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<body>On 26 June 2025, ICBC Financial Leasing priced a US$400 million 3-year floating-rate green bond offering via its new issuing entity ICIL Aero Treasury Limited. ICBC Financial Leasing is a wholly owned financial leasing arm of the Industrial and Commercial Bank of China. Its business is organised mainly around three sectors, including aircraft leasing, domestic integrated leasing, and maritime leasing. This is a landmark offering that sets a new benchmark in international green bond issuance. The transaction is the first-ever international green bond issuance that is aligned with the updated Common Ground Taxonomy 2024. Proceeds from the green bond issuance is allocated to eligible green assets under renewable energy and clean transportation categories. Crédit Agricole CIB acted as the Sole Green Structuring Advisor, Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager on this transaction.<subtitle-block>Sets industry benchmark towards convergence</subtitle-block>Jointly drafted by the People’s Bank of China and the Financial Services and Capital Markets Union and released by the International Platform on Sustainable Finance in November 2024, and regarded as the most diverse taxonomy to date, the updated Common Ground Taxonomy effectively bridges substantial gaps between jurisdictions identified in previous taxonomies, providing new references for green finance borrowers and cross-border investors. This is a significant step towards a clear, consistent, and transparent framework that will help broaden the financing channels for deep green projects and the enhance credibility of market participants.<subtitle-block>Favourable market conditions</subtitle-block>The client has strategically seized opportunities for this issuance amid benign market conditions underpinned by growing appetites from avid yield-seeking investors and a market upturn arising from the easing of geopolitical conflicts.  This orderbook was oversubscribed by over 4.75 times at its peak.<a @href="Citation1">Citation1</a><a @href="Citation2">Citation2</a><a @href="Citation3">Citation3</a></body>

<body>The updated Common Ground Taxonomy aims to enhance interoperability of taxonomies across jurisdictions, a major step towards a universal taxonomy framework</body>

ICBC Financial Leasing issues the first international green bond aligned with the updated Common Ground Taxonomy 2024

Client successes

<body>On 26 June 2025, ICBC Financial Leasing priced a US$400 million 3-year floating-rate green bond offering via its new issuing entity ICIL Aero Treasury Limited. ICBC Financial Leasing is a wholly owned financial leasing arm of the Industrial and Commercial Bank of China. Its business is organised mainly around three sectors, including aircraft leasing, domestic integrated leasing, and maritime leasing. This is a landmark offering that sets a new benchmark in international green bond issuance. The transaction is the first-ever international green bond issuance that is aligned with the updated Common Ground Taxonomy 2024. Proceeds from the green bond issuance is allocated to eligible green assets under renewable energy and clean transportation categories. Crédit Agricole CIB acted as the Sole Green Structuring Advisor, Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager on this transaction.<subtitle-block>Sets industry benchmark towards convergence</subtitle-block>Jointly drafted by the People’s Bank of China and the Financial Services and Capital Markets Union and released by the International Platform on Sustainable Finance in November 2024, and regarded as the most diverse taxonomy to date, the updated Common Ground Taxonomy effectively bridges substantial gaps between jurisdictions identified in previous taxonomies, providing new references for green finance borrowers and cross-border investors. This is a significant step towards a clear, consistent, and transparent framework that will help broaden the financing channels for deep green projects and the enhance credibility of market participants.<subtitle-block>Favourable market conditions</subtitle-block>The client has strategically seized opportunities for this issuance amid benign market conditions underpinned by growing appetites from avid yield-seeking investors and a market upturn arising from the easing of geopolitical conflicts.  This orderbook was oversubscribed by over 4.75 times at its peak.<a href="Citation1">Citation1</a><a href="Citation2">Citation2</a><a href="Citation3">Citation3</a></body>

