Agricultural Bank of China lists $400mn bonds on Nasdaq Dubai

DUBAI: Nasdaq Dubai marked a notable advancement in global finance with the listing of $400 million Floating Rate Notes issued by the Agricultural Bank of China (DIFC Branch).

The listing not only represents the bank’s second issuance on the exchange but also highlights the strengthening economic ties between China and the United Arab Emirates (UAE).

The $400 million bond, part of a $15 billion Medium Term Note Programme, is set to mature in 2027. Such large-scale issuances underscore the Agricultural Bank of China’s strategic focus on expanding its presence in global markets.

As one of China’s Big Four banks, ABC’s activities add considerable value to Nasdaq Dubai’s already impressive portfolio, which now boasts an accumulated total of $135 billion in outstanding fixed-income listings.

The bell-ringing ceremony, attended by prominent figures including Ou Boqian, the Consul-General of the People’s Republic of China in Dubai, and Hamed Ali, the Chief Executive of Nasdaq Dubai, further emphasised the significance of this initiative.

Innovative hub

Ou Boqian acknowledged the pivotal role of Chinese financial institutions in Dubai, particularly regarding their contributions to the Belt and Road Initiative (BRI). His comments underscored the expectation that ABC and other Chinese banks would play an active role in realising the goals outlined in the Joint Statement signed by the two governments earlier in the year.

In remarks made by Hou Guifeng, the SEO of ABC’s DIFC Branch, he emphasised the strategic positioning of the branch within the UAE, aimed at serving the broader Middle East and North Africa region.

This approach is particularly focused on projects aligned with the BRI, including vital sectors such as solar power, desalination, aviation, and clean energy. The recent bond issuance not only provides financial resources but also reinforces the collaborative spirit necessary for advancing these initiatives.

Hamed Ali’s statement further reinforces Nasdaq Dubai’s commitment to being a premier hub for international bond listings.

He reiterated the exchange’s dedication to facilitating innovative solutions for issuers while connecting them with regional and international investors.