London Stock Exchange welcomes Industrial and Commercial Bank of China’s multi-currency green bond to the Sustainable Bond Market
Industrial and Commercial Bank of China has listed its multi-currency carbon neutrality-themed green bond on the London Stock Exchange. The US$3.23bn equivalent security was issued by ICBC’s Singapore, Hong Kong, Luxembourg, London and Macau branches. At this time this is the largest ever corporate bond to be listed on London Stock Exchange Group’s Sustainable Bond Market.
The Hong Kong branch priced a US$1bn 5-year note at 1.625%, while the Singapore branch price a US$ 1.05bn 3-year bond at 1.00%.
With regards to the tranches in other currencies the Luxembourg branch priced a €500mn 0.125% 3-year note, the Macau branch listed a two-year MOP$2bn bond at 0.60% and the London branch priced a £250mn 1.625% 4-year note. The latter is the first fixed-rate transaction in sterling by a Chinese issuer this year.
All the notes will be drawn under Industrial and Commercial Bank of China’s US$20bn GMTN programme.
Proceeds will be used to finance and/or refinance eligible green assets under ICBC's green bond framework that has received a second party opinion from Sustainalytics and an assessment report from Beijing Zhongcai Green Financing Consultant.
The issuance cements ICBC’s leading position in pioneering milestone transactions for Chinese Banks following from their inaugural green bond issuance in June 2018, which marked the largest green bond ever listed on London Stock Exchange at that time, and their debut GBP issuance, the first benchmark sterling debt issuance by a Chinese bank, listed on our International Securities Market in 2019.