DUBAI, 13th December, 2022 (WAM) -- Li Xuhang, Consul-General of the People's Republic of China, today rang the market opening bell to celebrate the listing of US$ 300 million bonds on Nasdaq Dubai.

This is the second time that the Bank of China is listing its bonds on the region's international financial exchange, following the listing of CNH 2 billion bonds in 2015.

The new listing highlights Nasdaq Dubai's significant role in strengthening links between capital markets in Dubai and China.

Bank of China's Dubai branch has issued the 2025-maturing bonds at a yield of 4.84 percent. This is the first of its kind listing from BOC's Dubai branch, as the 2015 listing was issued by BOC's Abu Dhabi branch.

The "A" rated by Fitch Ratings bonds are part of the Bank's US$ 40 billion bond issuance programme. The Bank shall use the proceeds for general corporate purposes.

Commenting on this, Li Xuhang said, "Since President Xi Jinping paid a historic state visit to the UAE in 2018, and the two countries established a comprehensive strategic partnership, China-UAE relations have made considerable progress, with fruitful cooperation in the economic, trade and financial fields. The Dubai International Financial Centre (DIFC) provides a good platform for the development of Chinese-funded financial institutions in the Middle East.

"The Bank of China Dubai Branch's bond listing on Nasdaq Dubai is a concrete manifestation of Bank of China's implementation of the 'Belt and Road' strategy and another successful practice of the close cooperation between China and the UAE. China and the UAE will continue forging ahead hand in hand and contributing to creating a better future for China-UAE relations."

The new listing increased the value of Chinese institutions' bonds currently listed on Nasdaq Dubai to US$ 7.5 billion through 13 issuances.

For his part, Pan Xinyuan, General Manager and Regional Head of Bank of China, added, "Since its establishment, Bank of China Dubai Branch has always been insisting on in-depth development of the local market. Relying on the advantages of its globalisation and integration, Bank of China always promotes the bilateral economic and trade interaction and bilateral, building a cross-border bridge between these two countries' financial markets.

"All the funds from this bond issuance will be used to boost economic growth in the UAE and other Middle East countries. The bond issuance coincides with the China-Arab States Summit and China-Gulf Cooperation Council (GCC) Summit, Bank of China Dubai Branch is willing to work with institutions from various countries to help jointly build the high-quality development of the 'Belt and Road' strategy and continue making achievements under the new historical opportunity."

Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market, welcomed the listing of Bank of China's new bonds, as an indication to the ever-growing relations between the region's capital markets and China.

He said, "The recurrence of Bank of China's bond issuance and listing on Nasdaq Dubai underlines that a growing number of leading Chinese institutions are attracted to leverage the exchange's world-class regulations to access funds and connect with global investors. At Nasdaq Dubai, we are constantly endeavouring to reinforce Dubai's status as a key hub for Chinese and other international institutions by connecting financial markets in the MENA region with China and other markets for the benefit of various market participants."

The new issuance was listed on Nasdaq Dubai on 6th December, 2022. It has raised the total value of debt instruments listed on the region's international financial exchange to US$ 111.6 billion, underpinning Dubai's leading position as a global capital markets' hub.