Chinese banks expected to launch TLAC market onshore

Estimated issuance needs of $510 billion are heavy, but thought to be manageable

Chinese market

Analysts expect Chinese banks will initially concentrate their issuance of bail-in debt in the onshore market, as a regulatory deadline of 2025 approaches. None of China’s four global systemically important banks (G-Sibs) have so far tapped the market for senior debt that complies with the internationally agreed framework for total loss-absorbing capacity (TLAC).

TLAC includes equity capital and subordinated bonds such as Additional Tier 1 (AT1), but must also have a layer of senior non-preferred

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