ICBC has listed $713 million in dual-currency green bonds on Nasdaq Dubai, adding to the exchange's growing pool of sustainability-linked debt and deepening the bank's presence in the UAE capital market.
The bonds were issued on Thursday under ICBC's $20 billion Global Medium Term Note Program through its ICBC Dubai (DIFC) Branch. The issuance is split into $300 million in three-year floating-rate notes priced at SOFR plus 35 basis points, and CNH2.8 billion, equivalent to roughly $413 million, in fixed-rate bonds.
Branded under the theme 'China-Arab States Renewable Energy Cooperation', the bonds will direct proceeds towards carbon neutrality efforts, renewable energy schemes and sustainable infrastructure projects.
Strong investor demand
Both tranches attracted demand well beyond what was on offer. The US Dollar portion was oversubscribed 3.8 times, with an order book reaching $1.2 billion. The offshore Renminbi tranche was oversubscribed 3.5 times, drawing an order book of CNH10.0 billion.
With this listing, ICBC now has $4.24 billion in outstanding bonds across four separate issuances on Nasdaq Dubai, underscoring a steady expansion of its footprint on the exchange.
Bell-ringing ceremony
Ambassador Zeng Jixin, Nasdaq Dubai and DFM CEO Hamed Ali, and other senior representatives marked the listing by ringing the market-opening bell at Nasdaq Dubai.
Liu Hua, General Manager of ICBC Dubai (DIFC) Branch, said the listing "reflects ICBC's confidence and commitment to the UAE capital market. As a pioneer in green financing, ICBC has significantly contributed to environmental sustainability by extending green financial solutions, particularly within the framework of the Belt and Road Initiative."
He added: "With a cumulative total of $4.24 billion in outstanding bonds listed on Nasdaq Dubai, ICBC reaffirms its strategic foresight and dedication to fostering eco-friendly and sustainable development globally."
Hamed Ali said the listing "reflects the continued connection between China and global capital markets, reinforcing Dubai's role as a primary international destination for cross-border capital raising and sustainable finance. The strong demand across both the US Dollar and Renminbi tranches highlights the growing investor appetite for high-quality ESG instruments issued through our platform. We look forward to continuing our close collaboration with ICBC as they expand their sustainable footprint globally."
Part of a wider market
The ICBC listing adds to a broader base of debt instruments on Nasdaq Dubai, where total outstanding debt has surpassed $143.9 billion. That figure includes $98.4 billion in Sukuk and $45.4 billion in bonds. ESG-related listings on the exchange now stand at $27.5 billion, a category this latest green bond issuance joins.
For UAE-based investors and market watchers, the listing signals continued interest from Chinese financial institutions in using Dubai's platform to raise capital for sustainability-linked projects, while reinforcing the emirate's positioning within cross-border green finance.