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ICBC Underwrites over RMB1.2 Trillion of Bonds Last Year to Support the Real Economy

In recent years, ICBC has been centering on the main task of advancing supply-side structural reform to develop direct financing businesses such as bond underwriting and issuance, which further broadens the financing channels of real economy enterprises and effectively reduces the financing cost. Statistics show that in 2018, as the lead underwriter, ICBC undertook nearly 1,300 domestic bonds of RMB1.23 trillion, exceeding RMB1 trillion for four consecutive years and ranking first in the market.

According to an official of ICBC, the Bank has given full play to its strengths in research, decision-making, product innovation and multiple marketing channel development in bond financing, to actively provide financing support for national key projects, projects for people’s well-being, small and micro enterprises, targeted poverty relief, and environmental protection that are key to the real economy. In December 2018, as the only lead underwriter, ICBC issued RMB30 billion of Xiongan local bonds and the first batch of green asset-backed notes with new energy subsidy in the interbank market - Longyuan Power Asset-Backed Notes. At the same time, the Bank seized the opportunity of the opening up of China’s interbank bond market. In 2018, it underwrote 24 panda bonds for 10 overseas customers, with a total issuance volume of RMB40.7 billion, atop the market.

To support private enterprises, ICBC adheres to the principle of “focusing on the quality of customers instead of their types, sizes and industries they operate in”, and facilitates product innovation of private enterprises in the bond market. Among major state-owned banks, ICBC is the first to create and invest in the Credit Risk Mitigation Warrant (CRMW) that is linked to private enterprise bonds, and leads diversified market funds to invest in private enterprise bonds. As one of the biggest contributing banks for CRMW, ICBC has played a leading role in supporting private enterprises.