Nasdaq Dubai welcomes listing of five bond issuances by ICBC

Nasdaq Dubai welcomed the listing of a landmark US$2.68bn five-tranche carbon neutral bond issued by Industrial and Commercial Bank of China (ICBC), the world’s largest bank by asset size. These five-tranche bonds were issued by ICBC branches in Dubai International Financial Centre (DIFC), Hong Kong, London and Singapore.

ICBC’s Dubai branch (DIFC) was responsible for the multi-currency issue tranche denominated in Chinese pounds, pricing the two-year CNH 2 billion note at 3.20 per cent. The note is the first thematic bond issued in the Gulf region and the largest CNH-denominated public bond issued within the ICBC group. The notes generated a warm reception from investors and the final pricing was tightened by 55 basis points from the original benchmark, with the order book exceeding CNH14bn by the time the final benchmark was announced.

Other tranches included a 3-year €300m note at 1.625%, a 2-year HK$2bn note at 2.95%, a 3-year US$1.2bn note at 2.95% and a 3-year US$600m floating rate note.

To celebrate the listing, His Excellency Li Xuhang, Consul General of the People’s Republic of China in Dubai, rang the Nasdaq Dubai market opening bell in the presence of Zhang Junguo, CEO of ICBC Dubai Branch (DIFC), and Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM).

H.E. Li Xuhang, Consul General of the People’s Republic of China in Dubai, said: “The Dubai International Financial Centre (DIFC) has always been an excellent platform for Chinese banks to grow in Dubai, fostering bilateral economic and financial cooperation. The listing of ICBC’s green bonds on Nasdaq Dubai reflects the deepening of Chinese businesses in the Dubai market.”

The new issues increased the total value of ICBC’s bonds listed on Nasdaq Dubai to US$4.375 billion, making ICBC the largest Chinese issuer on the exchange. The issues, which were admitted to Nasdaq Dubai on June 2, 2022, increased the total value of debt securities listed on the exchange to US$111.5 billion, reinforcing Dubai’s leading position as a dynamic capital markets hub globally.

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