\u666e\u901a\u793e\u50b5\u304cAA\u2212\u3001Tier2\u50b5\u5238\u304cA+\u30681\u30ce\u30c3\u30c1\u5dee\u3092\u3064\u3051\u3066\u3044\u307e\u3059\uff09<\/p>\n<p>\u52a3\u5f8c\u7279\u7d04\u306b\u3064\u3044\u3066\u306f\u5f93\u6765\u3068\u5909\u308f\u3089\u305a\u3001\u7834\u7523\u30fb\u4f1a\u793e\u66f4\u751f\u6cd5\u30fb\u6c11\u4e8b\u518d\u751f\u624b\u7d9a\u304d\u7b49\u304c\u767a\u751f\u3057\u305f\u5834\u5408\u3001\u9810\u91d1\u3084\u666e\u901a\u793e\u50b5\u306a\u3069\u3068\u6bd4\u8f03\u3057\u3066\u56de\u53ce\u304c\u52a3\u5f8c\u3059\u308b\u3068\u3044\u3046\u898f\u5b9a\u3067\u3059\u3002<\/p>\n<p>\u4e0b\u8a18\u306b\u307f\u305a\u307b\u30d5\u30a3\u30ca\u30f3\u30b7\u30e3\u30eb\u30b0\u30eb\u30fc\u30d7\u304c\u767a\u884c\u3057\u305f\u30d0\u30fc\u30bc\u30eb3\u9069\u683cTier2\u50b5\u5238\u306e\u767a\u884c\u4f8b\u3092\u63b2\u8f09\u3057\u307e\u3059\u3002<\/p>\n<h3>\u682a\u5f0f\u4f1a\u793e\u307f\u305a\u307b\u30d5\u30a3\u30ca\u30f3\u30b7\u30e3\u30eb\u30b0\u30eb\u30fc\u30d7\u7b2c11\u56de\u671f\u9650\u524d\u511f\u9084\u6761\u9805\u4ed8\u7121\u62c5\u4fdd\u793e\u50b5(\u5b9f\u8cea\u7834\u7dbb\u6642\u514d\u9664\u7279\u7d04\u304a\u3088\u3073\u52a3\u5f8c\u7279\u7d04\u4ed8)<\/h3>\n<ul>\n<li>\u767a\u884c\u65e5\uff1a2017\u5e741\u670826\u65e5<\/li>\n<li>\u5229\u7387\uff1a\u5f53\u521d5\u5e740.50%\uff645\u5e74\u76ee\u4ee5\u964d:2022\u5e741\u670826\u65e5\u6642\u70b9\u306e5\u5e74\u30b9\u30ef\u30c3\u30d7\u30ec\u30fc\u30c8+0.43%<\/li>\n<li>\u511f\u9084\u671f\u9650\uff1a10\u5e74\u50b5\u3067\u3042\u308b\u304c5\u5e74\u5f8c\u306b\u767a\u884c\u4f53\u306e\u4efb\u610f\u3067\u511f\u9084\u304c\u53ef\u80fd<\/li>\n<li>\u5b9f\u8cea\u7834\u7dbb\u6642\u514d\u9664\u7279\u7d04\uff1a\u9810\u91d1\u306e\u652f\u6255\u3044\u3092\u505c\u6b62\u3057\u305f\u5834\u5408\u307e\u305f\u306f\u305d\u306e\u6050\u308c\u306e\u3042\u308b\u5834\u5408\uff63\uff62\u50b5\u52d9\u8d85\u904e\uff64\u652f\u6255\u3044\u505c\u6b62\u307e\u305f\u306f\u305d\u306e\u6050\u308c\u306e\u3042\u308b\u5834\u5408\uff63\u306b\u5143\u672c\u304c\u6bc0\u640d\u3059\u308b\u53ef\u80fd\u6027\u3042\u308a<\/li>\n<li>\u52a3\u5f8c\u7279\u7d04\uff1a\u7834\u7dbb\u6642\u306e\u56de\u53ce\u306f\u9810\u91d1\u3084\u793e\u50b5\u3068\u6bd4\u8f03\u3057\u3066\u52a3\u5f8c\u3059\u308b<\/li>\n<li>\u793e\u50b5\u306e\u91d1\u984d\uff1a100\u4e07\u5186<\/li>\n<li>\u683c\u4ed8\u3051\uff1aR&amp;I A+\uff08\u666e\u901a\u793e\u50b5\u3068\u540c\u683c\uff09\u3001JCR \uff21+\uff08\u666e\u901a\u793e\u50b5\u3088\u308a1\u30ce\u30c3\u30c1\u4e0b)<\/li>\n<\/ul>\n<h2>\u30d0\u30fc\u30bc\u30eb3\u9069\u683c AT1\u50b5\u5238\uff08CoCo\u50b5\uff09\uff1d\u50b5\u52d9\u514d\u9664\u7279\u7d04+\u52a3\u5f8c\u7279\u7d04+\u6c38\u4e45\u50b5<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4204\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/01\/retsugosai_basel3_at1.png\" alt=\"\u30d0\u30fc\u30bc\u30eb\u2162\u5bfe\u5fdc\u65b0\u578b\u52a3\u5f8c\u50b5\u305d\u306e\u4ed6Tier1\" width=\"525\" height=\"276\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/01\/retsugosai_basel3_at1.png 525w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/01\/retsugosai_basel3_at1-300x158.png 300w\" sizes=\"auto, (max-width: 525px) 100vw, 525px\" \/><\/p>\n<p><span class=\"rmarker-s\">\u30d0\uff0d\u30bc\u30eb3\u9069\u683c\u306eAT1\u50b5\u306f\u3001CoCo\u50b5\u30fb\u305d\u306e\u4ed6Tier1\u50b5\u5238\u3068\u547c\u3070\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span class=\"rmarker-s\">\u30d0\uff0d\u30bc\u30eb3\u9069\u683c\u306e<strong>\u300cAT1\u50b5\u300d<\/strong>\u306e\u8981\u4ef6\u306f<strong>\u300c\u50b5\u52d9\u514d\u9664\u7279\u7d04+\u52a3\u5f8c\u7279\u7d04+\u6c38\u4e45\u50b5\u300d<\/strong>\u3067\u3059\u3002<\/span><\/p>\n<p>\u4e0a\u8a18\u306eTier2\u50b5\u5238\u3088\u308a\u30ea\u30b9\u30af\u304c\u9ad8\u304f\u3001\u591a\u304f\u306e\u50b5\u5238\u3067\u306f\u3044\u308f\u3086\u308b5.125%\u30c8\u30ea\u30ac\u30fc\u30eb\u30fc\u30eb\u304c\u9069\u7528\u3055\u308c\u307e\u3059\u3002\uff08\u65e5\u672c\u306e\u9280\u884c\u3084\u6b27\u5dde\u306eECB\u7ba1\u8f44\u306e\u9280\u884c\u306f\u6982\u306d5.125\uff05\u3001\u30a4\u30ae\u30ea\u30b9\u3084\u30b9\u30a4\u30b9\u306e\u9280\u884c\u306f7.0\uff05\uff09<\/p>\n<p>5.125%\u30c8\u30ea\u30ac\u30fc\u30eb\u30fc\u30eb\u3068\u306f\u666e\u901a\u682a\u5f0f\u7b49Tier1\u6bd4\u7387\u304c5.125%\u3092\u4e0b\u56de\u3063\u305f\u5834\u5408\u30015.125%\u3092\u4e0a\u56de\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u984d\u3092\u91d1\u878d\u5e81\u3068\u5354\u8b70\u3057\u3066\u3001\u5fc5\u8981\u91d1\u984d\u3092\u50b5\u5238\u306e\u5143\u5229\u91d1\u304b\u3089\u5dee\u3057\u5f15\u3044\u305f\u308a\u682a\u5f0f\u306b\u8ee2\u63db\u3059\u308b\u3068\u3044\u3046\u3082\u306e\u3067\u3059\u3002<\/p>\n<p><span class=\"ymarker-s\">\u3064\u307e\u308a\u3001\u666e\u901a\u682a\u5f0f\u7b49Tier1\u6bd4\u7387\u304c5.125%\u3092\u4e0b\u56de\u308b\u3068\u5143\u672c\u6bc0\u640d\u30ea\u30b9\u30af\u304c\u767a\u751f\u3059\u308b\u3053\u3068\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span class=\"ymarker-s\">\u4e0a\u8a18\u306eTier2\u50b5\u5238\u306f\u5143\u672c\u6bc0\u640d\u30ea\u30b9\u30af\u306e\u30c8\u30ea\u30ac\u30fc\u304c\u50b5\u52d9\u8d85\u904e\uff08\u81ea\u5df1\u8cc7\u672c\u6bd4\u73870\uff05\uff09\u3067\u3042\u308b\u306e\u306b\u5bfe\u3057\u3001Tier1\u50b5\u306f5.125%\u304c\u30c8\u30ea\u30ac\u30fc\u3068\u306a\u308b\u70b9\u3067\u5143\u672c\u6bc0\u640d\u30ea\u30b9\u30af\u304c\u9ad8\u307e\u308a\u307e\u3059\uff61<\/span><\/p>\n<p>\u305d\u306e\u305f\u3081\u3001\u4e0a\u8a18\u306eTier2\u50b5\u5238\u3068\u6bd4\u8f03\u3057\u3066\u5229\u56de\u308a\u306f\u9ad8\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u4e0b\u8a18\u306b\u307f\u305a\u307b\u30d5\u30a3\u30ca\u30f3\u30b7\u30e3\u30eb\u30b0\u30eb\u30fc\u30d7\u304c\u767a\u884c\u3057\u305f\u30d0\u30fc\u30bc\u30eb\u2162\u9069\u683cTier1\u50b5\u5238\u306e\u767a\u884c\u4f8b\u3092\u63b2\u8f09\u3057\u307e\u3059\u3002<\/p>\n<h3>\u682a\u5f0f\u4f1a\u793e\u307f\u305a\u307b\u30d5\u30a3\u30ca\u30f3\u30b7\u30e3\u30eb\u30b0\u30eb\u30fc\u30d7\u7b2c3\u56de\u4efb\u610f\u511f\u9084\u6761\u9805\u4ed8\u7121\u62c5\u4fdd\u6c38\u4e45\u793e\u50b5\uff08\u50b5\u52d9\u514d\u9664\u7279\u7d04\u304a\u3088\u3073\u52a3\u5f8c\u7279\u7d04\u4ed8\uff09<\/h3>\n<ul>\n<li>\u767a\u884c\u65e5\uff1a2016\u5e747\u670822\u65e5<\/li>\n<li>\u5229\u7387\uff1a\u5f53\u521d10\u5e741.55%\u300110\u5e74\u76ee\u4ee5\u964d\uff1a6\u30f6\u6708\u30e6\u30fc\u30ed\u5186Libor+1.60%<\/li>\n<li>\u511f\u9084\u671f\u9650\uff1a\u6c38\u4e45\u50b5\u3067\u3042\u308b\u304c10\u5e74\u5