The carbon-neutrality-themed-bonds raised total value of ICBC’s bonds listed on Nasdaq Dubai to US$ 6.09 billion
Dubai’s status as a global sustainable finance hub gains momentum with green and suitability-linked debt issuances on Nasdaq Dubai advancing to US$ 21 billion
His Excellency Zhang Yiming, Ambassador of the People’s Republic of China to the UAE rang Nasdaq Dubai’s market opening bell to celebrate the listing of four green bonds worth a total value of US$ 2.2 billion by the Industrial and Commercial Bank of China Limited (ICBC), the world’s largest bank by assets.
He was also accompanied by Liu Zhengjie, Deputy Consul-General of the People’s Republic of China to Dubai as well as Luo Wei, General Manager of ICBC Dubai (DIFC) Branch, and Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM).
These carbon-neutrality-themed bonds, with tenor of 2 and 3 years, were issued by ICBC’s branches in Dubai, Hong Kong, Singapore and Sydney.
ICBC is the first Chinese bank to start the year 2023 with a multi-branch and multi-currency capital markets transaction that witnessed a strong and diverse demand from international investors.
The four green notes are denominated in USD, CNH and AUD, and the Bank will use the proceeds of the bonds to fund green financing in different jurisdictions and operations.
H.E. Zhang Yiming said: “Building on the diplomatic achievements of the China Arab summit, as well as the 10-year anniversary of the Belt and Road Initiative, the listing of ICBC’s multi-currency carbon-neutrality themed bond highlights the Chinese enterprises’ commitments and achievements for the green economy and climate change in the region. We hope in the coming years, through initiatives and listings similar to this, that we further strengthen the China-UAE cooperation especially within the ESG sector.”
Luo Wei said: “The listing of ICBC’s multi-currency green bonds issued by the Dubai, Hong Kong, Singapore and Sydney branches on Nasdaq Dubai is a strong testament of ICBC’s global commitment to support green and sustainable development. This further consolidates ICBC’s position as one of the leading banks in Chinese offshore ESG bond issuances. With a total listing of US$ 4.88 billion of ICBC’s green bonds in the UAE, this listing further underscores the bank’s support for the UAE to host the COP28 climate summit, as well as uphold the country’s efforts for a net-zero target.”
Hamed Ali said: “We are pleased to welcome the new bond listings by ICBC. These green bond listings provide a promising start of 2023, “the Year of Sustainability” in the UAE concurrently with the country’s hosting of the COP28 conference to take the sustainability agenda forward globally. The listings also underscore the significance of Nasdaq Dubai’s world-class ecosystem and its active role in empowering the sustainable finance sector, enabling businesses in Dubai and globally to access funds and grow through the support of sustainable and green finance.”
The new issuances raised the total value of ICBC’s bonds listed on Nasdaq Dubai to US$ 6.09 billion. Accordingly, the total value of green and suitability-linked debt issuances on the international financial exchange increased to US$ 21 billion, reinforcing Dubai’s position and growing status as a global sustainable finance hub.