作者:金杜律师事务所

​2017年10月30日,中国工商银行(简称“工商银行”)于卢森堡证券交易所发行“一带一路”绿色气候债券,募集资金共计21.5亿美元。此次气候债券的发行在结构、规模、定价和投资者组合等多个重要方面取得了重大成果,成为在国际资本市场上由中国发行人发行的里程碑式交易。 这标志着中国发行人以欧元计价的绿色债券中收紧了定价水平的最大单一配额。

On October 30th, ICBC held a “ring the bell” ceremony in Luxembourg Stock Exchange to celebrate the official listing of its inaugural “Belt and Road” climate bonds successfully issued earlier with a total equivalent of USD 2.15 billion. This issuance of climate bonds has achieved remarkable results in multiple aspects such as structuring, size, pricing, and investor composition, making a milestone transaction as a Chinese issuer in the international capital market. It marks the biggest single tranche in EUR-denominated green bonds by Chinese issuers, with tightened pricing levels.

工商银行是世界领先的大型上市银行,还是中国最大的绿色债券承销银行。此次发行的“一带一路”绿色气候债券分三笔发行,覆盖美元和欧元两个币种,年期为3年及5年,用于支持工商银行全球范围内已经投放或未来即将投放的可再生能源、低碳及低排放交通、能源效率、可持续水资源管理等四类合格绿色信贷项目。在投资者的组成方面,欧洲投资者收购了70%以上以两期三年期的欧元及美元股票。 此次发行不仅吸引了环境、社会与治理(ESG)投资者,而且还吸引了多元化的投资者,包括主权基金,保险公司和企业投资者。

ICBC is one of the top large listed banks in the world. ICBC is also the largest underwriting bank in green bonds in China. It was introduced that the bonds were issued in three tranches in USD and EUR with tenors of 3 years and 5 years. The use of proceeds will be dedicated to financing and refinancing the four eligible categories initiated by ICBC globally in renewable energy, low carbon and low emission transportation, energy efficiency, and sustainable water and wastewater management. In terms of investor composition, European investors took over 70% in two 3-year tranches in EUR and USD. Not only ESG investors were attracted, but also diversification in sovereign funds, insurance companies and corporate investors.

此次发行创造了五项记录:首先, 9月25日获得的“工商银行绿色债券框架”采用了一流的办法,是首个同时满足国际和国内绿色债券最新标准的框架。第二,这也是中国发行人获得CICERO(挪威奥斯陆国际气候和环境研究中心)第二意见的首个框架,使工商银行成为迄今为止中国收到CICERO “深绿色”属性的唯一中国发行人。第三,此次发行的绿色债券也是首例针对中国金融机构气候债券标准的认证气候债券。第四,在国家推进“一带一路”的政策背景下,该项目具有一定的代表和推动意义,成为首笔以“一带一路”沿线绿色项目为主题的绿色债券。最后,这是单笔发行欧元金额最大的中资绿色债券。

The ICBC’s climate bond issuance sets five market records. Firstly, ICBC Green Bond Framework incepted on September 25th has adopted the best-in-class approach as the first framework aligned with the latest international and domestic green bond standards. Secondly, it is also the first framework for a Chinese issuer to get the second opinion from CICERO (the Center for Climate and Environmental Research, Oslo), making ICBC the only Chinese issuer to date to receive “dark green” shading by CICERO. Thirdly, the green bonds issued are also the first certified climate bonds against the Climate Bonds Standards for Chinese financial institutions. Fourthly, the green bonds issued are also the first green issuance dedicated to green projects following the “Belt and Road Initiative”. Last but not least, the EUR tranche offering is also the largest EUR bond issued by a Chinese bank ever.

金杜在该项目中担任承销商的中国法律顾问,为该项目提供的全面高质量的法律服务,得到了发行人、承销商及其他各方的认可。该项目负责合伙人是赵晓红,律师团队包括王宁远、陈盼和朱翀。

KWM acted as the PRC counsel for the arrangers and dealers in the project. KWM’s high-quality and comprehensive legal services and efficiency were well recognized by the issuer, the underwriters and other advisors in the project. The project was led by partner Zhao Xiaohong, and her team including Wang Ningyuan, Chen Pan and Zhu Chong.