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

The three-currency, four-series transaction issued under ICBC’s USD20 billion global medium term note programme comprises:

• USD500 million 5.375% bonds due 2026 by ICBC Hong Kong Branch;
• USD1bn floating rate bonds due 2026 by ICBC Singapore Branch;
• CNY1.6bn (approximately USD219m) 3.200% bonds due 2025 by ICBC Dubai (DIFC) Branch; and
• EUR300m (approximately USD316m) 4.125% bonds due 2026 by ICBC Luxembourg Branch.

The net 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 bonds will be listed on the Hong Kong Stock Exchange, the Singapore Stock Exchange, Nasdaq Dubai and the Luxembourg Stock Exchange.

The Allen & Overy team was led by partners Agnes Tsang and Aloysius Tan, with support from Jiayin Yu, Jia Yan Low, Gordon Ng, Nick Yap, Eileen Qu, Callum Udy, Michael Leung and Rachel Cheung. Partner Anzal Mohammed and associate Sabah Khan from Allen & Overy Dubai also provided support.

The information contained herein is restricted and is not for publication, distribution or release in or into the United States of America, Australia, Canada, Japan or South Africa.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.