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Allen & Overy advises on ICBC’s multi-branch carbon neutrality-themed green bond issuance

Allen & Overy has advised a consortium of over 50 banks acting in various capacities including as joint global coordinators, joint lead managers and joint bookrunners on Industrial and Commercial Bank of China Limited’s (ICBC) multi-branch carbon neutrality-themed green bond issuance.

The bonds are listed across the Hong Kong Stock Exchange, the Singapore Stock Exchange, London Stock Exchange (International Securities Market), as well as Nasdaq Dubai. The four-currency, five-tranche transaction issued under ICBC’s USD20 billion global medium term note programme comprised:

  • USD1.2bn 2.95% bonds due 2025 by ICBC Hong Kong Branch;
  • HKD2bn 2.95% bonds due 2024 by ICBC Hong Kong Branch;
  • EUR300m 1.625% bonds due 2025 by ICBC London Branch;
  • CNY2bn 3.200% bonds due 2024 by ICBC Dubai (DIFC) Branch; and
  • USD600m floating rate bonds due 2025 by ICBC Singapore Branch.

The proceeds will be used to finance and/or refinance Eligible Green Assets which promote environmental protection, sustainable economic development, and combating climate change in the Eligible Green Asset Categories as defined in the ICBC Green Bond Framework.

The Allen & Overy team in Hong Kong was led by partner Agnes Tsang, with support from Jiayin Yu, Erica Lo, Gordon Ng and Eileen Qu. The Allen & Overy team in Singapore was led by partner Aloysius Tan, with support from Angela Liu, Celine Sim and Andre Tan. The Allen & Overy team in Dubai was led by partner Anzal Mohammed, with support from Helen Stephen.

Allen & Overy is proud to support our clients in shaping sustainable finance in Asia Pacific. We have advised clients on a number of ESG-related bonds recently, including ICBC’s multi-branch green bond issuance in October 2021.

For further information, please contact Georgia Bennett at

The information contained herein is restricted and is not for publication, distribution or release in or into the United States of America, Australia, Canada, Japan or South Africa. This announcement is not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The bonds referred to herein (the "Securities") have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not, subject to certain exceptions, be offered or sold in the United States or to or for the account or benefit of a person located in the United States.