China Development Bank (CDB) has listed two bonds in multiple currencies with a combined value of more than $1 billion on Nasdaq Dubai.
With an A1 rating from Moody’s, the bonds comprise a $500 million three-year floating-rate tranche priced at SOFR +30 basis points and a EUR 500 million three-year fixed-rate tranche with a coupon of 2.25%.
The dual-currency offering, which is part of the Chinese lender’s strategy to diversify its foreign-currency funding and expand investor base, drew significant interest, particularly in Europe, the Middle East and Asia.
The euro-denominated tranche was oversubscribed 15 times, the highest subscription level ever achieved by a Chinese lender in a single public bond issuance, while the US dollar tranche was oversubscribed three times.
The issuance attracted interest from banks, sovereign entities, funds and asset managers from Switzerland, Germany, the UK, Spain, the Middle East and Asia.
According to Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market, CDB’s bond listing “underscores Dubai’s position as a trusted global hub for cross-border capital flows”.
Nasdaq Dubai currently hosts more than $13.4 billion in Chinese fixed income listings from ICBC, Bank of China, China Construction Bank, China’s Ministry of Finance and the Hong Kong Government. Total debt issuances listed on the exchange have exceeded $136.2 billion.
(Writing by Cleofe Maceda; editing by Seban Scaria)
seban.scaria@lseg.com
