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

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News: 25 October 2023

Allen & Overy advises on ICBC’s multi-branch “One-Belt-One-Road” themed green bond issuance


Allen & Overy has advised the joint lead managers and joint bookrunners in connection with Industrial and Commercial Bank of China’s (ICBC) multi-branch issuance of green bonds.

The bonds are listed across the Hong Kong Stock Exchange, the Singapore Stock Exchange, Luxembourg Stock Exchange (EuroMTF Market and the Securities Official List), London Stock Exchange (International Securities Market), as well as the Chongwa (Macao) Financial Asset Exchange.

The four-currency, five-tranche transaction issued under ICBC’s USD20 billion medium term note programme comprised:

  • USD1 bn 1.625% bonds due 2026 by ICBC Hong Kong Branch;
  • USD1.05 bn 1% bonds due 2024 by ICBC Singapore Branch;
  • EUR500 mn 0.125% bonds due 2024 by ICBC Luxembourg Branch;
  • GBP250 mn 1.625% bond due 2025 by ICBC London Branch; and
  • MOP2 bn 0.60% bond due 2023 by ICBC Macau Branch. 

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

The Allen & Overy team comprised partners Agnes Tsang and Aloysius Tan, supported by Jiayin Yu, Erica Lo and Gordon Ng from Hong Kong, and Angela Liu and Celine Sim from Singapore.  

Allen & Overy is proud to be advising our clients in shaping sustainable finance in Asia Pacific, having advised a number of clients on ESG-related bonds recently.