ICBC completes first $100 bn TLAC bond tranche

Industrial and Commercial Bank of China (ICBC) has completed its 2025 total loss-absorbing capacity (TLAC) non-capital bonds (first tranche) (Bond Connect) in the national interbank bond market, following regulatory approval.

The bond issue successfully raised 100 billion yuan. These are fixed-rate bonds with a four-year term, featuring a conditional issuer redemption option at the end of the third year. The coupon rate for these bonds is set at 2.02%.

The net proceeds from this bond issuance, after deducting offering expenses, will be utilized to enhance ICBC's total loss-absorbing capacity, in accordance with applicable laws and competent authority approvals.