• ICBC targets global green finance with a multi-currency bond issued via Hong Kong, Singapore, and Dubai branches.
• Bond proceeds will fund carbon neutrality projects, aligning with China’s national climate goals.
• U.S.-China trade tensions flagged as a risk, potentially impacting ICBC’s financial outlook.

The Industrial and Commercial Bank of China (ICBC), the world’s largest lender, is launching a green bond offering in multiple currencies to back carbon neutrality initiatives, according to a term sheet seen by Reuters.

The issuance will span several financial hubs:

• U.S. dollar-denominated bonds through ICBC’s Hong Kong and Singapore branches
• Offshore yuan bonds via the Dubai branch

Details on the size and maturity of the bonds have not been disclosed in the term sheet or regulatory filings.

“These factors may materially impact the global and Chinese economies, potentially affecting our business, prospects, financial condition, and operating results,” the bank stated in its offering materials.

This green bond initiative marks another step in ICBC’s commitment to environmental sustainability, reinforcing China’s long-term decarbonization strategy.

However, the bank’s offering documents underscore significant headwinds from geopolitical and macroeconomic uncertainty, particularly the unresolved U.S.-China trade disputes.

“There are uncertainties as to when and whether the trade disputes will be resolved and trade barriers lifted,” ICBC cautioned.

The warning comes amid a temporary thaw in trade tensions. This week, the U.S. and China agreed to scale back additional tariffs for 90 days — the U.S. cutting rates to 30% from 145%, and China lowering its tariffs to 10% from 125% on American imports.

Read the full press release here.

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