ICBC Leasing, a wholly-owned subsidiary of ICBC, has recently issued shipping asset bonds worth USD 200 Million, with Korea Eximbank providing full credit guarantee. This is the first dollar bond regarding shipping asset fully guaranteed by a third-party export credit institution in global capital market. The fund raised will support the company’s shipping and offshore engineering finance business.

According to an executive with ICBC Leasing, the assets related to this bond issue were two LNG ships of the cooperation project between ICBC Leasing and Golar. Through innovations in using overseas policy-oriented funds as guarantee, ICBC Leasing has created new fund-raising channels based on shipping assets, which reduced fund-raising costs and enlarged its presence in shipping financing market.

By leveraging ICBC’s service network and strength in integrated operation, ICBC Leasing has continued to improve its overall financial service capacity to meet the diversified and customized demand of clients. Golar, the lessee in this bond issue, is one of the world’s top three independent LNG shipowners and one of the most powerful high-end offshore engineering equipment contractors.