TSMC to List NT$14.8 Billion Green Bonds on Nov. 12

TSMC will list NT$14.8 billion (US$450 million) in green bonds on Nov. 12, 2026, its third green-bond sale planned for the year. The Taipei Exchange, which runs local bond listings on Taiwan’s over-the-counter market, announced the schedule on Wednesday, Nov. 4.

TSMC, described by the exchange as the world’s largest contract chipmaker, had already completed pricing. It posted the transaction details Tuesday on the Taiwan Stock Exchange, where its shares trade.

How is the November issue structured?

The offering comprises NT$12.4 billion of five-year bonds carrying a 2.30 percent coupon and NT$2.4 billion of 10-year bonds carrying 2.42 percent. Completed pricing has fixed both coupon terms before trading begins.

The 10-year coupon stands 12 basis points above the five-year rate, a direct measure of the price investors assigned to the longer maturity. Once listed, both tranches will give TSMC stated coupon costs over five- and 10-year horizons.

Taishin Securities Co. will serve as the major underwriter, and Taipei Fubon Commercial Bank Co. will act as trustee. Both appointments were made before the scheduled Nov. 12 listing.

TSMC said the proceeds “will be used to finance spending on green architecture and environmental protection projects.” The stated use therefore targets specific environmental work rather than general corporate purposes.

What does the broader 2026 authorization cover?

TSMC’s February board approved up to NT$60 billion of unsecured bond issuance in Taiwan for 2026. The proceeds may finance production expansion and green projects, while the Nov. 12 issue is the third sale this year within that plan.

The NT$60 billion figure is an authorization ceiling, not a claim that the full amount has already reached market. The NT$14.8 billion November transaction is confirmed; the rest of the program remains subject to future issuance and pricing.

Production expansion and environmental spending can draw from the same annual program, while this transaction retains a specific environmental use. The announcement attaches no wafer size, process node or output target, and it does not tie proceeds to a particular fab or equipment order. The link between the NT$60 billion ceiling and added semiconductor output therefore remains unquantified.

TSMC also ranks as Taiwan’s largest buyer of renewable energy. The green financing therefore aligns with an established procurement role rather than standing apart from it.

How large is TSMC’s green-bond record?

TSMC’s first green-bond batch totaled NT$12.0 billion when it listed in December 2020. According to the Taipei Exchange, the chipmaker’s outstanding green bonds have since reached NT$229.1 billion, making it Taiwan’s largest green-bond issuer.

The new NT$14.8 billion deal is larger than that first NT$12.0 billion batch, giving investors a familiar issuer rather than a new market test. TSMC has completed pricing, and both tranches already carry fixed coupons.

What does Taiwan’s market data show?

Taiwan’s first batch of green bonds was listed on the over-the-counter market in May 2017. TPEx says outstanding green bonds issued in Taiwan now total NT$604.8 billion.

The first-batch dates frame the market’s growth. Green bonds moved from a May 2017 OTC debut to a NT$604.8 billion Taiwan market in 2026, while TSMC did not issue its first batch until December 2020.

Taiwan groups green bonds with social bonds, sustainability bonds and sustainability-linked bonds on its sustainability bond market. The market’s total outstanding value is NT$826.0 billion, with green bonds accounting for more than 70 percent. That share puts more value in green bonds than in the other three categories combined.

Taiwan’s capital markets and financial authorities have intensified efforts to encourage enterprises to issue green bonds and strengthen environmentally responsible corporate behavior. At NT$604.8 billion, green issuance occupies most of Taiwan’s sustainability-bond market. TSMC’s November sale therefore enters an established funding channel rather than opening a new one, though the figures do not guarantee future pricing.

For now, the confirmed terms are the NT$14.8 billion amount, the two fixed coupons and the environmental project list. The wider NT$60 billion program still depends on future issuance and pricing.

The next pricing signal will come from the rest of TSMC’s NT$60 billion 2026 program. Coupons near this deal’s 2.30 percent to 2.42 percent range would keep the cost of planned production and environmental financing relatively stable; higher coupons would raise it.