f8c\u304b\u3089\u5404\u5229\u6255\u3044\u65e5\u6bce\u306b\u767a\u884c\u4f53\u306e\u4efb\u610f\u3067\u511f\u9084\u304c\u53ef\u80fd<\/li>\n<li>\u640d\u5931\u5438\u53ce\u6761\u9805\uff1a\u50b5\u52d9\u514d\u9664\u7279\u7d04\u306b\u3088\u308a\u666e\u901a\u682a\u5f0f\u7b49Tier1\u6bd4\u7387\u304c5.125%\u3092\u4e0b\u56de\u3063\u305f\u5834\u5408\uff64\u5143\u672c\u304c\u6bc0\u640d\u3059\u308b\u53ef\u80fd\u6027\u3042\u308a\u3002\u305f\u3060\u3057\u5143\u91d1\u56de\u5fa9\u7279\u7d04\u304c\u4ed8\u3055\u308c\u3066\u3044\u308b\u70ba\u3001\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u304c\u56de\u5fa9\u3057\u305f\u5834\u5408\uff64\u6bc0\u640d\u3057\u305f\u5143\u672c\u304c\u56de\u5fa9\u3059\u308b\u53ef\u80fd\u6027\u306f\u3042\u308b\u3002<\/li>\n<li>\u52a3\u5f8c\u7279\u7d04\uff1a\u7834\u7dbb\u6642\u306e\u56de\u53ce\u306f\u9810\u91d1\u3084\u793e\u50b5\u3068\u6bd4\u8f03\u3057\u3066\u52a3\u5f8c\u3059\u308b<\/li>\n<li>\u5229\u6255\u505c\u6b62\u7279\u7d04\uff1a\u4efb\u610f\u5229\u6255\u505c\u6b62\u3084\u5229\u6255\u53ef\u80fd\u984d\u5236\u9650\u306e\u898f\u5b9a\u306b\u3088\u308a\u3001\u5229\u6255\u3044\u304c\u30b9\u30ad\u30c3\u30d7\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002\u666e\u901a\u793e\u50b5\u3084Tier2\u52a3\u5f8c\u50b5\u3068\u7570\u306a\u308a\u5229\u6255\u3044\u306e\u30b9\u30ad\u30c3\u30d7\u306f\u30c7\u30d5\u30a9\u30eb\u30c8\u306b\u306a\u3089\u306a\u3044<\/li>\n<li>\u793e\u50b5\u306e\u91d1\u984d\uff1a1\u5104\u5186<\/li>\n<li>\u683c\u4ed8\u3051\uff1aJCR \uff21-\uff08\u666e\u901a\u793e\u50b5\u3088\u308a3\u30ce\u30c3\u30c1\u4e0b\uff64Tier2\u50b5\u3088\u308a2\u30ce\u30c3\u30c1\u4e0b\uff09<\/li>\n<\/ul>\n<p>10\u5e74\u5f8c\u306b\u511f\u9084\u3055\u308c\u308b\u3053\u3068\u3092\u671f\u5f85\u3057\u3066\u8cfc\u5165\u3059\u308b\u6295\u8cc7\u5bb6\u3082\u591a\u3044\u3068\u8003\u3048\u3089\u308c\u307e\u3059\u304c\u3001\u305d\u308c\u306f10\u5e74\u5f8c\u306e\u307f\u305a\u307bFG\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u30b9\u30d7\u30ec\u30c3\u30c9\uff08\u4e0a\u4e57\u305b\u91d1\u5229\uff09\u304c\u767a\u884c\u6642\u3088\u308a\u3082\u6975\u7aef\u306b\u5927\u304d\u304f\u306a\u3063\u3066\u3044\u306a\u3044\u3053\u3068\u304c\u524d\u63d0\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u307f\u305a\u307bFG\u306e\u4fe1\u7528\u30ea\u30b9\u30af\u304c\u6975\u7aef\u306b\u9ad8\u307e\u3063\u305f\u72b6\u614b\u3067\u306f\u511f\u9084\u3055\u308c\u306a\u3044\u53ef\u80fd\u6027\u3082\u3042\u308a\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u591a\u5c11\u306e\u4fe1\u7528\u30ea\u30b9\u30af\u4e0a\u6607\uff08\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u4e0a\u6607\uff09\u3067\u3042\u308c\u3070\u3001\u30ec\u30d4\u30e5\u30c6\u30fc\u30b7\u30e7\u30f3\u30ea\u30b9\u30af\u3092\u8003\u3048\u3066\u511f\u9084\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3068\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n<p>\u671f\u9650\u524d\u511f\u9084\u6761\u9805\u304c\u4ed8\u4e0e\u3055\u308c\u3066\u3044\u308b\u52a3\u5f8c\u50b5\u306f\u4e00\u822c\u7684\u306b\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\u3067\u511f\u9084\u3055\u308c\u308b\u3053\u3068\u3092\u671f\u5f85\u3057\u3066\u8cfc\u5165\u3059\u308b\u6295\u8cc7\u5bb6\u304c\u591a\u3044\u3067\u3059\u304c\u3001\u904e\u53bb\u306b\u306f\u30b3\u30fc\u30eb\u304c\u30b9\u30ad\u30c3\u30d7\u3055\u308c\u305f\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/finance-gfp.com\/?p=1698\" target=\"_blank\" rel=\"noopener