Bank of China Dubai Lists Landmark RMB 2 Billion Yulan Notes on Nasdaq Dubai

Linklaters advised Bank of China on the issuance of RMB 2 billion fixed-rate Yulan notes by its Dubai branch, due in 2028. The senior unsecured notes are dual-listed on Nasdaq Dubai and the Hong Kong Stock Exchange, marking the first Yulan notes listed on Nasdaq Dubai. The transaction connects offshore Renminbi liquidity with Gulf debt capital markets.

Published October 27, 2026 Source: Conventus Law

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International law firm Linklaters advised Bank of China on two offshore Renminbi note issuances carried out by its Dubai and Frankfurt branches under Bank of China Limited's US$40 billion medium-term note programme.

The Dubai transaction comprised the issuance by Bank of China Limited, Dubai Branch of RMB 2 billion 1.60% fixed-rate Yulan notes due in 2028. The senior unsecured notes are dual-listed on Nasdaq Dubai and the Hong Kong Stock Exchange, representing the first Yulan notes listed on Nasdaq Dubai.

Yulan notes are issued through Shanghai Clearing House, with international investors settling transactions within Euroclear Bank's network. The structure provides a new channel linking the offshore Renminbi market with Gulf debt capital markets.

Earlier in May 2026, Linklaters also advised Bank of China Limited, Frankfurt Branch on the issuance of RMB 500 million 1.60% nine-month free-trade-zone (FTZ) offshore notes, which used Shanghai Clearing House for registration and custody.