<body>According to Bloomberg, Crédit Agricole CIB has achieved for the first time the remarkable feat being: •    No.1 in Asia G3 (ex. Japan) bonds in the second quarter of 2025 (and No.4 for the first half) •    No.1 in offshore CNY bonds (ex. certificate of deposit) in the first half of 2025  In addition to its multi-award winning ESG expertise as a key differentiating factor in this market, these positions underscore Crédit Agricole CIB’s ability to provide clients with strategic advice and innovative financing solutions - including corporate hybrids, insurance capital and high yield deals - combined with robust execution capabilities. More specifically for offshore CNY bonds, Crédit Agricole CIB has been able to leverage its extensive network and local markets knowledge, to successfully facilitate transactions that meet the needs of issuers while attracting a diverse pool of investors interested in assets denominated in this currency. <subtitle-block>Achievements in Asia G3 currency bonds</subtitle-block>The G3 bond market, which includes US dollar, euro, and yen, is highly competitive and serves as a crucial avenue for issuers across the Asia region seeking to raise funding from international markets. This is the first time ever Crédit Agricole CIB has finished a quarter ranking No.1 in the Asia (ex. Japan) G3 bonds league table. This position is notably underpinned by its market-leading Korean DCM franchise which was the largest contributor to its deal volumes by country. With the highest number of deals 44 and a total value of USD3,529 billion, Crédit Agricole CIB has reached an 7.8% market share in the second quarter of 2025. Here are some of its high-profile transactions: •    MTR Corporation US$3 billion hybrid securities – its inaugural US$ subordinated perpetual hybrid securities – as Global Coordinator and the sole bank responsible for deal structuring and ratings process (<a @href="https://www.ca-cib.com/en/news/credit-agricole-cib-acts-joint-global-coordinator-mtrs-inaugural-usd-subordinated-perpetual">read more</a>) •    Greenko US$1 billion green bond – its return to the high-yield bond market – as Active Bookrunner and the Sole Green Structuring Agent •    Tokyo Metropolitan Government’s US$500 million bond - as Bookrunner for the first time with them •    Hanwha Life US$1 billion subordinated capital securities – as Bookrunner  <subtitle-block>Achievements in Offshore CNY bonds</subtitle-block>This market, also known as dim sum bonds – denominated in Chinese Yuan issued and settled outside of mainland China (CNH) as opposed to Chinese Yuan traded on the onshore market (CNY) – has gained significant traction in recent years. These bonds are a way for international investors to gain exposure to the Chinese currency and its bond market without needing to navigate the regulations of the onshore market.  Actively supporting connectivity with Mainland China, Hong Kong plays a crucial role as a key contributor to the RMB internationalisation and a key gateway for capital flows with Chinese markets. Drawing on its regional DCM platform based in the city, and programmes such as bond- and swap-connect between Hong Kong and Mainland China facilitating flows between investors, Crédit Agricole CIB is one of the most active foreign banks in this field. Topping the league in the first half with 33 transactions and CNH16.58 billion in volume, Crédit Agricole CIB has taken close to 10% of the market share. The rank also demonstrates the Bank’s leadership in both public offerings and private placements (>50% of volume). Here are some of its emblematic deals: •    HKSAR Government HK$27 billion green and infrastructure bonds – its first bond in four currency and 30-year HK$ bond – as Global Coordinator and Green and Sustainable Bond Structuring Bank (<a @href="https://www.ca-cib.com/news/credit-agricole-cib-acts-joint-global-coordinator-and-green-sustainable-bond-structuring-bank">read more</a>) •    Asia Development Bank CNH1.65 billion bond – largest ever 10-year private placement – as Sole Arranger •    China Ministry of Finance CNH6 billion green bonds – first-ever green bond issued by China sovereign – as Green Structuring Advisor, Lead Manager and Bookrunner (<a @href="https://www.ca-cib.com/en/news/peoples-republic-china-debuts-renminbi-denominated-sovereign-green-bond-london">read more</a>)<subtitle-block>Leadership in DCM in the APAC region</subtitle-block>Through steadfast dedication to delivering on the unique needs of each client while fostering development in the financial markets, Crédit Agricole CIB stands out as a key player in DCM across APAC, particularly in Greater China, Korea, Japan and Australia. Its international network, private placement capabilities, and cross-border investor base with liquidity pools in both local and core currencies, ensures a market-leading product offering for its issuer clients in terms of both breadth and expertise.  All these have enabled the Bank to consistently win significant market recognitions in various geographies:  •    In Hong Kong, Crédit Agricole CIB has been awarded Best International DCM House in 2025 by FinanceAsia, taking advantage of the city's unique role as a super connector to Chinese markets. The Bank also led AIA’s subordinated debt transaction which was awarded Investment-Grade Bond by IFR in 2024. •    In Korea, Crédit Agricole CIB ranks No.3 in the DCM league table and has just made its best month ever in total value closing remarkable transactions and onboarding new issuers, including Korea Housing Finance’s Kangaroo issuance and The Export-Import Bank of Korea’s green notes and The Republic of Korea’s EUR 1.4 billion dual tranche foreign exchange stabilisation bond. The Bank has also been designated No.1 Primary Dealer of Korean Treasury Bonds (KTB) among banks since 2019. •    In Japan, beyond close relationship with Softbank Group, the team has been expanding its client coverage to support more SSA, financial institution and corporate issuers. The new DCM team set-up recently won mandates for Tokyo Metropolitan Government and Sumitomo Mitsui Financial Group’s EUR800 million conventional bond issuances. The Bank has also been actively conducting successful roadshows for issuers.  •    In Australia, Crédit Agricole CIB has gone from strength to strength, continuing to print many firsts, with recently its first EUR covered bonds for ANZ and National Australia Bank and its first sustainability bond for National Broadband Network. The Bank is also a repeated partner of Ausgrid and Macquarie, supporting their EUR senior and covered bonds respectively this year. Furthermore, in private placements of Medium-Term Notes (MTNs), Crédit Agricole CIB is the market leader for Australian issuers year-to-date. <a @href="citation1">citation1</a><a @href="citation2">citation2</a></body>

<body>With a commitment to client-centric solutions and innovation, the Bank has again demonstrated prowess and expertise in Debt Capital Markets (DCM) in APAC, further solidifying its reputation as one of the leading players in this field. </body>

