The Hong Kong SAR Government successfully priced HK$10 billion worth of Digital Green Bonds in multiple currencies. The bonds were denominated in HKD, RMB, USD, and EUR, and achieved record subscription and innovative features, including the integration of tokenized central bank money in settlement. The issuance also achieved a significant expansion in the number of investors, reflecting growing interest in digital finance. Key figures: HK$10 billion in issue size, HKD and RMB tranches at 2.5% and 1.9% respectively, USD and EUR tranches at 3.633% and 2.512%, over HK$130 billion in total subscription amount across four currency tranches, with up to five-year tenors.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On November 11, 2025, the Hong Kong SAR Government successfully priced HK$10 billion worth of Digital Green Bonds, denominated in HKD, RMB, USD, and EUR.
Key bond tranches include a HKD2.5 billion 2-year tranche at 2.5%, a RMB2.5 billion 5-year tranche at 1.9%, a USD300 million 3-year tranche at 3.633%, and an EUR300 million 4-year tranche at 2.512%.
This issuance marks a significant milestone in the HKSAR Government’s bond tokenization journey, integrating innovative features such as digital money settlement and tokenized central bank money.
The bonds represent the largest digital issuance globally, incorporating digital token identifiers ("DTIs") and adopting the International Capital Market Association’s Bond Data Taxonomy ("BDT").
The issuance attracted substantial market participation, including first-time digital bond investors, supporting the Government’s Policy Statement 2.0 on digital assets and fostering digital finance benchmarks and products.
Digital Green Bonds feature a T+1 settlement cycle, with proceeds financing or refinancing projects under the Government’s Green Bond Framework. Cleared and settled through the Central Moneymarkets Unit ("CMU"), the bonds are listed on the Hong Kong Stock Exchange.
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