The London branch of Industrial and Commercial Bank of China Ltd (HKG:1398), or ICBC, on Friday listed a USD-1.58-billion (EUR 1.36bn) equivalent green bond on the International Securities Market (ISM) and green bond segment of the London Stock Exchange Group Plc (LON:LSE).
This is the largest green bond listing ever on the London Stock Exchange, the latter said. The ICBC London Branch is also the first Chinese issuer on the ISM.
There are a total of 78 green bonds listed on the London Stock Exchange which have raised more than USD 24.5 billion.
ICBC London Branch's green bond includes three floating rate tranches, a USD-500-million three-year dollar tranche, USD-500-million five-year dollar tranche and a EUR-500-million three-year euro tranche. It has Climate Bonds Initiative Certification.
The funds will be used to finance green assets under ICBC's Green Bond Framework, including renewable energy, energy efficiency, low-carbon transportation, sustainable water and wastewater management.
"The record size and London listing from ICBC is a pointer for large institutional investors to the scale of green finance opportunities increasingly evident in China & now appearing throughout Asia as emerging economies address their climate, green infrastructure and sustainable development challenges," said Sean Kidney, chief executive of the Climate Bonds Initiative.