Hong Kong SAR Government successfully issues HK$20 billion equivalent multi-currency digital green bonds, setting a new record for the world's largest issuance

The Hong Kong SAR Government announced today (September 29) the successful pricing of approximately HK$20 billion equivalent of digital green bonds under the Government Sustainable Bond Programme, covering Hong Kong dollars, Renminbi, US dollars and euros. Following an online roadshow, this batch of digital green bonds was priced on September 28, with details as follows: HK$5.5 billion two-year bonds at 3.80%; RMB7.5 billion five-year bonds at 1.65%; US$200 million three-year bonds at 5.023%; and EUR450 million four-year bonds at 3.734%. This issuance once again set a new record for the world's largest digital bond issuance. The subscription rates for the bonds across the four currencies ranged from approximately 1.3 times to 11.3 times the issuance size, further promoting the application of digital bonds and expanding the investor base. Following three successful digital green bond issuances since 2023, this issuance further demonstrates the Hong Kong SAR Government's determination to drive innovation in the bond market. In addition to the traditional settlement method and the tokenised central bank money settlement option introduced in the previous issuance, this issuance also introduced tokenised deposits through EnsembleTX in the primary issuance settlement process for the Hong Kong dollar bonds, making it among the world's first digital bonds to introduce Hong Kong dollar tokenised deposits, further enhancing the digital ecosystem and laying the foundation for exploring the programmability of digital currencies. This issuance also continued to strengthen the adoption of global standards, through the International Capital Market Association's latest Bond Data Taxonomy (BDT) 2.0, promoting data consistency, interoperability and end-to-end automation throughout the bond lifecycle. Hong Kong's Financial Secretary Paul Chan Mo-po said: "The successful issuance of the fourth batch of digital green bonds by the SAR Government, with a total issuance size of HK$20 billion, is the largest of its kind globally and was oversubscribed, fully reflecting market appetite for tokenised products issued in Hong Kong. This batch of bonds was issued in multiple currencies, meeting the diverse asset allocation needs of domestic and overseas investors, and adopted multiple innovative technologies, further promoting innovative development of the bond market. The SAR Government will continue to regularly issue tokenised bonds, expand the application scenarios of relevant technologies, and continue to empower the development of the bond market with fintech." Hong Kong's Secretary for Financial Services and the Treasury Christopher Hui said: "The SAR Government's fourth issuance of digital green bonds fully demonstrates our continued commitment to innovative forms of bond issuance and to promoting green transition. The Policy Statement on the Development of Digital Asset in Hong Kong 2.0 published last year proposed expanding the variety of tokenised products and advancing application scenarios and cross-sector collaboration, while the Chief Executive's 2026 Policy Address also reaffirmed that the Government will focus on expanding scenarios and promoting adoption. This issuance will further enhance public understanding of the integration of sustainable development and fintech, and further consolidate Hong Kong's position as a leading global green and sustainable finance centre." Hong Kong Monetary Authority Chief Executive Eddie Yue said: "We have continued to pioneer innovation through the Hong Kong SAR Government's digital bond issuances since 2023. The fourth issuance demonstrates our determination to maintain a leading position in the field of digital finance, continuing to unlock synergies between digital infrastructures and deepen the digital asset ecosystem. We are deeply encouraged by the enthusiastic investor response and the continued broadening of market participation. We look forward to sustaining the momentum to further promote innovation and drive adoption."