China’s ICBC marks listing of US$400 million bond on Nasdaq Dubai

The Industrial and Commercial Bank of China (ICBC) celebrated here Sunday the listing of a 400 million U.S. dollars bond on the Middle East's only international exchange by regulation.

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Wang Hangbo, the executive vice president of China Foreign Exchange Trade System (CFETS), rang the market-opening bell to mark the festivity at the Dubai Financial Market (DFM) (Nasdaq Dubai-listed securities are also traded on the local Dubai market DFM).

The listing marks the second bond listed on the Nasdaq Dubai by ICBC. “This bond bring is the second after ICBC listed a 500 million fixed income security on the market in May 2015,” said Zhou in an interview with Xinhua.

He added “ICBC will remain on the forefront of China’s burgeoning financial relationship with Dubai and the UAE, as the gateway to the wider Middle East and North Africa region.”

Bond listings by Chinese banks on the currently total 1.98 billion, said a Nasdaq Dubai spokesperson.

Asked if ICBC would consider other financial markets in the region as platforms to list bonds, Zhou told Xinhua “it could be possible in the future, but at the moment we have no plans to do so.” He added that he would like to see more listings of Chinese lenders at the exchange.

DFM Chairman Kazim said the listing marks “the growing partnership between Dubai and China on a financial, commercial and cultural level.”

China’s biggest lender, ICBC, opened a branch in the Saudi capital of Riyadh in June 2015, its fifth in the Gulf region. Enditem

Source: Xinhua/NewsGhana.com.gh

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