noreferrer\">\u52a3\u5f8c\u50b5\u306e\u671f\u9650\u524d\u511f\u9084\u898b\u9001\u308a\u306b\u3064\u3044\u3066\u8003\u3048\u308b\uff08\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u30c1\u30e3\u30fc\u30bf\u30fc\u30c9\u9280\u884c\u52a3\u5f8c\u50b5\uff09<\/a><\/li>\n<\/ul>\n<h2>\u3010\u53c2\u8003\u3011\u6d77\u5916\u306e\u30e1\u30ac\u30d0\u30f3\u30af\u304c\u767a\u884c\u3059\u308bCoCo\u50b5\u306f\u597d\u6761\u4ef6<\/h2>\n<p><span class=\"ymarker-s\">\u4e00\u822c\u793e\u50b5\u3067\u3082\u305d\u3046\u3067\u3059\u304c\u3001\u65e5\u672c\u56fd\u5185\u3067\u767a\u884c\u3055\u308c\u308b\u5186\u5efa\u3066\u306e\u50b5\u5238\u306f\u4ed6\u306e\u56fd\u3068\u6bd4\u8f03\u3059\u308b\u3068\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u6975\u3081\u3066\u5c0f\u3055\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p>\u767a\u884c\u4f53\u304b\u3089\u3059\u308b\u3068\u3046\u308c\u3057\u3044\u3053\u3068\u3067\u3059\u304c\u3001\u6295\u8cc7\u5bb6\u304b\u3089\u307f\u308c\u3070\u30ea\u30b9\u30af\u306b\u5bfe\u3057\u3066\u672c\u6765\u5f97\u3089\u308c\u308b\u30ea\u30bf\u30fc\u30f3\u3092\u4eab\u53d7\u3057\u3066\u3044\u306a\u3044\u3053\u3068\u306b\u306a\u308a\u307e\u3059\uff61<\/p>\n<p>\u3082\u3061\u308d\u3093\u305d\u308c\u3067\u3082\u8cfc\u5165\u3059\u308b\u6295\u8cc7\u5bb6\u304c\u3044\u308b\u304b\u3089\u4ed5\u65b9\u306a\u3044\u3053\u3068\u3067\u3059\u304c\u3001\u8981\u3059\u308b\u306b\u65e5\u672c\u56fd\u5185\u3067\u306f\u30af\u30ec\u30b8\u30c3\u30c8\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u8a55\u4fa1\u304c\u30ea\u30b9\u30af\u5bfe\u6bd4\u3067\u9069\u5207\u306b\u884c\u308f\u308c\u3066\u3044\u306a\u3044\u3068\u8a00\u3048\u307e\u3059\u3002<\/p>\n<p><span class=\"ymarker-s\">\u4e0a\u8a18\u306e\u307f\u305a\u307bFG\u767a\u884c\u306e\u30d0\u30fc\u30bc\u30eb\u2162\u9069\u683c\u305d\u306e\u4ed6Tier1\uff08AT1\uff09\u50b5\u5238\u306e\u6bd4\u8f03\u3068\u3057\u3066\u3001\u307b\u307c\u540c\u69d8\u306e\u30ea\u30b9\u30af\u306e\u3068\u8003\u3048\u3089\u308c\u308bBNP\u30d1\u30ea\u30d0\u767a\u884c\u306eCoCo\u50b5\u306e\u6761\u4ef6\u4f8b\u3092\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3>BNP\u30d1\u30ea\u30d0CoCo\u50b5(\u7c73\u30c9\u30eb\u5efa\u3066)<\/h3>\n<ul>\n<li>\u767a\u884c\u65e5\uff1a2016\u5e7412\u670814\u65e5<\/li>\n<li>\u5229\u7387\uff1a\u5f53\u521d5\u5e746.75%\uff645\u65e5\u4ee5\u964d\uff1a\u7c73\u30c9\u30eb5\u5e74\u30b9\u30ef\u30c3\u30d7+4.916% \uff085\u5e74\u6bce\u898b\u76f4\u3057\uff09<\/li>\n<li>\u511f\u9084\u671f\u9650\uff1a\u6c38\u4e45\u50b5\u3067\u3042\u308b\u304c5\u5e74\u5f8c\u304b\u30895\u5e74\u6bce\u306b\u767a\u884c\u4f53\u306e\u4efb\u610f\u3067\u511f\u9084\u304c\u53ef\u80fd<\/li>\n<li>\u683c\u4ed8\u3051\uff1aS&amp;P\u00a0BBB-\u3001\u30e0\u30fc\u30c7\u30fc\u30ba\u3000Ba1<\/li>\n<li>\u305d\u306e\u4ed6\u5404\u7a2e\u6761\u4ef6\uff1a\u666e\u901a\u682a\u5f0f\u7b49Tier\uff11\u6bd4\u7387\u304c5.125%\u3092\u4e0b\u56de\u308b\u3068\u5143\u672c\u6bc0\u640d\u3059\u308b\u30ea\u30b9\u30af\u3084\uff64\u56de\u53ce\u304c\u52a3\u5f8c\u3059\u308b\u30ea\u30b9\u30af\uff64\u5229\u6255\u3044\u304c\u30b9\u30ad\u30c3\u30d7\u3055\u308c\u308b\u30ea\u30b9\u30af\u306f\u4e0a\u8a18\u306e\u307f\u305a\u307bFG\u306e\u30d0\u30fc\u30bc\u30eb\u2162\u9069\u683c\u305d\u306e\u4ed6Tier1\uff08AT1\uff09\u50b5\u5238\u3068\u540c\u69d8<\/li>\n<\/ul>\n<p>BNP\u30d1\u30ea\u30d0\u306f\u30d5\u30e9\u30f3\u30b9\u6700\u5927\u624b\u306e\u9280\u884c\u3067\u3001\u8cc7\u7523\u898f\u6a21\u3084\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d\u3067\u3082\u307f\u305a\u307bFG\u3092\u5927\u304d\u304f\u4e0a\u56de\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p><span class=\"ymarker-s\">\u683c\u4ed8\u3051\u304c\u304b\u306a\u308a\u9055\u3046\u3067\u306f\u306a\u3044\u304b\u3068\u601d\u308f\u308c\u308b\u65b9\u3082\u3044\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001JCR\u306eA\u2212\u3068S&amp;P\u306eBBB\u2212\u30fb\u30e0\u30fc\u30c7\u30fc\u30ba\u306eBa1\u306f\u5b9f\u8cea\u7684\u306b\u307b\u307c\u540c\u683c\u3067\u3059\u3002<\/span><\/p>\n<ul>\n<li>\u6d77\u5916\u306e\u683c\u4ed8\u3051\u4f1a\u793e\u3068\u56fd\u5185\u306e\u683c\u4ed8\u3051\u4f1a\u793e\u306e\u6bd4\u8f03\u306b\u3064\u3044\u3066\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\u3057\u3066\u304f\u3060\u3055\u3044\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=248\" target=\"_blank\" rel=\"noopener noreferrer\">\u30d5\u30a3\u30c7\u30ea\u30c6\u30a3\u30fbUS\u30cf\u30a4\u30fb\u30a4\u30fc\u30eb\u30c9\u30fb\u30d5\u30a1\u30f3\u30c9\/\u7c73\u56fd\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u50b5\u306e\u6295\u8cc7\u74b0\u5883<\/a><br \/>\n(\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u793e\u50b5\u306e\u5186\u5efa\u3066\u3001\u30c9\u30eb\u5efa\u3066\uff64\u30e6\u30fc\u30ed\u5efa\u3066\u306e\u6bd4\u8f03\u306e\u8868\u3092\u53c2\u7167\u3057\u3066\u304f\u3060\u3055\u3044)<\/li>\n<\/ul>\n<p>\u305d\u308c\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u6761\u4ef6\u306f\u5927\u304d\u304f\u9055\u3044\u307e\u3059\u3002<\/p>\n<p>\u3082\u3061\u308d\u3093\u5186\u3068\u7c73\u30c9\u30eb\u3067\u306f\u30d9\u30fc\u30b9\u91d1\u5229\u304c\u7570\u306a\u308a\u307e\u3059\u304c\uff64\u30ce\u30f3\u30b3\u30fc\u30eb\u671f\u9593\uff08\u5f53\u521d\u511f\u9084\u304c\u3067\u3044\u306a\u3044\u671f\u9593\uff09\u7d4c\u904e\u5f8c\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u3092\u6bd4\u8f03\u3057\u305f\u5834\u5408\u3001\u9055\u3044\u306f\u4e00\u76ee\u77ad\u7136\u3067\u3059\uff61<\/p>\n<p><span class=\"ymarker-s\">\u30b9\u30d7\u30ec\u30c3\u30c9\u304c1.6%\u30684.916%\u3067\u306f\u9055\u3044\u304c\u5927\u304d\u304e\u308b\u3088\u3046\u306b\u611f\u3058\u307e\u3059\u3002<\/span><\/p>\n<p>\u3053\u308c\u3082\u65e5\u672c\u4eba\u304c\u65e5\u672c\u306e\u30e1\u30ac\u30d0\u30f3\u30af\u3092\u3044\u304b\u306b\u4fe1\u983c\u3057\u3066\u3044\u308b\u304b\u304c\u73fe\u308c\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u9006\u306b\u3044\u3046\u3068BNP\u30d1\u30ea\u30d0\u306eCoCo\u50b5\u306f\u3082\u3061\u308d\u3093\u30ea\u30b9\u30af\u3082\u3042\u308a\u307e\u3059\u304c\u826f\u3044\u6761\u4ef6\u306b\u898b\u3048\u307e\u3059\uff61<\/p>\n<p>CoCo\u50b5\u306b\u3064\u3044\u3066\u306f2016\u5e74\u306b\u30c9\u30a4\u30c4\u9280\u884cCoCo\u50b5\u306e\u5229\u6255\u3044\u30b9\u30ad\u30c3\u30d7\u304c\u61f8\u5ff5\