03 Sep, 2024Nasdaq Dubai Lists USD 400 Million Bonds from Agricultural Bank of China

Nasdaq Dubai has announced the listing of USD 400 million Floating Rate Notes by Agricultural Bank of China (DIFC Branch). This marks the Bank’s second bond listing on Nasdaq Dubai amidst deepening China-UAE economic ties.

The USD 400 million Note, issued under the USD 15 billion Medium Term Note Programme are due in 2027. Agricultural Bank of China (''ABC'') is one of the "Big Four" banks in China. 

The new issuance reflects ABC's strategic expansion in global markets and enhances Nasdaq Dubai’s fixed income listing portfolio. Total value of outstanding fixed incomes listings on Nasdaq Dubai stands at USD 135 billion.

The bell ringing ceremony took place in the presence of H.E Ou Boqian, Consul General of the People's Republic of China in Dubai and Hamed Ali, Chief Executive of Nasdaq Dubai and DFM. 

H. E Ou Boqian, Consul General of the People's Republic of China in Dubai, highly praised ABC's Dubai institutions for the achievements in advancing the Belt and Road Initiative (BRI). In celebrating and commemorating the 40th anniversary of the establishment of the diplomatic relations between China and the UAE, Her Excellency expressed expectations that Chinese financial institutions here in Dubai, including ABC, shall actively implement the spirit of the Joint Statement signed by the two governments this May, injecting financial momentum into BRI-related investments and trade projects. Her Excellency also emphasized the importance of enhancing China-UAE friendly cooperation across various fields and fostering deeper the people-to-people bond.

Hou Guifeng, SEO of ABC DIFC Branch, noted that in recent years, the Branch has been strategically positioned in the UAE to serve the wider Middle East and North Africa region. Focused on projects with ‘Chinese Elements’, the Branch has actively and steadily promoted the implementation of the Belt and Road Initiative, deeply participating in the development of solar power generation, seawater desalination, aviation and shipping, and clean energy projects in the region. The successful issuance of Belt and Road-themed bonds will further add financial impetus and momentum to the promotion of financial and business cooperation in this region.

Celebrating the issuance, Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “We are pleased to welcome the USD 400 million listing from ABC on Nasdaq Dubai. As the premier global hub for international bond listings, the exchange is committed to providing an innovative and robust platform for global issuers to access regional and international investors. We look forward to supporting ABC in their continued growth and success in the international capital markets.”