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AgBank launches yuan bond in Dubai
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THE Agricultural Bank of China, the country’s third-biggest bank by assets, yesterday launched the listing of 1 billion yuan (US$163 million) Emirates bond on the Nasdaq Dubai, the first Chinese fixed-income bond at an Arab stock market.
The listing of the bond was celebrated when the opening bell rang at the Nasdaq Dubai in the presence of China’s General Consul in Dubai Tang Weibin, AgBank Dubai Branch Senior Executive Officer Min Fang, Governor of the Dubai International Financial Center Essa Kazim, Chairman of Nasdaq Dubai Wahed Al-Fahim, and Nasdaq Dubai Chief Executive Hamed Ali.
The 1 billion yuan three-year Emirates bond has a coupon rate of 3.5 percent. The bond is part of AgBank’s global mid-term bond plan, becoming the first Chinese institution issuing bonds in Middle East and North Africa.
Min Fang said the listing was an important step in AgBank’s strategy of global expansion. “We intend to further build the presence of the Chinese currency across Middle East and North Africa from our base in Dubai,” said Min.
He praised Nasdaq Dubai as ideal to promote visibility with investors. Traders said several local Emirate banks like National Bank of Abu Dhabi and Abu Dhabi Commercial Bank invested in the bond.
Kazim welcomed the AgBank bond listing, saying the economic and financial ties between China and the Middle East were expanding rapidly. “Dubai is well placed to facilitate broadening and deepening of this important relationship.”
Nasdaq Dubai, the only international stock exchange in Middle East and North Africa, is also the region’s biggest platform for bond listings.
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