u3055\u308c\u554f\u984c\u306b\u306a\u308a\u307e\u3057\u305f\u304c\uff64\u4e16\u754c\u7684\u306b\u306f\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u5f8c\u306e\u53cd\u7701\u304b\u3089\u5927\u624b\u9280\u884c\u306f\u4ee5\u524d\u3088\u308a\u3082\u81ea\u5df1\u8cc7\u672c\u3092\u539a\u304f\u3059\u308b\u65b9\u5411\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u591a\u304f\u306e\u30e1\u30ac\u30d0\u30f3\u30af\u3067\uff64\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u524d\u306f8\uff05\u524d\u5f8c\u3067\u3042\u3063\u305f\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u304c10\uff05\u3092\u5927\u304d\u304f\u4e0a\u56de\u308b\u6c34\u6e96\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4e16\u754c\u306e\u5927\u624b\u9280\u884c\u306e\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\u3057\u3066\u304f\u3060\u3055\u3044\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=5602\" target=\"_blank\" rel=\"noopener noreferrer\">\u4e16\u754c\u306e\u5927\u624b\u9280\u884c\u306eTier1\u6bd4\u7387\u3068\u666e\u901a\u682a\u5f0f\u7b49Tier1\u6bd4\u7387\uff08CoCo\u50b5\u3067\u91cd\u8981\uff09<\/a><\/li>\n<li>\u6d77\u5916\u306eCoCo\u50b5\u306b\u95a2\u3059\u308b\u8a73\u3057\u3044\u5185\u5bb9\u7b49\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\u3057\u3066\u304f\u3060\u3055\u3044\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=229\" target=\"_blank\" rel=\"noopener noreferrer\">\u30cb\u30c3\u30bb\u30a4\u4e16\u754c\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u8a3c\u5238\u6226\u7565\u30d5\u30a1\u30f3\u30c9\uff08\u30a2\u30c9\u30d0\u30f3\u30b9\u30c9\u30fb\u30a4\u30f3\u30ab\u30e0\uff09\/ CoCo\u50b5\u306e\u5206\u304b\u308a\u3084\u3059\u3044\u8aac\u660e<\/a><\/li>\n<\/ul>\n<h2>\u30d0\u30fc\u30bc\u30eb\u898f\u5236\u306e\u63a8\u79fb<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2189\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/01\/basel3_suii20170120.png\" alt=\"\" width=\"613\" height=\"237\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/01\/basel3_suii20170120.png 613w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/01\/basel3_suii20170120-300x116.png 300w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/01\/basel3_suii20170120-30x12.png 30w\" sizes=\"auto, (max-width: 613px) 100vw, 613px\" \/><\/p>\n<p>\u6700\u521d\u306e\u30d0\u30fc\u30bc\u30eb\u898f\u5236\uff08\u30d0\u30fc\u30bc\u30eb\u2160\uff09\u306f1988\u5e74\u306b\u5408\u610f\u3057\u30011993\u5e74\u304b\u3089\u5b9f\u65bd\u3055\u308c\u307e\u3057\u305f\u3002<\/p>\n<p>\u73fe\u5728\u306e\u898f\u5236\u3067\u3042\u308b\u300c\u30d0\u30fc\u30bc\u30eb\u2162\u300d\u306f2010\u5e74\u306b\u5408\u610f\u3057\u30012013\u5e74\u304b\u3089\u6bb5\u968e\u7684\u306b\u5b9f\u65bd\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<h2>\u30d0\u30fc\u30bc\u30eb\u2161\u304a\u3088\u3073\u30d0\u30fc\u30bc\u30eb3\u306b\u304a\u3051\u308b\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u306e\u5fc5\u8981\u6700\u4f4e\u6c34\u6e96<\/h2>\n<p>\u4e0b\u8a18\u306f\u30d0\u30fc\u30bc\u30eb\u2162\u3067\u53b3\u683c\u5316\u3055\u308c\u305f\u5927\u624b\u91d1\u878d\u6a5f\u95a2\u5411\u3051\u306e\u81ea\u5df1\u8cc7\u672c\u898f\u5236\u306e\u5909\u5316\u3067\u3059\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2190\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/01\/basel3_shihon20170120.png\" alt=\"\" width=\"584\" height=\"507\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/01\/basel3_shihon20170120.png 