Crédit Agricole CIB: scaling new heights in Debt Capital Markets in APAC

Awards & Rankings

<body>According to Bloomberg, Crédit Agricole CIB has achieved for the first time the remarkable feat being: •    No.1 in Asia G3 (ex. Japan) bonds in the second quarter of 2025 (and No.4 for the first half) •    No.1 in offshore CNY bonds (ex. certificate of deposit) in the first half of 2025  In addition to its multi-award winning ESG expertise as a key differentiating factor in this market, these positions underscore Crédit Agricole CIB’s ability to provide clients with strategic advice and innovative financing solutions - including corporate hybrids, insurance capital and high yield deals - combined with robust execution capabilities. More specifically for offshore CNY bonds, Crédit Agricole CIB has been able to leverage its extensive network and local markets knowledge, to successfully facilitate transactions that meet the needs of issuers while attracting a diverse pool of investors interested in assets denominated in this currency. <subtitle-block>Achievements in Asia G3 currency bonds</subtitle-block>The G3 bond market, which includes US dollar, euro, and yen, is highly competitive and serves as a crucial avenue for issuers across the Asia region seeking to raise funding from international markets. This is the first time ever Crédit Agricole CIB has finished a quarter ranking No.1 in the Asia (ex. Japan) G3 bonds league table. This position is notably underpinned by its market-leading Korean DCM franchise which was the largest contributor to its deal volumes by country. With the highest number of deals 44 and a total value of USD3,529 billion, Crédit Agricole CIB has reached an 7.8% market share in the second quarter of 2025. Here are some of its high-profile transactions: •    MTR Corporation US$3 billion hybrid securities – its inaugural US$ subordinated perpetual hybrid securities – as Global Coordinator and the sole bank responsible for deal structuring and ratings process (<a href="https://www.ca-cib.com/en/news/credit-agricole-cib-acts-joint-global-coordinator-mtrs-inaugural-usd-subordinated-perpetual">read more</a>) •    Greenko US$1 billion green bond – its return to the high-yield bond market – as Active Bookrunner and the Sole Green Structuring Agent •    Tokyo Metropolitan Government’s US$500 million bond - as Bookrunner for the first time with them •    Hanwha Life US$1 billion subordinated capital securities – as Bookrunner  <subtitle-block>Achievements in Offshore CNY bonds</subtitle-block>This market, also known as dim sum bonds – denominated in Chinese Yuan issued and settled outside of mainland China (CNH) as opposed to Chinese Yuan traded on the onshore market (CNY) – has gained significant traction in recent years. These bonds are a way for international investors to gain exposure to the Chinese currency and its bond market without needing to navigate the regulations of the onshore market.  Actively supporting connectivity with Mainland China, Hong Kong plays a crucial role as a key contributor to the RMB internationalisation and a key gateway for capital flows with Chinese markets. Drawing on its regional DCM platform based in the city, and programmes such as bond- and swap-connect between Hong Kong and Mainland China facilitating flows between investors, Crédit Agricole CIB is one of the most active foreign banks in this field. Topping the league in the first half with 33 transactions and CNH16.58 billion in volume, Crédit Agricole CIB has taken close to 10% of the market share. The rank also demonstrates the Bank’s leadership in both public offerings and private placements (>50% of volume). Here are some of its emblematic deals: •    HKSAR Government HK$27 billion green and infrastructure bonds – its first bond in four currency and 30-year HK$ bond – as Global Coordinator and Green and Sustainable Bond Structuring Bank (<a href="https://www.ca-cib.com/news/credit-agricole-cib-acts-joint-global-coordinator-and-green-sustainable-bond-structuring-bank">read more</a>) •    Asia Development Bank CNH1.65 billion bond – largest ever 10-year private placement – as Sole Arranger •    China Ministry of Finance CNH6 billion green bonds – first-ever green bond issued by China sovereign – as Green Structuring Advisor, Lead Manager and Bookrunner (<a href="https://www.ca-cib.com/en/news/peoples-republic-china-debuts-renminbi-denominated-sovereign-green-bond-london">read more</a>)<subtitle-block>Leadership in DCM in the APAC region</subtitle-block>Through steadfast dedication to delivering on the unique needs of each client while fostering development in the financial markets, Crédit Agricole CIB stands out as a key player in DCM across APAC, particularly in Greater China, Korea, Japan and Australia. Its international network, private placement capabilities, and cross-border investor base with liquidity pools in both local and core currencies, ensures a market-leading product offering for its issuer clients in terms of both breadth and expertise.  All these have enabled the Bank to consistently win significant market recognitions in various geographies:  •    In Hong Kong, Crédit Agricole CIB has been awarded Best International DCM House in 2025 by FinanceAsia, taking advantage of the city's unique role as a super connector to Chinese markets. The Bank also led AIA’s subordinated debt transaction which was awarded Investment-Grade Bond by IFR in 2024. •    In Korea, Crédit Agricole CIB ranks No.3 in the DCM league table and has just made its best month ever in total value closing remarkable transactions and onboarding new issuers, including Korea Housing Finance’s Kangaroo issuance and The Export-Import Bank of Korea’s green notes and The Republic of Korea’s EUR 1.4 billion dual tranche foreign exchange stabilisation bond. The Bank has also been designated No.1 Primary Dealer of Korean Treasury Bonds (KTB) among banks since 2019. •    In Japan, beyond close relationship with Softbank Group, the team has been expanding its client coverage to support more SSA, financial institution and corporate issuers. The new DCM team set-up recently won mandates for Tokyo Metropolitan Government and Sumitomo Mitsui Financial Group’s EUR800 million conventional bond issuances. The Bank has also been actively conducting successful roadshows for issuers.  •    In Australia, Crédit Agricole CIB has gone from strength to strength, continuing to print many firsts, with recently its first EUR covered bonds for ANZ and National Australia Bank and its first sustainability bond for National Broadband Network. The Bank is also a repeated partner of Ausgrid and Macquarie, supporting their EUR senior and covered bonds respectively this year. Furthermore, in private placements of Medium-Term Notes (MTNs), Crédit Agricole CIB is the market leader for Australian issuers year-to-date. <a href="citation1">citation1</a><a href="citation2">citation2</a></body>

<body>Scheduled for delivery in 2027, the vessels will complement Evergreen’s growing fleet of next generation eco-friendly alternative-fuel enable containerships. Running on methanol as their main fuel source, they are aligned with the technical screen criteria of the EU Taxonomy activity – sea and costal water transport for passenger and freight. By reducing carbon emissions for the transportation of maritime goods, the new containerships will help Evergreen’s continued decarbonisation efforts to achieve the goal of net-zero by 2050. Crédit Agricole CIB acted as Sole Lender, Green Structuring Bank and Agent in this transaction.<a @href="Citation 1">Citation 1</a><a @href="Citation 2">Citation 2</a><a @href="Citation 3">Citation 3</a></body>

<body>The bi-lateral facility will fund a growing fleet of methanol dual-fuel containerships for Italia Marittima S.P.A, a wholly owned Italian subsidiary of Evergreen Marine, the largest shipping liner in Taiwan.</body>

Sole Lender and Green Structuring Bank for Evergreen’s first green loan

<body>Scheduled for delivery in 2027, the vessels will complement Evergreen’s growing fleet of next generation eco-friendly alternative-fuel enable containerships. Running on methanol as their main fuel source, they are aligned with the technical screen criteria of the EU Taxonomy activity – sea and costal water transport for passenger and freight. By reducing carbon emissions for the transportation of maritime goods, the new containerships will help Evergreen’s continued decarbonisation efforts to achieve the goal of net-zero by 2050. Crédit Agricole CIB acted as Sole Lender, Green Structuring Bank and Agent in this transaction.<a href="Citation 1">Citation 1</a><a href="Citation 2">Citation 2</a><a href="Citation 3">Citation 3</a></body>

