On January 22, 2016, as a joint book-runner and joint underwriter, ICBC Singapore Branch successfully underwrote the seven-year SGD bonds issued by the Housing & Development Board (HDB). It was the first time for Singapore Branch to underwrite bonds of Singaporean government institutions.

HDB listed Singapore Branch as one of institutions to be invited to bid for bond underwriting in October, 2015. January 2016, Singapore Branch finally formed an underwriting group with the Development Bank of Singapore, the Deutsche Bank and the Australia & New Zealand Bank and won the bidding to underwrite the first SGD bonds for the HDB, making it the first Chinese bank to underwrite bonds of the HDB.