China’s ICBC to kick off TLAC bond sales with issuance of $4.15 billion

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China’s ICBC to kick off TLAC bond sales with issuance of $4.15 billion

BEIJING (Reuters) – 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. China’s major state-owned lenders face growing pressure to raise capital, especially as demands mount to support the economy, property developers and local government financing vehicles. The world’s largest ba…