ICBC Singapore prices US$1.05b green bond notes due 2024 at 1%

DBS has priced US$1.05 billion worth of green bond notes due 2024 on behalf of the Singapore branch of Industrial and Commercial Bank of China (ICBC Singapore).

According to a DBS term sheet seen by The Business Times on Friday (Oct 22), the notes will bear a coupon value of 1 per cent per annum, and are payable semi-annually in arrears.

The 3-year bond will mature on Oct 28, 2024.

Issued in denominations of US$200,000 and US$1,000, the notes are expected to list on the Hong Kong Stock Exchange, Singapore Exchange, Luxembourg Stock Exchange (EuroMTF Market), London Stock Exchange (International securities market), as well as the Chongwa (Macao) Financial Asset Exchange after the settlement date on Oct 28, 2021.

They will also be displayed on the sustainable bond market of the London Stock Exchange and the Luxembourg Green Exchange of the Luxembourg Stock Exchange.

Moody's Investors Service has given the notes A1 (stable) rating, while Standard and Poor's gave a rating of A (stable) to the issuer ICBC Singapore. Global ratings agency Moody's has also given an expected issue rating of A1 for the notes.

ICBC Singapore is expected to use the proceeds from the notes to finance or refinance eligible green assets as defined in its green bond framework.

The joint global coordinators, joint bookrunners and joint lead managers for the bond are ICBC, Credit Agricole, DBS, HSBC, SMBC Nikko, and Standard Chartered Bank.