我国首只TLAC非资本债券即将发行

Core Viewpoint - The issuance of TLAC non-capital bonds by Chinese global systemically important banks (G-SIBs) is a strategic move to enhance their total loss-absorbing capacity ahead of the 2025 regulatory deadline, thereby improving their risk resilience and international competitiveness [1][2][5]. Group 1: TLAC Non-Capital Bonds - The People's Bank of China and the former China Banking and Insurance Regulatory Commission introduced TLAC non-capital bonds in April 2022 to help G-SIBs meet total loss-absorbing capacity requirements [2]. - TLAC non-capital bonds are designed to absorb losses and do not count as bank capital, making them a crucial tool for financial stability [2][3]. - The first issuance of TLAC non-capital bonds in China will be by Industrial and Commercial Bank of China (ICBC), with a planned issuance scale of RMB 300 billion [2][4]. Group 2: Industry Response and Future Plans - Major state-owned banks, including ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications, are preparing to issue TLAC non-capital bonds to meet the upcoming regulatory requirements [4]. - Agricultural Bank of China plans to issue up to RMB 500 billion in TLAC non-capital bonds, while ICBC's issuance is capped at RMB 600 billion [4]. - Analysts believe that the successful issuance of TLAC non-capital bonds will pave the way for a new funding avenue for systemically important banks, allowing them to enhance their capacity to serve the real economy [3][6]. Group 3: Market Conditions and Investor Appeal - The current high capital adequacy ratios of large commercial banks have narrowed the TLAC gap, indicating a favorable environment for the issuance of TLAC non-capital bonds [6]. - TLAC non-capital bonds are attractive to investors due to their higher credit ratings and safety, along with a potential premium on interest rates due to their subordinated nature [5].