584w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/01\/basel3_shihon20170120-300x260.png 300w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/01\/basel3_shihon20170120-30x26.png 30w\" sizes=\"auto, (max-width: 584px) 100vw, 584px\" \/><\/p>\n<p>\u540c\u3058\u81ea\u5df1\u8cc7\u672c\u3067\u3082\u3001\u3088\u308a\u8cc7\u672c\u6027\u304c\u9ad8\u3044\u300c\u666e\u901a\u682a\u5f0f\u7b49Tier1\u300d\u306e\u6bd4\u7387\u3092\u9ad8\u3081\u308b\u3068\u5171\u306b\u3001\u8d85\u5927\u624b\u306e\u9280\u884c\u306b\u306f\u8ffd\u52a0\u306e\u8cc7\u672c\uff08\u8cc7\u672c\u4fdd\u5168\u30d0\u30c3\u30d5\u30a1\u30fc\uff09\u304c\u6c42\u3081\u3089\u308c\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>\u3061\u306a\u307f\u306b\u3001\u4e0a\u8a18\u3067\u7d39\u4ecb\u3057\u305f2\u7a2e\u985e\u306e\u307f\u305a\u307b\u30d5\u30a3\u30ca\u30f3\u30b7\u30e3\u30eb\u30b0\u30eb\u30fc\u30d7\u52a3\u5f8c\u50b5\u306f\u3001\u305d\u308c\u305e\u308c\u4e0a\u56f3\u306e\u300cTier2\u300d\u304a\u3088\u3073\u300c\u305d\u306e\u4ed6Tier1\uff08AT1\uff09\u300d\u306b\u5145\u5f53\u3055\u308c\u307e\u3059\u3002<\/p>\n<p>\u300c\u5b9f\u8cea\u7834\u7dbb\u6642\u514d\u9664\u7279\u7d04+\u52a3\u5f8c\u7279\u7d04\u300d\u306f\u300cTier2\u300d\u306b\u3001\u300c\u50b5\u52d9\u514d\u9664\u7279\u7d04+\u52a3\u5f8c\u7279\u7d04+\u6c38\u4e45\u50b5\u300d\u306f\u300c\u305d\u306e\u4ed6Tier1\uff08AT1\uff09\u300d\u306b\u5145\u5f53\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u300c\uff0a1\u300d\uff1a\u30d0\u30fc\u30bc\u30eb3\u3067\u306fTier1\u8cc7\u672c\u304c\u666e\u901a\u682a\u5f0f\u7b49Tier1\u3001\u305d\u306e\u4ed6Tier1\u306b\u660e\u78ba\u306b\u533a\u5206\u3055\u308c\u3001\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u306e\u6700\u4f4e\u6c34\u6e96\u306f\u7dcf\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u3060\u3051\u3067\u306a\u304f\u3001\u666e\u901a\u682a\u5f0f\u7b49Tier1\u6bd4\u7387\u3001Tier1\u6bd4\u7387\u306e\u305d\u308c\u305e\u308c\u306b\u3064\u3044\u3066\u3082\u5b9a\u3081\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/li>\n<li>\u300c\uff0a2\u300d\uff1a\u30d0\u30fc\u30bc\u30eb3\u3067\u306f\u5fc5\u8981\u6700\u4f4e\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u3068\u306f\u5225\u306b\u30b9\u30c8\u30ec\u30b9\u671f\uff08\u666f\u6c17\u5f8c\u9000\u671f\u306b\u640d\u5931\u304c\u767a\u751f\u3057\u305f\u5834\u5408\uff09\u306b\u53d6\u5d29\u3057\u53ef\u80fd\u306a\u8cc7\u672c\u4fdd\u5168\u30d0\u30c3\u30d5\u30a1\u30fc\u3092\u8981\u6c42\u3055\u308c\u307e\u3059\uff08\u91d1\u878d\u30b7\u30b9\u30c6\u30e0\u306b\u6df7\u4e71\u304c\u304a\u3088\u3076\u304a\u305d\u308c\u306e\u3042\u308b\u30b0\u30ed\u30fc\u30d0\u30eb\u306a\u30b7\u30b9\u30c6\u30e0\u4e0a\u91cd\u8981\u306a\u9280\u884c\u306f\u3055\u3089\u306b\u3001\u8ffd\u52a0\u3067\u8cc7\u672c\u30d0\u30c3\u30d5\u30a1\u30fc\u3092\u6c42\u3081\u3089\u308c\u307e\u3059\uff09\u3002\u30d0\u30c3\u30d5\u30a1\u30fc\u6c34\u6e96\u3092\u4e0b\u56de\u3063\u305f\u5272\u5408\u306b\u5fdc\u3058\u3001\u914d\u5f53\u3001\u8cde\u4e0e\u3001\u81ea\u793e\u682a