The ICO Sustainable Bond Forum Celebrates its Tenth Edition, Cementing its Position as a Benchmark for International Investors and Issuers 

12 junio 2026

presentation
  • This tenth edition secures the Forum as a vital meeting point to analyse the evolution of the green, social, and sustainable bond markets
  • The event is organised by ICO in partnership with BBVA, Crédit Agricole, HSBC, ING and Santander, and bolsters the Institute’s role in sustainable finance markets
  • ICO has already launched 20 sustainable bond issues – 12 social and 8 green – totalling €10.05 billion, aimed at financing Spanish corporate projects that drive sustainable growth, social cohesion, and the green transition
  • ICO has recently updated its Green Bond Framework, introducing new categories of eligible environmental projects and ensuring closer alignment with the Sustainable Development Goals (SDGs) and the EU Taxonomy.

Today, the Instituto de Crédito Oficial (ICO) held the tenth edition of the Sustainable Bond Forum. Over time, this event has firmly established itself as a premier hub for networking and debate among issuers, investors, financial institutions, rating agencies, and other key players in the sustainable finance arena.

The day’s proceedings were opened by ICO Chairman Manuel Illueca. The event also 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 Taskforce, and Board Member of the National Securities Market Commission (CNMV); alongside Alejandra Kindelán, Chair and CEO of the Spanish Banking Association (AEB).


Organised by ICO in partnership with BBVA, Crédit Agricole, HSBC, ING and Santander, the Forum gathers prominent domestic and international stakeholders in Madrid each year to examine the progress of the green, social, and sustainable bond markets, alongside their regulatory and growth outlooks.

Marking this tenth edition provides an opportunity to highlight the Forum’s track record and its ongoing contribution to the sustainable finance debate, particularly at a time when this market continues to play a leading role on the global stage. According to the International Capital Market Association (ICMA), global sustainable bond issuance surpassed €950 billion in 2025, a figure closely mirroring that of 2024. Green bonds accounted for 59% of total issuance, whilst social bonds made up 12%.

The first quarter of 2026 saw an 8% YoY increase, despite a backdrop of heightened geopolitical tensions; against this landscape, Europe remains at the forefront of the sustainable bond market, representing 53% of total issuance.
 


ICO: A Benchmark Issuer 

The Forum’s consolidation perfectly aligns with ICO’s ongoing efforts to propel the development of sustainable bond markets: 20 issues have been launched to date (12 social and 8 green), amounting to a total of €10.05 billion. Its commitment to sustainable finance dates back to 2015, when it issued its maiden social bond, followed by its first green bond in 2019.

ICO channels the funds it raises with these issues towards the business fabric through its direct financing programs, ICO Second-floor Facilities, and funds managed by AXIS, its venture capital subsidiary. The overarching goal is to champion business ventures that foster sustainable growth, the green transition, and social and territorial cohesion. 

In 2025, sustainable projects accounted for 51% of ICO’s new financing, exceeding the 40% target set out in its Strategic Plan. In absolute terms, this activity encompassed €3.5 billion in direct financing, €640 million through the ICO Second-Floor Facilities, and €730 million in venture capital investments via AXIS.

ICO Green Bonds

Last May, ICO launched its eighth green bond issue: with this transaction, the total volume issued in this format now stands at €4 billion, earmarked to finance activities, investments, and projects by Spanish companies that help accelerate the green transition. 
Recently, ICO has updated its Green Bond Framework to reinforce its commitment to environmental protection and tackling climate change by funding projects with a positive ecological impact. The update introduces new eligible project categories, notably Circular Economy and Climate Change Adaptation. 

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

The first seven green bond issues – for which impact reports have already been published – have financed projects by Spanish firms that have mobilised an estimated €33.85 billion in investment, generating savings of over 1,360,000 tonnes of CO2 per annum.

ICO Social Bonds

The ICO was a trailblazer in the social bond market, closing its inaugural issue in 2015. Since then, the Institute has brought twelve social bond issues to market, totalling €6.05 billion. 

The proceeds raised from these transactions are channelled into projects that promote social and territorial cohesion, delivering a positive impact on employment. To date, ICO’s social bond issues have helped finance over 80,200 corporate projects, instrumental in creating or safeguarding more than 550,000 jobs, as well as supporting the construction of vital social infrastructure such as hospitals and housing.