A&O Shearman Advised On ICBC's Carbon Neutrality Themed International Green Bond Issuance
A&O Shearman has advised a consortium of banks a consortium of banks involved in Industrial and Commercial Bank of China
By: : Daniel
Update: 2024-05-24 03:45 GMT
A&O Shearman Advised On ICBC's Carbon Neutrality Themed International Green Bond Issuance
A&O Shearman has advised a consortium of banks a consortium of banks involved in Industrial and Commercial Bank of China Limited's (ICBC) multi-branch carbon neutrality themed international green bond issuance. The transaction, valued at significant sums across three currencies, falls under ICBC's USD20 billion global medium-term note programme.
Under this programme, ICBC issued three series of bonds, each representing different branches:
- USD1 billion floating-rate bonds due 2027 by ICBC Hong Kong Branch
- CNY3 billion (approximately USD410 million) 2.88% bonds due 2027 by ICBC Singapore Branch
- EUR300 million (approximately USD326 million) 3.697% bonds due 2027 by ICBC London Branch
The net proceeds from these bonds are earmarked for financing and/or refinancing eligible green assets aimed at environmental protection, sustainable economic development, and addressing climate change. Furthermore, the bonds will be listed on the Hong Kong Stock Exchange, the Singapore Stock Exchange, and the London Stock Exchange.
Leading the team from A&O Shearman were Partners Agnes Tsang and Aloysius Tan, supported by Associates Gordon Ng, Celine Sim, Nick Yap, Sheryl Tan, and Rachel Cheung.