Bank of China lists $300m bonds on Nasdaq Dubai
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Bank of China lists $300m bonds on Nasdaq Dubai

Bank of China lists $300m bonds on Nasdaq Dubai

The bank shall use the proceeds for general corporate purposes

Bank of China lists $300m bonds on Nasdaq Dubai

Li Xuhang, Consul-General of the People’s Republic of China, rang the market opening bell on Tuesday, December 13, to celebrate the listing of $300m bonds on Nasdaq Dubai.

This is the second time that the Bank of China is listing its bonds on the exchange, following the listing of CNH2bn bonds in the year 2015.

Bank of China’s Dubai branch has issued the 2025-maturing bonds at a yield of 4.84 per cent. The bonds are part of the Bank’s $40bn bond issuance programme, the proceeds from which will be used for general corporate purposes.

“Since President Xi Jinping paid a historic state visit to the UAE in 2018, and the two countries established a comprehensive strategic partnership, China-UAE relations have made considerable progress, with fruitful cooperation in the economic, trade and financial fields. The Dubai International Financial Centre (DIFC) provides a good platform for the development of Chinese-funded financial institutions in the Middle East,” said Li Xuhang.

“The Bank of China Dubai Branch’s bond listing on Nasdaq Dubai is a concrete manifestation of Bank of China’s implementation of the ‘Belt and Road’ strategy and another successful practice of the close cooperation between China and the UAE,” he added.

The new listing increased the value of Chinese institutions’ bonds currently listed on Nasdaq Dubai to $7.5bn through a total of 13 issuances, official news agency WAM reported.

“The recurrence of Bank of China’s bond issuance and listing on Nasdaq Dubai underlines that a growing number of leading Chinese institutions are attracted to leverage the exchange’s world-class regulations to access funds and connect with global investors,” added Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market.

The new issuance was listed on Nasdaq Dubai on December 6, 2022, and has raised the total value of debt instruments listed on the exchange to $111.6bn.

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

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