ICBC is now Nasdaq Dubai’s largest green bond issuer: The Industrial and Commercial Bank of China (ICBC) listed three green bond tranches worth USD 1.72 bn on Nasdaq Dubai yesterday under its USD 20 bn global medium-term note program, according to a joint statement (pdf). The listing makes ICBC the largest green bond issuer on Nasdaq Dubai, with its total green bond listings on the stock exchange hitting USD 5.6 bn.

The breakdown: The Chinese state-owned lender sold CNY 3 bn (c. USD 418.1 mn) worth of green bonds maturing in 2028 and carrying a 2% interest rate through its Dubai branch. ICBC’s Hong Kong branch issued USD 1 bn in floating-rate notes, while its Singapore branch issued USD 300 mn at a fixed rate of c. 4.13%, both of which will also mature in 2028.

Zooming out: The value of debt instruments listed on Nasdaq Dubai climbed to USD 136 bn following the new listings, including USD 40 bn in bonds and USD 17 bn in green bonds, according to the release. Total ESG-linked issuances on the exchange have now topped USD 29 bn.

More where that came from: The UAE and Saudi Arabia are expected to lead sustainable bond issuances in the region this year, with total volumes forecast at USD 18-23 bn. Notable transactions so far this year include Aldar Properties securing the region’s largest sustainable loan for a real estate developer, with a AED 9 bn sustainability-linked revolving credit facility, and DP World listing the MENA’s first corporate blue bond on Nasdaq Dubai with a value of USD 100 mn. Ittihad International Investment also secured a USD 450 mn sustainability-linked revolving credit facility (RCF), whilst Dubai Islamic Bank (DIB) launched a sustainability-linked finance facilities framework, the first of its kind for any Islamic bank globally.

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