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 — 3.8 times covered — and the CNH tranche generating CNH 10 billion of orders, 3.5 times the deal size. The oversubscription in both currencies underscored deep investor appetite for high-grade green paper from Chinese state-owned lenders.
DUAL-CURRENCY STRUCTURE ATTRACTS BROAD INVESTOR BASE
The USD 300 million three-year FRN was priced at SOFR plus 35 basis points, a level that reflects ICBC's status as one of the world's largest banks by assets. The floating rate structure appeals to investors seeking short-duration exposure to a highly rated Chinese state-owned lender while benefiting from prevailing US dollar money-market rates, and it is a common format for green issuance targeting bank treasury and asset manager accounts.
The CNH 2.8 billion tranche was issued in fixed rate format, targeting investors with a preference for offshore renminbi exposure. The strong CNH 10 billion orderbook — 3.5 times the deal size — points to sustained appetite for high-grade offshore renminbi issuance in the Middle East investor base and among global funds allocating to the currency as part of diversified fixed income mandates.
Together, the two tranches raise the equivalent of USD 713 million, giving ICBC a sizeable green funding pool spanning two of the world's most important reserve currencies. The listing on Nasdaq Dubai reflects the growing role of the exchange as a hub for both conventional and Islamic debt issuance from Asian and Middle Eastern issuers, complementing established venues in Hong Kong, Singapore and London.
GREEN FRAMEWORK FUNDS RENEWABLES AND TRANSPORT
Proceeds from the dual-currency issuance will finance renewable energy and low-carbon transportation projects under the ICBC Green Bond Framework, the bank's reference document for eligible use-of-proceeds categories and reporting. The framework aligns with the market standards that have emerged around green bond issuance from Chinese state-owned lenders and enables independent verification of the assets funded.
The choice of Nasdaq Dubai as the listing venue continues a pattern of Chinese banks and corporates tapping the exchange for both USD and CNH-denominated green issuance, taking advantage of its regulatory alignment with international standards and its investor base spanning the Gulf, wider Middle East and international asset managers based in the region.
For ICBC, the transaction adds to a growing tally of green issuance across multiple currencies and geographies, reflecting the bank's stated intention to expand its role as a financier of the global energy transition. The combined orderbook of USD 1.2 billion and CNH 10 billion across the two tranches indicates that investor appetite for the bank's sustainable paper remains firmly intact heading into the final quarter of the year, with proceeds earmarked for eligible renewable energy and low-carbon transportation projects under the ICBC Green Bond Framework.