Industrial and Commercial Bank of China lists five bonds worth $2.68bn on Nasdaq Dubai

The Industrial and Commercial Bank of China Limited (ICBC) has listed five-tranche carbon-neutrality-themed bonds on Nasdaq Dubai, totaling $2.68bn. These five-tranche notes were issued by ICBC’s branches in the Dubai International Financial Centre (DIFC), Hong Kong, London and Singapore.

ICBC Dubai branch was responsible for the CNH-denominated tranche for the multi-currency issuance, pricing a two years CNH2bn note at 3.20 per cent. The note is the first ever carbon-neutrality theme bond issued in the GCC 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 compared to the initial guidance, with order books exceeding CNH14bn by the time the final guidance was disclosed.

The other tranches included a three years EUR300m note at 1.625 per cent, a two years HKD2bn note at 2.95 per cent, a three years $1.2bn note at 2.95 per cent and a three years $600m floating rate note.

Li Xuhang, consul general of the People’s Republic of China in Dubai, said: “Dubai International Financial Centre has always been an excellent platform for the growth of Chinese banks in Dubai, helping to strengthen bilateral economic and financial cooperation. The listing of ICBC’s green bonds on Nasdaq Dubai reflects the deepening of Chinese enterprises in the Dubai market.”

Zhang Junguo, general manager of ICBC Dubai branch, said: “The successful issuance of these multi-tranche green bonds on Nasdaq Dubai demonstrates ICBC’s commitment to promote green development and implement green finance. We hope we can continue to grow ICBC’s business activities in the region and strengthen China-UAE’s cooperation in the economic, trade and financial fields”.

Hamed Ali, CEO of Nasdaq Dubai and DFM, said: “We are pleased to welcome the new bond listings by ICBC, which underscore Nasdaq Dubai’s active role in strengthening links between the capital markets of the region and China. A growing number of leading institutions in China are leveraging the exchange’s world-class ecosystem to achieve their fund-raising plans and connect with international investors.”

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