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ICBC Lists USD 2.2b Green Bond on Nasdaq Dubai – News

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Carbon neutral themed bonds, with a term of 2 and 3 years, issued by ICBC Dubai Branch


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Officials at the bell-ringing ceremony. – Courtesy: Dubai Media Office

by WAM

published: Tuesday, February 28, 2023 at 8:52 pm

Industrial and Commercial Bank of China, the world’s largest bank by assets, celebrated the listing of four green bonds with a total value of US$2.2 billion on Nasdaq in Dubai. The United Arab Emirates rang the opening bell to commemorate it.

Accompanying him were Liu Zhengjie, Deputy Consul General of China in Dubai, Luo Wei, General Manager of ICBC Dubai (DIFC) Branch, Hamid Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM).

ICBC branches in Dubai, Hong Kong, Singapore and Sydney issued 2-year and 3-year carbon-neutral themed bonds respectively. ICBC is the first Chinese bank to launch multi-branch and multi-currency capital market transactions in 2023, with strong and diverse demand from international investors.

These four green bonds are denominated in US dollars, offshore renminbi and Australian dollars, and ICBC plans to use the proceeds from the bonds for green financing in different jurisdictions and businesses.

Yiming emphasized the significance of the listing of ICBC’s multi-currency carbon-neutral themed bonds, demonstrating the commitment and achievements of Chinese companies to the green economy and climate change in the region. He also expressed hope that similar initiatives and listings in the future will further strengthen Sino-Arab cooperation, especially in the ESG field.

Wei highlighted ICBC’s global commitment to supporting green and sustainable development, noting that bond listings in Dubai, Hong Kong, Singapore and Sydney cemented ICBC’s position as one of China’s leading banks for offshore ESG bond issuance. He said ICBC’s green bond issuance in the UAE totaled US$4.88 billion, supporting the country’s efforts to achieve net-zero emissions targets and host the COP28 climate summit.

Hamed Ali welcomed ICBC’s new bond listings, saying they offer a promising start to the UAE’s “Year of Sustainable Development” in 2023, which coincides with the country’s hosting of the COP28 conference. He also highlighted the importance of Nasdaq Dubai’s role in empowering the sustainable finance sector and enabling businesses to access capital and grow through the support of sustainable and green finance.

The new issuance brings the total value of ICBC’s bonds listed on Dubai’s Nasdaq to US$6.09 billion. As a result, the total value of green bonds and suitability-linked bonds issued by international financial exchanges increased to US$21 billion, reinforcing Dubai’s position and growing position as a global center for sustainable finance.

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