ICO draws international investors and issuers to the 9th ICO Sustainable Bonds Forum

01 julio 2025

  • The conference was opened by ICO Chairman Manuel Illueca and featured Carla Díaz Álvarez de Toledo, Director General of the Treasury and Financial Policy (Ministry of Economy, Trade and Business); Carlos San Basilio, Chairman of the National Securities Market Commission; and Helena Viñes, President of the EU Platform on Sustainable Finance and Advisor to the National Securities Market Commission 
  • The 9th ICO Sustainable Bonds Forum is organised by the Instituto de Crédito Oficial (ICO) in collaboration with BBVA, Crédit Agricole, HSBC, ING and Santander. The event has become a benchmark for analysing the evolution of green, social and sustainable bond markets over the years.
  • ​​​​​​​ ICO maintains its leadership as a sustainable bond issuer after accruing a total of 18 issues (11 social bond issues and 7 green bond issues) for a total amount of 9.05 billion euros. 

Instituto de Crédito Oficial (ICO) today held the ninth edition of the "ICO Sustainable Bond Forum", an event that brings together international issuers and investors to analyse the development of sustainable finance, paying particular attention to the development of green, social and sustainable bond markets.

The conference was opened by ICO Chairman Manuel Illueca and was attended by prominent figures such as Carla Díaz Álvarez de Toledo, Director General of the Treasury and Financial Policy (Ministry of Economy, Trade and Business); Carlos San Basilio, Chairman of the National Securities Market Commission; and Helena Viñes, President of the EU Platform on Sustainable Finance and Advisor to the National Securities Market Commission.

Organised by the ICO together with BBVA, Crédit Agricole, HSBC, ING and Santander, the Forum has become a leading event in the sustainable finance sector, bringing together important national and international players in the sustainable bond market, such as issuers, investors, agencies, banks and other participants in the sector.



Throughout the event, the various guests analysed the current situation and market trends. According to the OFISO 2025 Annual Report (Spanish Observatory on Sustainable Finance), sustainable bonds issued in Spain represent 37% of total sustainable financing, reaching a total of €24.151 billion, an increase of 14% over the previous year. Worldwide, total sustainable bond issuance stood at €946.952 billion. 

ICO as benchmark issuer 

ICO, as a major player in sustainable bond markets, has now launched 18 sustainable issues (11 social and 7 green), with a total issued amount of 9.05 billion euros. 

With a view to promoting the sustainable growth of Spanish companies, ICO channels the funds raised with these issues towards the business community through its direct financing programmes, the ICO Mediation facilities, and funds managed by AXIS, its venture capital affiliate. 


 

ICO green bonds

Last May, ICO launched its seventh issue of green bonds which, together with the previous six, amount to a total of 3.5 billion euros to finance activities, investments and projects of Spanish companies that contribute to boosting the ecological transition, all in alignment with the goals of the National Plan for Recovery, Transformation and Resilience.

This seventh ICO green bond was issued for an amount of 500 million euros and was very well received by the markets, with a demand of around 3.5 billion euros.

With the first five operations, whose impact reports have already been published, Spanish companies' projects have been financed, mobilising an investment of approximately 22.4 billion euros and generating savings of more than 1,250,000 tonnes of CO2 per year.

ICO social bonds

2025 marks the 10th anniversary of the first social bond issued by ICO, a pioneer in this market. Since then, the Institute has launched eleven social bond issues worth 5.55 billion euros aimed at promoting social and territorial cohesion and generating a positive impact on employment. 

The latest issue was launched for the amount of 500 million euros, and to date, ICO's social bond issues have helped to finance more than 76,000 business projects, which have helped to create or maintain more than 523,000 jobs, as well as the construction of social infrastructure such as hospitals and housing.