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Industrial and Commercial Bank of China Limited (ICBC), Dubai (DIFC), rated A1 (Stable) by Moody’s and A (Stable) by S&P, is marketing USD three-year floating-rate and renminbi three-year fixed-rate green bonds.
The dollar issuance has an initial price guidance of a Secured Overnight Financing Rate plus 90 bps, with the CNH Benchmark in the 2.15% area.
Labelled as the China-Arab states renewable energy cooperation themed green bonds, the issuances have an expected rating of A1 by Moody’s.
Both come under ICBC’s $20 billion GMTN Programme.
ICBC (Asia), ABC International, China Securities International, Credit Agricole CIB, HSBC, Mizuho and Standard Chartered Bank are joint global coordinators, as well as lead managers and bookrunners, along with Bank of China, Bank of Communications, BNP PARIBAS, China CITIC Bank, China Construction Bank (Asia), China Galaxy International, China International Capital Corporation, CMB Europe, China Minsheng Banking Corp., Ltd., CITIC Securities, CMB Wing Lung Bank Limited, Emirates NBD Capital, Guotai Junan International, Haitong International, Hua Xia Bank Co., Limited Hong Kong Branch, Huatai International, Industrial Bank Co., Ltd. Hong Kong Branch and Shanghai Pudong Development Bank Hong Kong Branch as joint lead managers and bookrunners.
HSBC is the billing and delivery bank, with Credit Agricole CIB as the green structuring advisor.
The green bonds will list on HKSE, the International Securities Market of the London Stock Exchange, and Nasdaq Dubai.
Proceeds will be used to finance and/or refinance eligible green assets under the renewable energy category of ICBC’s Green Bond Framework.
FCA/ICMA stabilisation applies.
(Writing by Bindu Rai, editing by Seban Scaria)
