Recently, Industrial and Commercial Bank of China (“ICBC”) issued five “Carbon Neutrality” themed overseas green bonds under the Global Medium-Term Note (GMTN) Programme. These bonds denominated in USD, HKD, EUR, and CNY are listed across the stock exchanges in Hong Kong, Singapore, London and Dubai. This bond issuance comes as an important move for ICBC to practice green and sustainable development concept and achieve the strategic goals of carbon peak and carbon neutrality. It also puts ICBC further ahead of peers in green bond offerings.
It is learned that the proceeds will be dedicated to high-efficiency green and low-carbon projects such as green transportation and renewable energy. This issuance has won high recognition from the market, with the bonds subscribed by various investors. Overall, the bonds have been subscribed over three times in book, with a final size equivalent to USD2.68 billion. It has become a market-leading issuance in issue size and cost control.
In recent years, ICBC has been actively practicing the new development concept and advocating green finance to promote high-quality economic and social development. The Bank has been advancing the establishment of a green financial system on all fronts to improve its economic, social and ecological benefits. As at the end of the first quarter of 2022, ICBC reported an increase of RMB300 billion in the balance of green loans, compared with the beginning of the year. The Bank has provided great support for key green industries such as clean energy, green infrastructure upgrading, energy conservation and environmental protection, continuing to be a market leader in the total amount and increment of green loans.