Nasdaq Dubai has listed its first Yulan Bond, a CNH 2 billion two-year note from Bank of China's Dubai branch, priced at 1.60 per cent.
Nasdaq Dubai listed a CNH 2 billion Yulan Bond from Bank of China’s Dubai branch, its first, the exchange said on Monday: a two-year fixed-rate note maturing in October 2028, also listed in Hong Kong.
The note is dual listed on Nasdaq Dubai and the Hong Kong Stock Exchange, giving the issuer a presence on both venues.
For Dubai’s bond market, the listing adds an offshore renminbi product to a platform that already hosts listings by sovereigns, financial institutions, corporates and multilateral issuers.
The bond drew demand from regional and international investors. Its final yield tightened by 50 basis points from initial price guidance of 2.10 per cent to settle at 1.60 per cent.
It carries an ‘A’ rating from Fitch Ratings, which reflects Bank of China’s Long-Term Issuer Default Rating.
Net proceeds will be used for general corporate purposes.
Yulan bonds are registered and held through the Shanghai Clearing House (SHCH) and settled internationally via Euroclear. They follow international custody practices, which the exchange said allows investors worldwide to access them directly.
Hamed Ali, chief executive of Nasdaq Dubai and Dubai Financial Market (DFM), said the listing “opens an efficient avenue for global investors to access offshore Renminbi fixed income through established Chinese infrastructure”.
He added that the dual listing with Hong Kong Exchanges and Clearing Limited (HKEX) shows how the two financial ecosystems are converging to connect regional and Asian capital markets.
The listing was marked with a market-opening bell ceremony at Nasdaq Dubai, attended by Hamed Ali and senior Bank of China executives, according to WAM.
Nasdaq Dubai said the new listing builds on more than USD 31.9 billion in cumulative Chinese debt activity on the exchange. Hamed Ali said that activity has been anchored by sovereign, state-owned banking and multilateral issuances.
In September 2026, the Dubai Financial Services Authority (DFSA), Nasdaq Dubai, the Hong Kong Monetary Authority (HKMA) and HKEX established a Strategic Working Group. Its remit is to explore cross-border listings, market connectivity and multi-currency debt execution.
Total outstanding debt on Nasdaq Dubai now exceeds USD 145 billion, which the exchange said supports its role as an international hub for fixed income issuances and cross-border investment.
When New Development Bank listed a USD 1.75 billion, three-year benchmark bond with a 4.375 per cent coupon maturing in 2029, the exchange put its outstanding debt securities at USD 143.9 billion. That listing took the bank’s total on the exchange to USD 3.75 billion.
The Bank of China note is in a different currency from that dollar bond and carries a lower yield of 1.60 per cent. Its tenor is also shorter, ending in October 2028, a year before the New Development Bank note matures.
