Allen & Overy has advised the joint global coordinators and joint lead managers on the issue of USD731m equivalent dual-currency multiple-tranche senior unsecured green bonds by ICBC (Asia) under its USD6bn MTN programme.
This was the first green bonds issued by a financial institution to have received the Pre-issuance Stage Certificate from the Hong Kong Quality Assurance Agency (HKQAA).
The issuance comprises of a USD200m 3-year floating rate green bond, a USD200m 5-year floating rate green bond and a HKD2.6bn 2-year fixed rate green bond. The green bonds are issued under ICBC’s green bond framework, which received a “dark green” shading from the Center for International Climate Research (CICERO) and an external review opinion from Zhongcai Green Financing Consultants Ltd. The green bond framework is aligned to both the international and Chinese domestic standards including the Clean Development Mechanism under the United Nations Framework Convention on Climate Change, the ICMA Green Bond Principles and the PBOC Green Bond Categories. The green bonds are listed on The Stock Exchange of Hong Kong.
The deal was led by capital markets partner Agnes Tsang with support from of counsel Jaclyn Yeap, registered foreign lawyer Michelle Hu and trainee Hysan Chan in Hong Kong.
ICBC, Crédit Agricole CIB, Agricultural Bank of China Hong Kong Branch, Bank of Communications, Citigroup, HSBC, Standard Chartered Bank and UBS are the joint global coordinators and joint lead managers of the USD green bonds. ICBC, Crédit Agricole CIB, HSBC and Standard Chartered Bank (Hong Kong) Limited are the joint global coordinators and joint lead managers for the HKD green bonds.
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