ICBC Singapore issues CNY3.5 billion and SGD350 million green bonds with M-CGT assessment

This dual-currency issuance commemorates the 35th anniversary of diplomatic relations between China and Singapore and marks a significant step in the evolution of sustainable finance in Asia. Notably, the offering is the first bank-issued bond globally to receive a Multi-Jurisdiction Common Ground Taxonomy (M-CGT) assessment, as well as the first bond of its kind issued in the Singapore market, underscoring ICBC’s commitment to advancing cross-border green finance standards. The M-CGT was developed by the People’s Bank of China, the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union, and the Monetary Authority of Singapore.

Proceeds from the issuance will be used to finance or refinance eligible green assets aligned with ICBC’s updated Green Bond Framework, supporting environmental protection and sustainable development.

Aloysius Tan A&O Shearman partner commented: “We are proud to support ICBC Singapore on this meaningful transaction, which not only strengthens the bank’s leadership in sustainable finance but also reflects growing global collaboration on green taxonomy alignment. Our team’s cross-border capabilities and deep understanding of ESG frameworks were instrumental in delivering a seamless execution.”

The A&O Shearman team was led by partners Aloysius Tan and Agnes Tsang, with support from Celine Sim (senior associate), Gordon Ng (senior associate) and Nick Yap (associate).