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

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