\u8cb7\u3044\u7b49\u306b\u3088\u308b\u8cc7\u672c\u306e\u793e\u5916\u6d41\u51fa\u306b\u5236\u9650\u304c\u8ab2\u3055\u308c\u3001\u81ea\u5df1\u8cc7\u672c\u306e\u6700\u4f4e\u6c34\u6e96\u3092\u4e0b\u56de\u3089\u306a\u3044\u3088\u3046\u306b\u30d0\u30c3\u30d5\u30a1\u30fc\u306e\u5f79\u5272\u3092\u679c\u305f\u3057\u307e\u3059\u3002<\/li>\n<\/ul>\n<h2>\u52a3\u5f8c\u50b5\u306e\u95a2\u9023\u30da\u30fc\u30b8<\/h2>\n<p>\u90a6\u92803\u30e1\u30ac\u30d0\u30f3\u30af\u304c\u767a\u884c\u3059\u308bAT1\u50b5\u3068B3T2\u50b5\u306b\u3064\u3044\u3066\u306e\u8003\u5bdf\u3067\u3059\uff01<\/p>\n<ul>\n<li><a href=\"https:\/\/finance-gfp.com\/?p=20968\" target=\"_blank\" rel=\"noopener\">\u90a6\u92803\u30e1\u30ac\u306eAT1\u50b5\u3068B3T2\u50b5\u306f\u300c\u4f4e\u30ea\u30b9\u30af\u300d\u304b\u3064\u300c\u540c\u3058\u30ea\u30b9\u30af\u300d<\/a><\/li>\n<\/ul>\n<p>\u91d1\u878d\u6a5f\u95a2\u304c\u767a\u884c\u3059\u308b\u50b5\u5238\u306e\u6bd4\u8f03\u306f\u3053\u3061\u3089\uff01<\/p>\n<ul>\n<li><a href=\"https:\/\/finance-gfp.com\/?p=21061\" target=\"_blank\" rel=\"noopener\">\u90a6\u9280\u767a\u884c\u306e\u30b7\u30cb\u30a2\u50b5\u30fbTLAC\u50b5\u30fbB3T2\u50b5\u30fbAT1\u50b5\u306f\u3069\u306e\u3088\u3046\u306a\u30b1\u30fc\u30b9\u3067\u640d\u5931\u304c\u767a\u751f\u3059\u308b\u306e\u304b<\/a><\/li>\n<\/ul>\n<p>AT1\u50b5\uff08CoCo\u50b5\uff09\u306e\u6709\u540d\u306a\u9298\u67c4\u3067\u3059\uff01<\/p>\n<ul>\n<li><a href=\"https:\/\/finance-gfp.com\/?p=21008\" target=\"_blank\" rel=\"noopener\">\u30c9\u30a4\u30c4\u9280\u884c\u306e\u4e8b\u4f8b\u3067AT1\u50b5\uff08CoCo\u50b5\uff09\u306e\u7406\u89e3\u3092\u6df1\u3081\u308b<\/a><\/li>\n<\/ul>\n<p>\u4e00\u822c\u4f01\u696d\u304c\u767a\u884c\u3059\u308b\u52a3\u5f8c\u50b5\u306b\u3064\u3044\u3066\u306f\u3053\u3061\u3089\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\uff01<\/p>\n<ul>\n<li><a href=\"https:\/\/finance-gfp.com\/?p=4633\" target=\"_blank\" rel=\"noopener\">\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\uff65\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u8a3c\u5238\u306e\u4ed5\u7d44\u307f\u30fb\u7279\u5fb4\u3092\u5206\u304b\u308a\u3084\u3059\u304f\u8aac\u660e<\/a><\/li>\n<li><a href=\"https:\/\/finance-gfp.com\/?p=1993\" target=\"_blank\" rel=\"noopener noreferrer\">\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\uff65\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u793e\u50b5(\u516c\u52df\u52a3\u5f8c\u7279\u7d04\u4ed8\u793e\u50b5)\u306b\u3064\u3044\u3066\u306e\u5206\u6790<\/a><\/li>\n<\/ul>\n<p>\u30d0\u30fc\u30bc\u30eb\u2162\u306e\u88dc\u5b8c\u7684\u306a\u4ed5\u7d44\u307f\u3067\u3042\u308bTLAC\u306b\u3064\u3044\u3066\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\u3057\u3066\u304f\u3060\u3055\u3044\uff01<\/p>\n<ul>\n<li><a href=\"https:\/\/finance-gfp.com\/?p=2312\" target=\"_blank\" rel=\"noopener noreferrer\">TLAC\u50b5\u306b\u3064\u3044\u3066\u306e\u5206\u304b\u308a\u3084\u3059\u304f\u3066\u8a73\u3057\u3044\u8aac\u660e<\/a><\/li>\n<\/ul>\n<p>\u50b5\u5238\u306e\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u3064\u3044\u3066\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\u3057\u3066\u304f\u3060\u3055\u3044\uff01<\/p>\n<ul>\n<li><a 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