<body>For the seventh time, Crédit Agricole CIB was named “Export Finance Bank of the Year” during the annual TXF Global Export, Agency & Project Finance conference held in Copenhagen in June 2025. Each year, TXF conducts a worldwide survey among importers, exporters, Export Credit Agencies (ECAs) and law firms to assess market trends and the best banks and ECAs. The data from this survey was collected from over 440 users of ECA finance at the beginning of 2025.In addition, Global Finance awarded Crédit Agricole CIB as the “Best Bank in Export Finance” for the second time, among “the World's Best Trade Finance Providers 2025” during a ceremony held during the BAFT Europe Bank to Bank Forum in Amsterdam in March 2025.TXF Best Export Finance Deals of the Year 2024 (TXF Perfect 10) were also highlighted during the TXF ceremony in Copenhagen: our Bank was involved in 5 transactions, confirming our extensive expertise and leadership in ECA Finance and confirms our No. 2 position in the Global League Tables (<a @href="https://www.ca-cib.fr/fr/actualites/credit-agricole-cib-classe-2-dans-les-league-tables-eca-mondiales-de-dealogic-en-2024">Dealogic and TXF</a>). The winners of the TXF Deals of the Year Awards 2024 result from votes by the industry and input from the TXF experienced editorial team.<ul><li>TXF Untied Export Finance Deal of the Year award: <a @href="https://www.txfnews.com/data/Deals/30605/Reliance-Industries-Limited-SACE-Covered-Facility">Reliance</a>.</li><li>TXF Middle East Export Finance Deal of the Year award: <a @href="https://www.txfnews.com/data/Deals/25399">Qiddiya</a>.</li><li>TXF Transport Export Finance Deal of the Year award: <a @href="https://www.txfnews.com/data/Deals/30579">Carnival Corporation</a>.</li><li>TXF Asia-Pacific Export Finance Deal of the Year award: <a @href="https://www.txfnews.com/data/Deals/30746/Greater-Changhua-4-Offshore-Wind-Project-Acquisition-ECA-Backed-Financing">Cathay Wind Power Co</a>.</li><li>TXF Latin America Export Finance Deal of the Year award: <a @href="https://www.txfnews.com/data/Deals/27259/Centinela-Concentrator-Plant-Project-Nueva-Centinela-Financing">Minera Centinela</a>.</li></ul> <a @href="Citation 1">Citation 1</a><a @href="Citation 2">Citation 2</a></body>

<body>Crédit Agricole CIB continues to stand out as a global leader in Export Credit Agencies (ECA) Finance, with two “Best Bank in Export Finance” awards and five transactions awarded TXF Deals of the Year awards.</body>

Crédit Agricole CIB named “Best Bank in Export Finance” 2025 by TXF for the seventh time and by Global Finance for the second time

<body>For the seventh time, Crédit Agricole CIB was named “Export Finance Bank of the Year” during the annual TXF Global Export, Agency & Project Finance conference held in Copenhagen in June 2025. Each year, TXF conducts a worldwide survey among importers, exporters, Export Credit Agencies (ECAs) and law firms to assess market trends and the best banks and ECAs. The data from this survey was collected from over 440 users of ECA finance at the beginning of 2025.In addition, Global Finance awarded Crédit Agricole CIB as the “Best Bank in Export Finance” for the second time, among “the World's Best Trade Finance Providers 2025” during a ceremony held during the BAFT Europe Bank to Bank Forum in Amsterdam in March 2025.TXF Best Export Finance Deals of the Year 2024 (TXF Perfect 10) were also highlighted during the TXF ceremony in Copenhagen: our Bank was involved in 5 transactions, confirming our extensive expertise and leadership in ECA Finance and confirms our No. 2 position in the Global League Tables (<a href="https://www.ca-cib.fr/fr/actualites/credit-agricole-cib-classe-2-dans-les-league-tables-eca-mondiales-de-dealogic-en-2024">Dealogic and TXF</a>). The winners of the TXF Deals of the Year Awards 2024 result from votes by the industry and input from the TXF experienced editorial team.<ul><li>TXF Untied Export Finance Deal of the Year award: <a href="https://www.txfnews.com/data/Deals/30605/Reliance-Industries-Limited-SACE-Covered-Facility">Reliance</a>.</li><li>TXF Middle East Export Finance Deal of the Year award: <a href="https://www.txfnews.com/data/Deals/25399">Qiddiya</a>.</li><li>TXF Transport Export Finance Deal of the Year award: <a href="https://www.txfnews.com/data/Deals/30579">Carnival Corporation</a>.</li><li>TXF Asia-Pacific Export Finance Deal of the Year award: <a href="https://www.txfnews.com/data/Deals/30746/Greater-Changhua-4-Offshore-Wind-Project-Acquisition-ECA-Backed-Financing">Cathay Wind Power Co</a>.</li><li>TXF Latin America Export Finance Deal of the Year award: <a href="https://www.txfnews.com/data/Deals/27259/Centinela-Concentrator-Plant-Project-Nueva-Centinela-Financing">Minera Centinela</a>.</li></ul> <a href="Citation 1">Citation 1</a><a href="Citation 2">Citation 2</a></body>

<body><subtitle-block>Enriched data at the heart of this new solution</subtitle-block>Until now, the publication of research documents was the only way of sharing information, recommendations and research forecasts. This new platform connects billions of data using artificial intelligence. The market research teams can now produce personalised thematic reports with different levels of sophistication depending on the profile of clients and their technical skills, both on the macroeconomic environment and on the foreign exchange, fixed-income markets, etc. The publications shared with clients over the past year already contain some exclusive content developed with this new solution, generating real interest from subscribers with a sharp increase in consultations.<subtitle-block>A centralised platform for exclusive content</subtitle-block>The strength of this AI-based system is to centralise and connect data from around a hundred external sources (central banks, NGOs, specialised companies, regulators, data aggregators, etc.) and internal models produced by the Bank’s strategists, analysts and economists.The platform is also interactive, enabling you to interact directly with the database or certain forecasting models.The system is proving to be a relevant platform for developing new artificial intelligence products applied to detecting price anomalies, for example, or analysing and anticipating the behaviour of some market players.<a @href="Quote1">Quote1</a>The solution was presented to the first clients at the end of 2024 and the feedback is excellent, both in terms of the possibilities offered by the solution and the technological approach chosen by the Bank. The new solution will be commercialised soon. </body>

<body>Crédit Agricole CIB is transforming its market research with a data-driven intelligence solution, which will be launched soon. It offers a tailor-made service to clients subscribing to the Bank’s market research. It also provides access to exclusive and personalised data according to their profile. </body>

