The Industrial and Commercial Bank of China Limited (ICBC) has listed carbon-neutral-themed five-tranche bonds on Nasdaq Dubai, for a total of $2.68 billion. These five-tranche notes were issued by ICBC branches in Dubai International Financial Center (DIFC), Hong Kong, London and Singapore.
ICBC’s Dubai branch was responsible for the CNH-denominated tranche for the multi-currency issue, pricing a two-year CNH 2 billion note at 3.20%. The note is the first-ever carbon neutral thematic bond issued in the GCC region and the largest CNH-denominated public bond issued within the ICBC Group. The ratings received a warm welcome from investors and the final price was tightened by 55 basis points from the initial forecast, with order books exceeding CNH 14 billion by the time the final forecast was released.
Other tranches included a €300 million three-year note at 1.625%, a HKD 2 billion two-year note at 2.95%, a $1.2 billion three-year note at 2, 95% and a $600 million three-year floating rate note.
Li Xuhang, Consul General of the People’s Republic of China in Dubai, said: “Dubai International Financial Center 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 green bonds on Nasdaq Dubai reflects the deepening of Chinese companies in the Dubai market.
Zhang Junguo, Managing Director of ICBC Dubai Branch, said, “The successful issuance of these multi-tranche green bonds on Nasdaq Dubai demonstrates ICBC’s commitment to promoting green development and implementing green finance. We hope that we can continue to expand ICBC’s business activities in the region and strengthen China-Emirati cooperation in economic, trade and financial fields.”
Hamed Ali, CEO of Nasdaq Dubai and DFM, said: “We are delighted to welcome the new bond listings by ICBC, which underscore Nasdaq Dubai’s active role in strengthening ties between the capital markets of the region and China. A growing number of leading institutions in China are leveraging the stock exchange’s world-class ecosystem to realize their fundraising plans and connect with international investors.
The new issues brought the total value of ICBC’s bonds listed on Nasdaq Dubai to $4.375 billion, making ICBC the exchange’s largest Chinese issuer. The issuances which admitted to Nasdaq Dubai on June 2 brought the total value of publicly traded debt securities to $111.5 billion, cementing Dubai’s leading position as a dynamic capital markets hub in worldwide.