Core Insights - The China Development Bank recently issued dual-currency bonds in USD and EUR, marking its first listing on the Dubai Stock Exchange [1] - The bond issuance received strong responses from international investors, with the EUR bond achieving a 15 times oversubscription, the highest for a single issuance of public bonds by a Chinese bank [1] - The USD bond saw a 3 times oversubscription, with the issuance spread setting a record low for floating-rate public bonds by Chinese banks based on the SOFR benchmark [1] Bond Details - The issuance included a 3-year floating-rate bond of $500 million with an issuance rate of SOFR plus 30 basis points [1] - Additionally, a 3-year fixed-rate bond of €500 million was issued with an issuance rate of 2.36% [1] - Both bond issues received a Moody's rating of A1 [1] Investor Participation - The issuance attracted a diverse range of investors from Switzerland, Germany, the UK, Spain, the Middle East, and Asia, including sovereign investors, banks, funds, and asset management companies [1] - Sovereign investors from Asia, Europe, and the Middle East accounted for over 30% of the EUR bond subscriptions, indicating strong interest from high-quality sovereign investors [1] - The strong demand reflects confidence in China's economic growth prospects and recognition of the China Development Bank's solid operating performance and quasi-sovereign status [1]