Market research: Crédit Agricole CIB combines AI and data

Strategy

<body><subtitle-block>Enriched data at the heart of this new solution</subtitle-block>Until now, the publication of research documents was the only way of sharing information, recommendations and research forecasts. This new platform connects billions of data using artificial intelligence. The market research teams can now produce personalised thematic reports with different levels of sophistication depending on the profile of clients and their technical skills, both on the macroeconomic environment and on the foreign exchange, fixed-income markets, etc. The publications shared with clients over the past year already contain some exclusive content developed with this new solution, generating real interest from subscribers with a sharp increase in consultations.<subtitle-block>A centralised platform for exclusive content</subtitle-block>The strength of this AI-based system is to centralise and connect data from around a hundred external sources (central banks, NGOs, specialised companies, regulators, data aggregators, etc.) and internal models produced by the Bank’s strategists, analysts and economists.The platform is also interactive, enabling you to interact directly with the database or certain forecasting models.The system is proving to be a relevant platform for developing new artificial intelligence products applied to detecting price anomalies, for example, or analysing and anticipating the behaviour of some market players.<a href="Quote1">Quote1</a>The solution was presented to the first clients at the end of 2024 and the feedback is excellent, both in terms of the possibilities offered by the solution and the technological approach chosen by the Bank. The new solution will be commercialised soon. </body>

Tech & Innovation

Tokenized Correspondent Banking Experiment: a Key Step Towards an Open and Interoperable Standard

Green finance

First EU Taxonomy-aligned Green Loan in the European cloud sector for OVH Cloud

First experimentation with Eurosystem wholesale Central Bank Digital Currency (wCBDC)

Crédit Agricole CIB announces its participation in Project Agorá, studying tokenization on cross-border payments

<body>Artificial Intelligence (AI) is not a new topic for discussion. However, there is a pivotal step that many have missed before the evolution really began – how will our infrastructure enable this next big step of digital evolution?To put it simply, data centres are buildings that host all the information you process online, from questions you ask AI to cloud storage. To provide the complex computing power and storage functionalities required to train and deliver AI, we need a data centre network as a backbone for the rapidly evolving digital economy.That brings us to the next question – how are we going to facilitate the exponential growth of AI and the digital economy, which is entirely reliant on data centres? This growth in data centre demand will require a substantial volume of capital investment for the buildout.<a @href="Q1">Q1</a><subtitle-block>Funding data centre buildout</subtitle-block>Gathering billions of funding within a relatively short period of time is not a straightforward process – it requires specially designed solutions and access to a variety of credit and debt financing sources including project finance, securitisation and private credit, to accumulate sufficient investment. Banks play a critical role in this complicated process – they can help tailor suitable financing structures and tap the right liquidity pools, such as seeking funds from private debt providers or issuing credit facilities themselves, and line up independent credit rating and legal reviews for funding.One of the most successful data centre companies that has been able to secure capital from the bank market is Australian-founded AirTrunk. The company has the largest hyperscale centre platform in Asia-Pacific and Japan (excluding mainland China). To date, AirTrunk has raised over A$6 billion in ESG financing, making it one of the largest issuers of sustainable financing in the global data centre industry.Data centres around the world are looking to decarbonise their emissions while expanding to cater to global demand. Reaching out to partners with deep sector knowledge like Crédit Agricole CIB brings advantages as they can customise innovative financing solutions with specific features to support decarbonisation trajectories. When designed thoughtfully, sustainable finance can also address ESG priorities beyond climate goals, such as diversity and community engagement.<a @href="https://www.ca-cib.com/en/news/asia-pacific-trailblazes-esg-adoption-and-innovation-amongst-global-data-centre-operators">Read more: How the world’s global carbon footprint is being impacted by our technology advancement globally, and how every step we take to decarbonise data centre industry emissions has an impact</a><a @href="Q2">Q2</a>As time goes by, rating agencies are getting more comfortable with the reliable, long-term cash flow generated from the underlying customer contracts, leading to more data operators, especially in the Americas, securitising the offtake contracts and thereby opening up a new avenue for data centre financing.  <subtitle-block>A global phenomenon</subtitle-block>Beyond the Americas, which is often considered as the hub for data centres, there has also been a surge of build-out of data centres in Asia-Pacific, spurred by digitalisation of local economies and a deep talent pool for data centre operation.In 2023, Crédit Agricole CIB supported AirTrunk in issuing the world’s largest data centre sustainability-linked loan in history. The transaction featured innovative industry-specific environmental key performance indicators (KPIs) such as carbon, energy and water efficiency, as well as gender diversity and pay equity to align the company’s human development goals. Within the same year, the Bank has helped at least three other data centres in Asia-Pacific – AirTrunk in Australia, Digital Edge (Singapore) in South Korea, and ESR in Hong Kong – in exploring ways to achieve sustainable growth while implementing their ESG objectives.AirTrunk has adopted sustainable financing to ensure it scales responsibly as the demand for AI and cloud computing skyrockets. With sustainability at the heart of both its financing and operations, linking financing to its sustainability strategy has been one of the key differentiators for AirTrunk in successfully securing large volumes of capital from the bank market. AirTrunk has gone a step further, investing the margin incentives from its sustainability-linked loans (from the achievement of its loan KPIs) into its social impact programme to deliver material and lasting benefit to the community.To ensure accountability and transparency, AirTrunk has developed a comprehensive sustainable financing framework outlining the rationale of the KPIs included in their sustainability-linked loan.<a @href="Q3">Q3</a><a @href="Q4">Q4</a></body>

<body>Data centres around the world are looking to decarbonise their emissions while expanding to cater to global demand. </body>

