ICO-Social Bonds

ICO's main role is to promote economic activities that contribute to the growth and development of the country

ICO's main role is to promote economic activities that contribute to the growth and development of the country while improving the distribution of wealth, especially sectors identified as a priority due to their social, cultural, innovational or environmental significance.

In early 2015, ICO launched its inaugural Social Bond when no Social Bond specific guidelines were yet in place. ICO took an innovative route that perfectly fitted its mission and it put the focus on the "S" for "Social" in ESG criteria. Since the very beginning, ICO has played a key role in developing and promoting the Social Bond market by issuing at least a benchmark Social Bond every year and helping to set an example for market practice. In April 2020, ICO expanded his Social Bond Framework becoming one of the first issuers to integrate the COVID19 in the Framework, with a favourable Second Opinion from Sustainalytics. In May 2020, ICO became the first Spanish issuer to launch a public COVID19 Social Bond.

ICO is fully committed to Sustainability Finance and it will continue promoting the development of the Social Bonds market. In this line, ICO has developed its Social Bond Framework following the recommendations set in line with ICMA's Social Bond Principles and its four core components as well as its recommendation for External Review.

Social Bond Framework (March 2020). Download PDF file

Second Party Opinion (Framework launched in 2020). Download PDF file

Social Bond Framework - Second Party Opinion (Framework launched in 2015). Download PDF file

Methodology report on the employment impact of ICO's Social Bond. Download PDF file


Summary on ISIN, expiration date, amount of ICO Social Bonds and Press Releases
Information about ICO Social Bonds with reports and press releases


Issue Date

Maturity Date

Ammount (mill)


External Review


XS2173111282 13/05/2020 30/04/2024 EUR 500 May 2021 May 2021

Press release




EUR 500

October 2020

October 2020

Press release




EUR 500

October 2019

October 2019

Press release




SEK 500

October 2018

October 2018

Press release

XS2412060092 24/11/2021 30/04/2025 EUR 500      Press release

Social Bond framework

ICO updates its Social Bond framework to broaden its scope and continues to demonstrate its leadership in the Social Bond market

More information about the new framework