Nasdaq Dubai Lists Its First Yulan Bond With Bank of China's CNH2 Billion Issue

The two-year fixed-rate note matures in October 2028 and is dual-listed on Nasdaq Dubai and the Hong Kong Stock Exchange. Demand from regional and international investors allowed the final yield to tighten by 50 basis points, from initial price guidance of 2.10 percent to 1.60 percent, WAM reported. Fitch Ratings has rated the bond A, in line with Bank of China's long-term issuer default rating, and the net proceeds will be used for general corporate purposes.

Yulan Bonds are registered and held through the Shanghai Clearing House and settled internationally through Euroclear. That structure follows international custody practice and lets global investors hold the bonds directly.

Renminbi Links

China's ambassador to the UAE, Zeng Jixin, rang the market-opening bell alongside Ou Boqian, China's consul-general in Dubai, Hamed Ali, chief executive of Nasdaq Dubai and Dubai Financial Market, and senior Bank of China executives.

Zeng said the issuance was another step in promoting cross-border use of the renminbi and connecting Chinese financial infrastructure with international markets, adding that China-UAE financial cooperation continues to widen across local-currency settlement, investment, financing and financial innovation, according to WAM. Ou said the listing reflected the growing integration of Chinese institutions into Dubai's financial market.

Hamed Ali said the listing gives global investors another route into offshore renminbi fixed income and builds on more than $31.9 billion in cumulative Chinese debt activity on Nasdaq Dubai.

Wider Context

The listing follows the creation in September 2026 of a strategic working group by the Dubai Financial Services Authority, Nasdaq Dubai, the Hong Kong Monetary Authority and Hong Kong Exchanges and Clearing to explore cross-border listings, market connectivity and multi-currency debt issuance. Total outstanding debt listed on Nasdaq Dubai now exceeds $145 billion, WAM reported.

For Dubai, the deal adds a new instrument type to a debt market that has been building ties with Asian issuers, and positions the exchange as a venue for renminbi-denominated paper aimed at Middle East investors. For Chinese institutions, a Dubai listing offers access to Gulf capital as trade and investment between the two economies grows.