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# ICBC lists USD 713 million dual-currency green bond on Nasdaq Dubai
- URL: https://www.theglobalbanker.com/icbc-usd-713-million-dual-currency-green-bond-nasdaq-dubai/
- Published: 2026-09-03T12:35:00.000Z
- Updated: 2026-10-02T15:12:29.000Z
- Description: ICBC has listed a dual-currency green bond on Nasdaq Dubai comprising a USD 300 million three-year FRN and a CNH 2.8 billion fixed tranche, together worth USD 713 million.
- Author: TGB Editorial Team
- Tags: ESG, MENA, Asia-Pacific

The Industrial and Commercial Bank of China has listed a dual-currency green bond on Nasdaq Dubai comprising a USD 300 million three-year floating rate note priced at SOFR plus 35 basis points and a CNH 2.8 billion fixed rate tranche, together equivalent to USD 713 million. The listing was announced on 3 September 2026.

The transaction drew strong investor demand across both currency tranches, with the USD portion attracting an orderbook of USD 1.2 billion, about four times the tranche size, and the CNH tranche generating CNH 10 billion of orders, 3.5 times the deal size. 

#### DUAL-CURRENCY STRUCTURE

The USD 300 million three-year FRN was priced at SOFR plus 35 basis points.

The CNH 2.8 billion tranche was issued in fixed rate format. Following the listing, ICBC's total renminbi-denominated bond issuance on Nasdaq Dubai exceeded 10 billion yuan, according to Chinese state media.

Together, the two tranches raise the equivalent of USD 713 million. The bonds were listed simultaneously in Dubai, Hong Kong and London, according to Global Times.

#### PROCEEDS EARMARKED FOR RENEWABLE ENERGY

Proceeds will be used to support low-carbon renewable energy projects in China and Arab countries, under the theme of China-Arab states renewable energy cooperation, according to Global Times.

ICBC previously listed multi-currency green bonds totalling USD 1.72 billion on Nasdaq Dubai in June 2025.