Growth-powering strategy: Data centre financing for a sustainable future

<body>Artificial Intelligence (AI) is not a new topic for discussion. However, there is a pivotal step that many have missed before the evolution really began – how will our infrastructure enable this next big step of digital evolution?To put it simply, data centres are buildings that host all the information you process online, from questions you ask AI to cloud storage. To provide the complex computing power and storage functionalities required to train and deliver AI, we need a data centre network as a backbone for the rapidly evolving digital economy.That brings us to the next question – how are we going to facilitate the exponential growth of AI and the digital economy, which is entirely reliant on data centres? This growth in data centre demand will require a substantial volume of capital investment for the buildout.<a href="Q1">Q1</a><subtitle-block>Funding data centre buildout</subtitle-block>Gathering billions of funding within a relatively short period of time is not a straightforward process – it requires specially designed solutions and access to a variety of credit and debt financing sources including project finance, securitisation and private credit, to accumulate sufficient investment. Banks play a critical role in this complicated process – they can help tailor suitable financing structures and tap the right liquidity pools, such as seeking funds from private debt providers or issuing credit facilities themselves, and line up independent credit rating and legal reviews for funding.One of the most successful data centre companies that has been able to secure capital from the bank market is Australian-founded AirTrunk. The company has the largest hyperscale centre platform in Asia-Pacific and Japan (excluding mainland China). To date, AirTrunk has raised over A$6 billion in ESG financing, making it one of the largest issuers of sustainable financing in the global data centre industry.Data centres around the world are looking to decarbonise their emissions while expanding to cater to global demand. Reaching out to partners with deep sector knowledge like Crédit Agricole CIB brings advantages as they can customise innovative financing solutions with specific features to support decarbonisation trajectories. When designed thoughtfully, sustainable finance can also address ESG priorities beyond climate goals, such as diversity and community engagement.<a href="https://www.ca-cib.com/en/news/asia-pacific-trailblazes-esg-adoption-and-innovation-amongst-global-data-centre-operators">Read more: How the world’s global carbon footprint is being impacted by our technology advancement globally, and how every step we take to decarbonise data centre industry emissions has an impact</a><a href="Q2">Q2</a>As time goes by, rating agencies are getting more comfortable with the reliable, long-term cash flow generated from the underlying customer contracts, leading to more data operators, especially in the Americas, securitising the offtake contracts and thereby opening up a new avenue for data centre financing.  <subtitle-block>A global phenomenon</subtitle-block>Beyond the Americas, which is often considered as the hub for data centres, there has also been a surge of build-out of data centres in Asia-Pacific, spurred by digitalisation of local economies and a deep talent pool for data centre operation.In 2023, Crédit Agricole CIB supported AirTrunk in issuing the world’s largest data centre sustainability-linked loan in history. The transaction featured innovative industry-specific environmental key performance indicators (KPIs) such as carbon, energy and water efficiency, as well as gender diversity and pay equity to align the company’s human development goals. Within the same year, the Bank has helped at least three other data centres in Asia-Pacific – AirTrunk in Australia, Digital Edge (Singapore) in South Korea, and ESR in Hong Kong – in exploring ways to achieve sustainable growth while implementing their ESG objectives.AirTrunk has adopted sustainable financing to ensure it scales responsibly as the demand for AI and cloud computing skyrockets. With sustainability at the heart of both its financing and operations, linking financing to its sustainability strategy has been one of the key differentiators for AirTrunk in successfully securing large volumes of capital from the bank market. AirTrunk has gone a step further, investing the margin incentives from its sustainability-linked loans (from the achievement of its loan KPIs) into its social impact programme to deliver material and lasting benefit to the community.To ensure accountability and transparency, AirTrunk has developed a comprehensive sustainable financing framework outlining the rationale of the KPIs included in their sustainability-linked loan.<a href="Q3">Q3</a><a href="Q4">Q4</a></body>

<body>As part of the ITACA – ITAlian Corporate Ambition project* – Crédit Agricole Italia and Crédit Agricole CIB have supported Tinexta Group, a leading European player in the sectors of digital trust, cybersecurity and business innovation, in the most important acquisition of the company. This transaction is the first of its kind, in which we supported a mid-cap in a major acquisition in France. Indeed, the acquisition of ABF Decisions, a French company active in corporate advisory for subsidised/ soft finance based in Tours, will strengthen their international presence by enabling them to further access the European market as one of the few active operators supporting business innovation and growth. This will help them to promote their innovative services in France, which have already been successfully tested in Italy, and reinforce their expertise in the domain of public financing for innovation and sustainable development. Crédit Agricole CIB acted as M&A advisor, and both Crédit Agricole CIB and Crédit Agricole Italia acted as global coordinators in the arrangement of a syndicated loan of €220m intended to finance this acquisition. This transaction is yet another example of Crédit Agricole Italia and Crédit Agricole CIB’s ability to grow synergies for the benefit of Crédit Agricole Group clients in Italy and reinforce their ambition to develop the France-Italy corridor, which is at the heart of the mid-cap strategy of Crédit Agricole CIB’s Italian branch.(*) Created in 2016 and based on the knowledge sharing and expertise between Crédit Agricole Italia and Crédit Agricole CIB, the “ITACA - ITAlian Corporate Ambition” project aims to promote and facilitate synergies in the Large Corporate segment. It is aimed at Italian companies located between the Major Clients of Crédit Agricole CIB and the Large Corporate clients of the Crédit Agricole Italia group.<a @href="Q1">Q1</a><a @href="Q2">Q2</a></body>

<body>Crédit Agricole CIB and Crédit Agricole Italia successfully supported Tinexta Group in the acquisition of ABF decisions – evidence of the strong symbiosis between both branches benefitting clients in Italy.</body>

Crédit Agricole Italia and Crédit Agricole CIB supported Tinexta in their pivotal acquisition deal

<body>As part of the ITACA – ITAlian Corporate Ambition project* – Crédit Agricole Italia and Crédit Agricole CIB have supported Tinexta Group, a leading European player in the sectors of digital trust, cybersecurity and business innovation, in the most important acquisition of the company. This transaction is the first of its kind, in which we supported a mid-cap in a major acquisition in France. Indeed, the acquisition of ABF Decisions, a French company active in corporate advisory for subsidised/ soft finance based in Tours, will strengthen their international presence by enabling them to further access the European market as one of the few active operators supporting business innovation and growth. This will help them to promote their innovative services in France, which have already been successfully tested in Italy, and reinforce their expertise in the domain of public financing for innovation and sustainable development. Crédit Agricole CIB acted as M&A advisor, and both Crédit Agricole CIB and Crédit Agricole Italia acted as global coordinators in the arrangement of a syndicated loan of €220m intended to finance this acquisition. This transaction is yet another example of Crédit Agricole Italia and Crédit Agricole CIB’s ability to grow synergies for the benefit of Crédit Agricole Group clients in Italy and reinforce their ambition to develop the France-Italy corridor, which is at the heart of the mid-cap strategy of Crédit Agricole CIB’s Italian branch.(*) Created in 2016 and based on the knowledge sharing and expertise between Crédit Agricole Italia and Crédit Agricole CIB, the “ITACA - ITAlian Corporate Ambition” project aims to promote and facilitate synergies in the Large Corporate segment. It is aimed at Italian companies located between the Major Clients of Crédit Agricole CIB and the Large Corporate clients of the Crédit Agricole Italia group.<a href="Q1">Q1</a><a href="Q2">Q2</a></body>

Are you familiar with quantum computing?  

