Nasdaq Dubai Lists $400M Bonds Issued by Agricultural Bank of China

Photo : Dubai Government Media Office

Nasdaq Dubai has announced the listing of $400 million in Floating Rate Notes issued by the Agricultural Bank of China (DIFC Branch), marking the bank's second bond listing on the exchange. This issuance, part of a $15 billion Medium Term Note Programme, is due to mature in 2027. The Agricultural Bank of China (ABC), one of China's "Big Four" banks, continues to enhance its global presence through such strategic financial maneuvers.

The listing highlights the growing economic ties between China and the UAE, reflecting both nations' deepening financial cooperation. The total value of outstanding fixed income listings on Nasdaq Dubai now stands at $135 billion, showcasing the exchange's significant role in the global bond market.

The bell-ringing ceremony for the new bond issuance was attended by notable figures, including H.E. Ou Boqian, Consul General of the People's Republic of China in Dubai, and Hamed Ali, Chief Executive of Nasdaq Dubai and Dubai Financial Market (DFM).

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H.E. Ou Boqian lauded the accomplishments of Chinese financial institutions in Dubai, particularly the Agricultural Bank of China, in advancing the Belt and Road Initiative (BRI). Celebrating the 40th anniversary of diplomatic relations between China and the UAE, the Consul General emphasized the importance of Chinese financial institutions implementing the spirit of the Joint Statement signed by the two governments earlier this year. She expressed hopes that these institutions, including ABC, will play a crucial role in financing BRI-related investments and trade projects, and foster deeper cooperation between China and the UAE.

Hou Guifeng, CEO of ABC's DIFC Branch, highlighted the branch's strategic role in serving the Middle East and North Africa region. The branch has been actively involved in BRI projects, focusing on areas such as solar power generation, seawater desalination, aviation, shipping, and clean energy. The successful issuance of these BRI-themed bonds is expected to further energize financial and business cooperation in the region.

Hamed Ali, CEO of DFM and Nasdaq Dubai, celebrated the listing, stating, "We are pleased to welcome the $400 million listing from ABC on Nasdaq Dubai. As the premier global hub for international bond listings, our exchange is committed to providing a robust platform for issuers to access both regional and international investors. We look forward to supporting ABC's continued growth and success in the international capital markets."

This new bond issuance underscores Nasdaq Dubai's role as a key player

Sept. 3, 2024 3:22 p.m. 438

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