Dubai welcomes its first Yulan Bond: Bank of China Dubai branch lists CNH 2 billion note on Nasdaq Dubai

Nasdaq Dubai marked a first on November 2: a CNH 2 billion Yulan Bond issued by Bank of China (Dubai Branch) was listed on the exchange, the first Yulan Bond ever listed there, dual-listed with the Hong Kong Stock Exchange.

Two years, 1.60% yield, 50 basis points inside guidance

The two-year fixed-rate note, maturing in October 2028 and worth about US$280 million, priced at a final yield of 1.60%, tightening 50 basis points from initial price guidance of 2.10% on demand from regional and international investors. It carries an 'A' rating from Fitch Ratings, in line with Bank of China's long-term issuer default rating, is registered through the Shanghai Clearing House and settles internationally via Euroclear.

Another step in China-UAE financial connectivity

To mark the listing, H.E. Zeng Jixin, Ambassador of China to the UAE, H.E. Ou Boqian, Consul General of China in Dubai, and Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market, rang the market opening bell. Nasdaq Dubai said its total outstanding debt listings now exceed US$145 billion, including US$14.3 billion in active listings from Chinese and Hong Kong issuers — a backdrop that makes the debut Yulan Bond a further marker of Dubai's role as an offshore renminbi bond hub.