Industrial and Commercial Bank of China Ltd. has issued the first ever total loss-absorbing capacity (TLAC) bonds in China. This will likely widen the financing channels of China's global systemically important banks (G-SIBs) in meeting the TLAC requirement. The final pricing is low at 2.25-2.35%. China's TLAC-eligible noncapital bonds are less risky than Tier 2 bonds. We expect Chinese G-SIBs to receive pre-emptive support from the government. We consider such support in our ratings of the Tier 2 bonds issued by Chinese G-SIBs. S&P Global Ratings rates TLAC-eligible senior bonds differently across markets, reflecting our views on government support and the structuring of subordination. China's G-SIBs will likely prefer the onshore market when issuing TLAC bonds, given the current low domestic funding cost; domestic institutional investors are likely to be the main buyers.