China’s ICBC lists $1b bonds on Nasdaq Dubai
Move marks highest value of conventional bonds listed on exchange by an overseas issuer
Dubai: Nasdaq Dubai saw the listing of two bonds with a total value of $1 billion from the Industrial and Commercial Bank of China, the world’s largest bank by assets.
The bonds, worth $500 million each, bring the total value of all bonds listed on Nasdaq Dubai by the Chinese bank to $4.56 billion from nine issuances. This is the highest value of conventional bond listings on the exchange by any overseas issuer.
All the bonds were issued by the International and Commercial Bank of China’s branch in Dubai, and were listed on October 17, 2019.
The listings highlight the financial and economic relationship between Dubai and China, which is the UAE’ largest non-oil trading partner.