<body><subtitle-block>A burgeoning yet carbon intensive economy tied to all walks of life</subtitle-block>With the sprawling usage of big data and the increasing adoption of digitisation, cloud, AI, 5G across all aspects of our daily life – personal, work and society, data centres are the backbone of our economic, commercial and social existences. In the post-pandemic era, their role is more important than ever, as demand for their services continues to grow aggressively worldwide.In the real estate sector which contributes almost 40% to global greenhouse gas (GHG) emissions, data centres are one of the world’s most energy-intensive buildings. Accounting for between 2.5% and 3.7% of all GHG emissions, these establishments have even overtaken the aviation and shipping industries. Asia-Pacific, home to the four countries with the largest number of data centres in the world - China, Australia, Japan and India, is the region where the most carbon-intensive structures are based.To remedy this and in line with the UN Sustainable Development Goals and the Paris Agreement, some major APAC industry players have started adopting more sustainable practices and progressively involving a low-carbon approach in their operations, as illustrated by the following benchmarking financings. This shift is also pivotal for the net-zero transition of organisations that heavily rely on data centre services in order to reduce their scope 3 indirect emissions.<subtitle-block>Financing as a means toward net zero</subtitle-block>Starting with green loans, this type of debt instrument allows borrowers to use proceeds to fund projects that make a substantial contribution to environmental objective(s), through for example enhancement in power usage and cooling efficiency, adoption of renewable energy sources and usage of sustainable building materials.In 2022, Crédit Agricole CIB supported the very first data centre green loan in Japan, to finance the TOK2 data centre project in Tokyo developed by the region’s hyperscale data centre specialist, AirTrunk. The deal was the first to use eligibility criteria based on operating power usage effectiveness (PUE) and water productivity, two crucial metrics for evaluating data centre sustainability. In 2023, we also acted as the Green Loan Coordinator for the very first data centre green loan in Korea worth KRW 440 billion (USD 335 million) and financed the first phase of the SEL2 100 MW campus in Seoul built by Digital Edge (Singapore) Holdings Pte. Ltd. in partnership with the leading local developer SK Ecoplant. The project, which is the country’s largest commercial colocation facility, will be one of the most energy-efficient data centres in the South Korean market.In addition to green loans, industry players have also made sustainability commitments to their corporate strategy to improve their company ESG profile via sustainability-linked loans (SLL), which incentivise borrowers to achieve their sustainability ambitions by incorporating a pricing* adjustments mechanism according to their ESG performance. This type of financial instrument can help drive companies that may not have specific green projects/ capex in the pipeline to make real progress towards sustainability.Further contributing to AirTrunk’s leadership position in sustainable data centre financing, Crédit Agricole CIB accompanied the conversion of their A$2.1 billion loan into an SLL, then with the A$4.6 billion refinancing of this SLL in August 2023, thus twice establishing the world's largest SLL in data centre history. It set the industry benchmark globally as the first SLL to incorporate all three metrics combining carbon, energy and water usage effectiveness as to achieve the highest level of environmental transparency and accountability for a data centre operator. It was also the first SLL by a data centre operator to incorporate a gender pay equity KPI, and use margin incentives to fund its social impact programs. AirTrunk’s continuous, innovative approach in adopting sustainable financing has set it apart from industry peers, while creating an exemplary precedent as guidance for those who have ambition to follow suit. <a @href="Prashant">Prashant</a><a @href="Christophe">Christophe</a>Another transition example is ESR, APAC's largest real asset manager and the world’s third largest listed real estate investment manager, whose strategy integrates ESG into all aspects of its financial management, operations and development, with a total of seven SLLs already signed for around USD4 billion. We recently supported one of them, marking the first brownfield data centre SLL in Hong Kong worth HKD 1.6 billion (USD 204 million), to finance the conversion of a building located in one of the city’s main data centre clusters into a modern and more sustainable structure, with the support of a major local utility provider CLP Power.<subtitle-block>Paving the way towards a sustainable digital future</subtitle-block>As the digitisation of the economy must go hand in hand with its decarbonisation, Crédit Agricole CIB, whose mission includes financing the new economy in the technology, media and telecoms areas, is committed to guiding the regional data centre sector towards the next level of sustainability by constantly advocating industry actors to embark and progress on a low-carbon roadmap.As part of its climate strategy and roadmap to net-zero by 2050, the Crédit Agricole Group has set targets for 2030 in 10 sectors representing more than 75% of global GHG emissions, including a 40% reduction in CO2 emissions from its EUR24.6 billion commercial real estate financing portfolio. In line with this ambition, we offer our customers fully integrated advisory services and innovative solutions to help gear them up for the future as the sector continues to embrace ESG developments. As their transition partner, our support and value-add come in various forms, from acting as green loan advisor/coordinator, sustainability advisor/structuring agent on debt instruments, to formulating clients’ sustainability frameworks. We also strive to look for opportunities to set higher benchmarks on sustainable practices for the better good of the industry.<grey-block>Although data centres still have a long way to go to achieve carbon neutrality, many organisations are already on the right track. These APAC significant strides have successfully propelled the market’s green agenda and would inspire more and more ambitious actions from others, with a view to creating an industry-wide impact that will eventually drive all players notably in Europe and the Americas to join the bandwagon.</grey-block><a @href="Christophe2">Christophe2</a>*Or other forms of adjustment in the financial characteristics of the financial instrument**Commercial real estate 2030 Net Zero Banking Alliance target for Credit Agricole S.A.: -40%9 in CO2e emitted per sq. meter per year by corporate customers’ and real estate professional buildings from 46 kgCO2e/m2 to 28 kgCO2e/m2Source: International Energy Agency, Climatiq Analysis, The Shift Project, OurWorldinData</body>

