Industrial and Commercial Bank of China (ICBC) intends to undertake a substantial issuance of total loss-absorbing capacity (TLAC) bonds, aiming for approximately 40 billion yuan ($5.5 billion) in value, as per a report from Bloomberg News on Tuesday.
Reportedly, China’s largest bank in terms of assets is in the process of collaborating with underwriters such as Citic Securities and Haitong Securities for the forthcoming bond sale, sources familiar with the matter revealed.
The move underscores ICBC’s strategic approach to bolster its financial resilience and regulatory compliance, positioning itself in accordance with prevailing market dynamics. At present, $1 is equivalent to 7.2337 Chinese yuan renminbi.