The Dubai branch of the Beijing-based Industrial and Commercial Bank of China (ICBC) is preparing to issue up to $4bn as a euro-denominated medium-term note on Nasdaq Dubai and the Irish Stock Exchange.

The issuance was approved by the Dubai Financial Services Authority and the Central Bank of Ireland on 13 May.

It has attracted orders totalling more than $3.5bn from investors, after setting final price guidance at 120 basis points over US Treasuries, according to Reuters.

US-based Moody’s Investors Service has assigned (P)A1/(P)P-1 long-term and short-term ratings to the note.

The unsecured notes will be issued periodically over the next year and will have a maturity of five years.

The arrangers are Citigroup, Emirates NBD Capital, ICBC International itself and the National Bank of Abu Dhabi.

State-owned ICBC is the largest bank in the world by assets and market capitalisation. Its shares are traded on the Hong Kong Stock Exchange.

It provides financing for Chinese firms operating in the Middle East.

In 2014 it arranged $201m in financing for Assas Limited’s $1bn Viceroy Dubai Palm Jumeirah Hotel. Assas Limited is a joint venture of Dubai-based Skai Holdings and China State Construction Engineering Corporation.

China State Construction Engineering Corporation is the engineering, procurement and construction (EPC) contractor for the Viceroy Dubai Palm Jumeirah Hotel project.