The ICO Sustainable Bonds Forum celebrates its 10th edition and consolidates itself as a leading platform for international investors and issuers

The Official Credit Institute (ICO) has held the 10th edition of its Sustainable Bond Forum, an event that has established itself over time as a key meeting and discussion platform for issuers, investors, financial institutions, rating agencies, and other representatives of the sustainable finance market.

The event was opened by ICO President Manuel Illueca and featured the participation of Carla Díaz Álvarez de Toledo, Director General of the Treasury and Financial Policy; Helena Viñes, Chair of the EU Platform on Sustainable Finance, Co-Chair of the Net Zero Policy Working Group and Board Member of the Spanish Securities Market Commission (CNMV); and Alejandra Kindelán, Chair and CEO of the Spanish Banking Association (AEB).

The Forum, organised by ICO in collaboration with BBVA, Crédit Agricole, HSBC, ING and Santander, brings together leading national and international stakeholders every year in Madrid to analyse the evolution of green, social and sustainable bond markets, as well as their regulatory outlook and growth prospects.

The celebration of this 10th edition highlights the Forum’s trajectory and its contribution to the debate on sustainable finance in a context in which this market continues to play a significant global role. According to the International Capital Market Association (ICMA), global sustainable bond issuance exceeded €950 billion in 2025, a figure broadly in line with 2024. Green bonds accounted for 59% of total issuance, while social bonds represented 12%.

In the first quarter of 2026, issuance has increased by 8% year-on-year, despite an environment marked by heightened geopolitical tensions. In this context, Europe continues to lead the sustainable bond market, accounting for 53% of total issuance.

ICO: a benchmark issuer

The consolidation of the Forum is aligned with ICO’s ongoing efforts to promote the development of sustainable bond markets. To date, ICO has issued 20 benchmark transactions (12 social and 8 green bonds), totalling €10.05 billion. Its commitment to sustainable finance dates back to 2015, when it issued its first social bond, followed by its first green bond in 2019.

ICO channels the funds raised through these issuances to the business sector via its direct financing programmes, ICO Intermediation Lines, and funds managed by AXIS, its venture capital arm. The aim is to support business projects that contribute to sustainable growth, the ecological transition, and social and territorial cohesion.

In 2025, 51% of ICO’s new financing was classified as sustainable, exceeding its 40% target set in its Strategic Plan. In absolute terms, this included €3.5 billion in direct financing, €640 million through ICO Intermediation Lines, and €730 million in venture capital investments via AXIS.

ICO Green Bonds

In May, ICO launched its eighth green bond issuance. With this transaction, the total amount issued under this format has reached €4 billion, aimed at financing activities, investments, and projects by Spanish companies that contribute to accelerating the ecological transition.

Recently, ICO updated its Green Bond Framework to reinforce its commitment to environmental protection and climate change mitigation through the financing of projects with positive environmental impact. The update introduces new eligible project categories: Circular Economy and Climate Change Adaptation.

In addition, the new Framework enhances transparency regarding project alignment with the UN Sustainable Development Goals (SDGs), the EU Environmental Objectives, and the EU Taxonomy.

Through its first seven green bond issuances—whose impact reports have already been published—ICO has financed projects by Spanish companies mobilising approximately €33.85 billion in investment and generating annual CO₂ savings of more than 1.36 million tonnes.

ICO Social Bonds

ICO was a pioneer in the social bond market, completing its first issuance in 2015. Since then, the institution has issued twelve social bonds totalling €6.05 billion.

The proceeds are allocated to projects that promote social and territorial cohesion, generating a positive impact on employment. To date, ICO’s social bond issuances have helped finance more than 80,200 business projects, contributing to the creation or maintenance of over 550,000 jobs, as well as the development of social infrastructure such as hospitals and housing.