ICBC planning $5.5b loss absorbing bonds sale: report

The world’s largest bank by assets is likely to issue CNY20b.

The Industrial and Commercial Bank of China (ICBC) is reportedly planning to issue as much as $5.5b of total loss-absorbing capacity (TLAC) bonds as soon as April, reports Bloomberg, citing people familiar with the matter.

This will mark the first such debt sale from China’s largest lender.

ICBC, which is also the world’s biggest bank by assets, is reportedly working with underwriters including Citic Securities and Haitong Securities on the upcoming sale, the sources reportedly said.

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The Beijing-based bank is likely to issue CNY20b (approximately $2.76b) in TLAC bonds that it can redeem at the end of three years; and CNY10b (approximately $1.38b) in bonds that it can choose to redeem after five years, they added.

The total amount of issuance could also be increased by another CNY10b yuan if demand is strong, the sources said.

ICBC didn’t immediately respond to a request for comment.

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