<body>From green debt to sustainability-linked loans, data centre operators’ financing approach is evolving to mitigate environmental impact.</body>

Asia-Pacific trailblazes ESG adoption and innovation amongst global data centre operators

<body><subtitle-block>A burgeoning yet carbon intensive economy tied to all walks of life</subtitle-block>With the sprawling usage of big data and the increasing adoption of digitisation, cloud, AI, 5G across all aspects of our daily life – personal, work and society, data centres are the backbone of our economic, commercial and social existences. In the post-pandemic era, their role is more important than ever, as demand for their services continues to grow aggressively worldwide.In the real estate sector which contributes almost 40% to global greenhouse gas (GHG) emissions, data centres are one of the world’s most energy-intensive buildings. Accounting for between 2.5% and 3.7% of all GHG emissions, these establishments have even overtaken the aviation and shipping industries. Asia-Pacific, home to the four countries with the largest number of data centres in the world - China, Australia, Japan and India, is the region where the most carbon-intensive structures are based.To remedy this and in line with the UN Sustainable Development Goals and the Paris Agreement, some major APAC industry players have started adopting more sustainable practices and progressively involving a low-carbon approach in their operations, as illustrated by the following benchmarking financings. This shift is also pivotal for the net-zero transition of organisations that heavily rely on data centre services in order to reduce their scope 3 indirect emissions.<subtitle-block>Financing as a means toward net zero</subtitle-block>Starting with green loans, this type of debt instrument allows borrowers to use proceeds to fund projects that make a substantial contribution to environmental objective(s), through for example enhancement in power usage and cooling efficiency, adoption of renewable energy sources and usage of sustainable building materials.In 2022, Crédit Agricole CIB supported the very first data centre green loan in Japan, to finance the TOK2 data centre project in Tokyo developed by the region’s hyperscale data centre specialist, AirTrunk. The deal was the first to use eligibility criteria based on operating power usage effectiveness (PUE) and water productivity, two crucial metrics for evaluating data centre sustainability. In 2023, we also acted as the Green Loan Coordinator for the very first data centre green loan in Korea worth KRW 440 billion (USD 335 million) and financed the first phase of the SEL2 100 MW campus in Seoul built by Digital Edge (Singapore) Holdings Pte. Ltd. in partnership with the leading local developer SK Ecoplant. The project, which is the country’s largest commercial colocation facility, will be one of the most energy-efficient data centres in the South Korean market.In addition to green loans, industry players have also made sustainability commitments to their corporate strategy to improve their company ESG profile via sustainability-linked loans (SLL), which incentivise borrowers to achieve their sustainability ambitions by incorporating a pricing* adjustments mechanism according to their ESG performance. This type of financial instrument can help drive companies that may not have specific green projects/ capex in the pipeline to make real progress towards sustainability.Further contributing to AirTrunk’s leadership position in sustainable data centre financing, Crédit Agricole CIB accompanied the conversion of their A$2.1 billion loan into an SLL, then with the A$4.6 billion refinancing of this SLL in August 2023, thus twice establishing the world's largest SLL in data centre history. It set the industry benchmark globally as the first SLL to incorporate all three metrics combining carbon, energy and water usage effectiveness as to achieve the highest level of environmental transparency and accountability for a data centre operator. It was also the first SLL by a data centre operator to incorporate a gender pay equity KPI, and use margin incentives to fund its social impact programs. AirTrunk’s continuous, innovative approach in adopting sustainable financing has set it apart from industry peers, while creating an exemplary precedent as guidance for those who have ambition to follow suit. <a href="Prashant">Prashant</a><a href="Christophe">Christophe</a>Another transition example is ESR, APAC's largest real asset manager and the world’s third largest listed real estate investment manager, whose strategy integrates ESG into all aspects of its financial management, operations and development, with a total of seven SLLs already signed for around USD4 billion. We recently supported one of them, marking the first brownfield data centre SLL in Hong Kong worth HKD 1.6 billion (USD 204 million), to finance the conversion of a building located in one of the city’s main data centre clusters into a modern and more sustainable structure, with the support of a major local utility provider CLP Power.<subtitle-block>Paving the way towards a sustainable digital future</subtitle-block>As the digitisation of the economy must go hand in hand with its decarbonisation, Crédit Agricole CIB, whose mission includes financing the new economy in the technology, media and telecoms areas, is committed to guiding the regional data centre sector towards the next level of sustainability by constantly advocating industry actors to embark and progress on a low-carbon roadmap.As part of its climate strategy and roadmap to net-zero by 2050, the Crédit Agricole Group has set targets for 2030 in 10 sectors representing more than 75% of global GHG emissions, including a 40% reduction in CO2 emissions from its EUR24.6 billion commercial real estate financing portfolio. In line with this ambition, we offer our customers fully integrated advisory services and innovative solutions to help gear them up for the future as the sector continues to embrace ESG developments. As their transition partner, our support and value-add come in various forms, from acting as green loan advisor/coordinator, sustainability advisor/structuring agent on debt instruments, to formulating clients’ sustainability frameworks. We also strive to look for opportunities to set higher benchmarks on sustainable practices for the better good of the industry.<grey-block>Although data centres still have a long way to go to achieve carbon neutrality, many organisations are already on the right track. These APAC significant strides have successfully propelled the market’s green agenda and would inspire more and more ambitious actions from others, with a view to creating an industry-wide impact that will eventually drive all players notably in Europe and the Americas to join the bandwagon.</grey-block><a href="Christophe2">Christophe2</a>*Or other forms of adjustment in the financial characteristics of the financial instrument**Commercial real estate 2030 Net Zero Banking Alliance target for Credit Agricole S.A.: -40%9 in CO2e emitted per sq. meter per year by corporate customers’ and real estate professional buildings from 46 kgCO2e/m2 to 28 kgCO2e/m2Source: International Energy Agency, Climatiq Analysis, The Shift Project, OurWorldinData</body>