Green Bond Fact Sheet

Jiangxi Province of China

Date: 30/08/2019

Issue date: 18-06-2019 Maturity date: 18-06-2049 Tenor: 30
Issuer Name

Jiangxi Province ofChina

Amount Issued

CNY300m/USD42m

Country of risk

China

CBI Database

Included

Issuer Type1

Local Government

Bond TypeGreen muni bondGreen Bond Framework

N/A

Second party opinion

Lianhe Equator

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

N/A☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Buildings☐ Certified Buildings☐ HVAC systems☐ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☒ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emissionvehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

Jiangxi is a province located in East China. The population of Jiangxi is approximately 39.66
million by 2017. Jiangxi has an annual GDP of roughly $255 billion. Agriculture plays animportant part in its economy, with rice being the province's dominant crop.

Firsts, records andcertifications

This is the first green bond issued by a local government in China.

Proceeds description

Together with Xijiang, Guangdong, Guiyang and Zhejiang, Jiangxi is a green finance pilot
zone in China. This issuance marks the first municipal green bond from China. CNY300
million proceeds will be fully allocated to two utility tunnel projects. Utility tunnels, also
known as common service tunnels, utilidors or underground pipeline corridors, arepassages built underground to house utility lines such as electricity, water supply and sewer
pipes, as well as telecommunications such as fibre optics, TV and telephone cables.
One tunnel to be financed by this bond will include pipelines that are related to smart citymanagement, such as water supply and fire control systems. The other tunnel willaccommodate drinking water, recycled water, electricity, telecommunications and gas
pipes.

Climate Bonds view

Together with Xinjiang, Guangdong, Guiyang and Zhejiang, Jiangxi province is a green
finance pilot zone in China. We hope to see more issuance from the Chinese public sector,
particularly from these pilot zones.
Utility tunnels, also known as common service tunnels, utilidors or underground pipeline
corridors, are passages built underground to house utility lines such as electricity, watersupply and sewer pipes, as well as telecommunications such as fibre optics, TV andtelephone cables. Instead of installing pipelines and cables individually, a tunnel thatcarries multiple facilities could enable easier subsequent repair and renewal with limited
need for surface excavation. Therefore, it is considered as an eligible urban infrastructure
by both China’s local green bond catalogue and CBI. Accommodating gas pipeline in thetunnel is not ideal, but we included this bond considering the benefits of having the tunnel
infrastructure itself which can avoid impact on air, vegetation, landscape, and soil use inthe life cycle of the pipelines. Furthermore, we considered the fact that gas pipelines canalso potentially be used for biofuels and hydrogen in the future.

Underwriters

ICBC, Agricultural Bank of China, China Construction Bank, Bank of China, Bank ofCommunications, etc.

Deal comments
Credit Rating
Pricing summary

AAA (Brilliance Raing)Investors summary

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign