ICBC Singapore issues US$2.2b green bond for Belt and Road projects

The offering is available in three currencies: USD, CNY and EUR.

ICBC Singapore has issued its first green bond totalling US$2.2b where the proceeds will be used to finance green projects under the Belt and Road initiative.

Available in three currencies, the issuance has USD dual tranches amounting US$1.5b, a CNY1b and €500m tranches. The U.S. dollar-denominated tranche includes $900m three-year floating rate notes priced at three-month Libor plus 72 basis points and $600m five-year floating rate notes priced at three-month Libor plus 83 basis points. The CNY1b three-year tranche was priced at 3.3% whilst the euro tranche received over €1.8b in orders.

DBS is a joint global coordinator, joint book runner and joint lead manager of the issue. ICBC, Credit Agricole, HSBC and Standard Chartered Bank were the other joint global coordinators. The issuance had a total of 22 underwriters.

The proceeds will be used to finance or refinance eligible green projects under the Belt and Road Interbank Regular Cooperation Mechanism which include renewable energy, low carbon and low emission transportation, energy efficiency, and sustainable water and wastewater management.

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