The Industrial and Commercial Bank of China (ICBC), one of China’s largest commercial banks, provided underwriting services for as many as over 1,800 batches or 1.52 trillion yuan of bonds in China last year.
The Chinese Bank Underwrote 660 billion yuan of local Government bonds annually, including 410 billion yuan of special purpose bonds issued by Chinese local governments to support people’s livelihood projects in transportation, medical care and health sectors.
In 2019, ICBC underwrote, as the lead underwriter, 498 batches of debenture bonds for 323 non-financial enterprises, with a value of over 540 billion yuan.
The Chinese lender giant also granted support to bond financing by private businesses. Last year, ICBC served as the lead underwriter for 39 batches of bonds issued by private enterprises, raising 34 billion yuan of fund in 2019.
It was among the first batch of lenders to create a credit risk mitigation warrant (CRMW) in China. Last year, it created three CRMWs to guide fund of diversified types to invest in private enterprise bonds.
In supporting Green Projects following the Belt & Road Initiative, ICBC issued in 2019 the first Green Belt & Road Inter-bank Regular Cooperation Bond in three currencies, namely the Chinese yuan, the U.S. dollar and the euro.