China's ICBC to kick off TLAC bond sales with issuance of $4.15b

China's ICBC to kick off TLAC bond sales with issuance of $4.15b

FILE PHOTO: A booth of the Industrial and Commercial Bank of China (ICBC) is seen at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 4, 2020. REUTERS/Tingshu Wang/File Photo

Industrial and Commercial Bank of China said it would issue 30 billion yuan ($4.15 billion) worth of total loss-absorbing capacity (TLAC) bonds on May 15, marking the first issuance of such bonds by a Chinese bank.