China’s ICBC plans $5.5 billion sale of loss-absorbing bonds, Bloomberg News reports

By Thomson Reuters Apr 9, 2024 | 1:57 AM

(Reuters) – Industrial and Commercial Bank of China is planning to issue as much as 40 billion yuan ($5.5 billion) of total loss-absorbing capacity (TLAC) bonds as soon as this month, Bloomberg News reported on Tuesday.

China’s biggest bank by assets is working with underwriters including Citic Securities and Haitong Securities on the upcoming sale, according to the report, which cited people familiar with the matter.

($1 = 7.2337 Chinese yuan renminbi)

(Reporting by Disha Mishra in Bengaluru; Editing by Shounak Dasgupta)