Zheng Quan Ri Bao·2025-07-18 16:07Group 1 - The core viewpoint of the articles highlights the issuance of TLAC non-capital bonds by major state-owned banks in China, with a total issuance scale of 120 billion yuan so far this year, and an expected total of 150 billion yuan by the end of the year [1] - The issuance details include that the Bank of Communications issued 40 billion yuan in June, followed by Agricultural Bank and Bank of China with 30 billion yuan and 50 billion yuan respectively, with actual issuance exceeding planned amounts [1] - By the end of Q1 2025, the total loss-absorbing capacity risk-weighted ratios and leverage ratios for the five major state-owned banks are disclosed, with Industrial and Commercial Bank of China at 21.83% and 10.80%, Agricultural Bank at 20.50% and 10.22%, Bank of China at 20.73% and 11.00%, China Construction Bank at 21.87% and 11.20%, and Bank of Communications at 18.71% and 10.75% [1] Group 2 - The Chief Economist of CITIC Securities noted that Bank of Communications was included in the list of global systemically important banks later than the other four banks, and its total loss-absorbing capacity risk-weighted ratio is lower, but there is still ample time for improvement [2] - Fitch's senior analyst indicated that if the growth rate of risk-weighted assets remains stable in the coming years, all five banks are expected to meet the next phase of total loss-absorbing capacity requirements on schedule [2] - There is an expectation for an accelerated issuance pace of TLAC non-capital bonds in the future [3]