The Hong Kong Special Administrative Region Government issued approximately 27.6 billion Hong Kong dollars in green bonds and infrastructure bonds.

On May 8, the Hong Kong SAR government announced the successful pricing of approximately HK$27.6 billion equivalent green bonds (Green Bonds) and infrastructure bonds (Infrastructure Bonds) under the government's Sustainable Bond Program and Infrastructure Bond Program, covering Hong Kong dollars, Renminbi, US dollars, and Euros. After holding an online roadshow on May 6, 2026, this batch of Green Bonds and Infrastructure Bonds was priced on May 7, 2026. The relevant yields are as follows: - HK$3 billion 30-year Infrastructure Bond at 3.95%; - RMB 6 billion 20-year Infrastructure Bond at 2.60%; - RMB 6 billion 30-year Infrastructure Bond at 2.70%; - US$500 million 5-year Infrastructure Bond at 4.052%; and - 750 million 8-year Green Bond at 3.119%. This issuance attracted global investors from Asia, Europe, the Middle East, and the Americas, with subscriptions totaling approximately HK$239 billion equivalent, which is about 8.6 times the issuance size. The issuance size of the 30-year Hong Kong dollar bonds is twice the size of the first issuance last year, and the 20-year and 30-year long-term Renminbi bonds introduced in 2024 continue to be well received by investors. Financial Secretary Paul Chan Mo-po stated that the Infrastructure Bonds issued by the SAR government will finance important infrastructure projects including the Northern Metropolis Area, allowing projects that benefit economic development and people's livelihood to be completed faster. The China Green Bonds also support green and low-carbon transition projects and consolidate and enhance Hong Kong's development as a green and sustainable financial center. The SAR government continues to issue longer-term Hong Kong dollar and Renminbi bonds, increasing the issuance size to meet institutional investors' demand for long-term bond investments and promote the development of the local fixed income and currency markets. The issuance of Renminbi bonds will further enrich the selection of offshore Renminbi investment products, improve the offshore Renminbi yield curve, and promote Renminbi internationalization. Global institutional investors have shown strong interest in subscribing to these government bonds, reflecting their confidence in Hong Kong's development prospects. These Green Bonds and Infrastructure Bonds are expected to settle on May 14, 2026, and will be listed on the HKEX and the London Stock Exchange. The Green Bonds and Infrastructure Bonds are rated AA- by Fitch, Aa3 by Moody's, and AA+ by S&P Global. The Hong Kong Monetary Authority represents the SAR government in issuing these Green Bonds and Infrastructure Bonds. The Green Bonds and Infrastructure Bonds are issued under the Hong Kong SAR government's Green Bond Framework and Infrastructure Bond Framework. The funds raised will be allocated to the Capital Works Reserve Fund and provide financing or refinancing to eligible green projects and infrastructure projects according to the relevant frameworks. The Hong Kong SAR government released the Green Bond Framework in March 2019, outlining how the funds raised through green bond issuance will be used to improve the environment and promote the development of a low-carbon economy. The framework was subsequently updated in February 2022. Vigeo Eiris (an agency under Moody's ESG Solutions) has provided a second-party opinion on the original and updated versions of the Green Bond Framework. These Green Bonds have been awarded the Green and Sustainable Finance Certification in the pre-issuance stage by the Hong Kong Quality Assurance Agency. The Hong Kong SAR government publishes an annual Green Bond Report, detailing the allocation of funds raised by Green Bonds and the expected environmental benefits of financed projects. In September 2024, the Hong Kong SAR government released the Infrastructure Bond Framework, explaining how funds are raised through the issuance of Infrastructure Bonds under the Infrastructure Bond Program to finance projects favorable to the long-term development of Hong Kong. The allocation of funds raised through Infrastructure Bond issuance and other relevant details are published in the annual Infrastructure Bond Report by the Hong Kong SAR government. The joint global coordinating banks, joint bookrunners, joint lead managers, joint green and sustainable bond structuring banks, and joint infrastructure bond structuring banks for this Green Bond and Infrastructure Bond issuance are listed in the annex.