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China Construction Bank celebrates listing of two green bonds on Nasdaq Dubai

Staff Report/Dubai
Filed on August 18, 2020


Li Xuhang, consul general of the People's Republic of China in Dubai, rang the market-opening bell at Nasdaq Dubai on Tuesday to celebrate the listing of two green bonds of $700 million and $500 million US dollars respectively by China Construction Bank (CCB).

The issuances by the Hong Kong Branch of CCB will support the bank's efforts to combat climate change as CCB develops its commercial, corporate and consumer banking activities domestically and internationally.

The $700 million bond maturing in 2025 achieved a coupon of 1.25 per cent while the $500 million bond will mature in 2023 with a coupon of one per cent.

Li Xuhang, consul general of the People's Republic of China in Dubai, said: "In recent years, with the continuous deepening of the comprehensive strategic partnership between China and the UAE, cooperation in all areas has been effectively consolidated and enhanced. The business activities of Chinese banks in the UAE and Dubai International Financial Centre (DIFC) continue to grow. The listing of CCB's green bonds on Nasdaq Dubai is in line with the UAE's vision of supporting clean energy and a green economy. I hope we can take this opportunity to continuously increase cooperation in the economic, trade and financial fields."

Yuan Shengrui, senior executive officer of China Construction Bank (DIFC) branch, said: "The successful issuance of these bonds has once again demonstrated to the international capital market the determination and commitment of CCB to implement green finance innovation and development, and reflects investors' confidence in the strategy and business of CCB. As the international financial exchange in the Middle East, Nasdaq Dubai is actively helping CCB to enhance its regional and global reputation. The exchange's close ties with investors and sound regulatory framework provide strong support for CCB to promote the "Belt and Road" initiative and sustainable economic development."

CCB has now listed a total of four bonds on Nasdaq Dubai including issuances of $600 million in 2016 and $1.2 billion in 2017. The new bonds support the further growth of CCB, which had assets of $3.87 trillion at the end of March 2020, up 6.5 per cent from the end of 2019.
Essa Kazim, governor of Dubai International Financial Centre (DIFC) and chairman of Dubai Financial Market (DFM), said: "Dubai's unique position as the region's business and finance hub is a catalyst for rapidly developing economic links with China that promote mutual prosperity and development. The ability of our capital markets infrastructure to support the fund raising requirements of Chinese issuers plays a significant role in promoting dynamic and productive cross-border activities."

DIFC is the regional home of CCB and many other large Chinese institutions that are developing the Belt and Road initiative. More than 6,000 Chinese-owned businesses are registered in Dubai. Trade between China and the UAE rose to $48.5 billion in 2019, up 18 per cent from $41 billion in 2017, according to the International Trade Centre, making the UAE China's second largest Arab trade partner.

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