LONDON, July 17 (Xinhua) -- The London branch of China's major bank ICBC on Monday rang the bell in the Market Open ceremony at the London Stock Exchange (LSE) to celebrate the Bank's dual-currency multi-tranche green bond issuance.
According to ICBC London, this is the bank's first green bond that is listed on the LSE and also becomes the largest ever green bond listed there.
The bond comprises of a three-year floating rate 500 million U.S. dollars, a five year floating rate 500 million U.S. dollars and a three year floating rate 500 million euros tranche (585 million U.S. dollars).
The bond priced at the tightest level ever achieved by ICBC in the U.S. dollar and euro in a comparable floating rate notes format, according to ICBC London.
LSE CEO Nikhil Rath said in the ceremony that the bond is a "landmark" issuance, the largest ever green bond issuance in London, equivalent to just under 1.6 billion U.S. dollars and the first Chinese bond issuer on our international securities market.
John Glen, the Economic Secretary to the Treasury, said the issuance of bond demonstrates the strength of the cross-border trade investment in innovation, which characterizes the golden era of relationships between the UK and China as well as highlighting the UK's leading position as an international centre for green and sustainable finance.
"This is a testament to our existing ties on green finance providing institutional investors internationally with the opportunity to support projects, from low carbon transport and renewable energy to sustainable water and waste water management," he said.
ICBC London said the issue marks the wide ranging and positive progress of the 9th UK-China Economic and Financial Dialogue in areas of the Belt and Road Initiative, "Green financing", "Infrastructure and Energy" and other core collaboration agreements between the two nations.
The proceeds raised from the Green Bond will be dedicated to financing and refinancing certain projects including those relating to onshore renewable energy, offshore wind farms and low emission transportation along the Belt and Road countries.
It includes an Offshore Wind Farm located in Britain and financed by ICBC London.
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