China Development Bank Lists Dual-Currency Bonds on Nasdaq Dubai
Deal News | Jul 10, 2025 | Zawya
China Development Bank (CDB) has successfully listed dual-currency bonds on Nasdaq Dubai, totaling over $1 billion. The bonds include a $500 million US-dollar tranche with a floating rate and a EUR 500 million fixed-rate tranche. The issuance, part of CDB's strategy to diversify its foreign-currency funding sources and investor base, drew substantial interest, particularly from Europe, the Middle East, and Asia. The euro-denominated bonds were oversubscribed 15 times, marking a historic high in single public bond issuance by a Chinese lender. Hamed Ali, CEO of Nasdaq Dubai, affirms this move underscores Dubai's financial market position. Nasdaq Dubai is host to over $13.4 billion in Chinese fixed income listings among its $136.2 billion total debt issuances.
Sectors
- Banking
- Capital Markets
Geography
- China – China Development Bank, a Chinese financial institution, is the issuer of the bonds.
- UAE – The bonds are listed on Nasdaq Dubai, located in the United Arab Emirates, highlighting the region's role in cross-border capital flows.
- Europe – The euro-denominated tranche attracted significant interest from European investors, including banks and asset managers.
Industry
- Banking – The article involves China Development Bank, a major global financial institution, making a significant bond issuance.
- Capital Markets – The listing of bonds on Nasdaq Dubai forms part of the broader capital markets landscape.
Financials
- $500 million – The value of the US-dollar denominated tranche of the bonds.
- EUR 500 million – The value of the euro-denominated tranche of the bonds.
- 2.25% – Coupon rate for the euro-denominated tranche.
- SOFR +30 basis points – The interest rate for the US-dollar denominated tranche.
- $1 billion – Total combined value of the dual-currency bonds listed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| China Development Bank | Issuer | Company | A leading Chinese financial institution issuing the bonds. |
| Nasdaq Dubai | Exchange | Company | A financial exchange where the bonds are listed. |
| Hamed Ali | CEO | Person | CEO of Nasdaq Dubai and Dubai Financial Market. |
| Moody's | Rating Agency | Company | Provided an A1 rating for the bonds. |