The Government of the Hong Kong Special Administrative Region announced on September 29, 2026 the successful pricing of around HK$20 billion worth of digital green bonds denominated in Hong Kong dollars, renminbi, US dollars and euros under the Government Sustainable Bond Programme. The announcement was issued on behalf of the Hong Kong Monetary Authority (HKMA).
What was priced
Following a virtual roadshow, the bonds were priced on September 28 in four tranches: HK$5.5 billion two-year at 3.80 per cent, RMB 7.5 billion five-year at 1.65 per cent, US$200 million three-year at 5.023 per cent, and EUR 450 million four-year at 3.734 per cent.
The government said the issuance "has once again set a new record for the largest digital bond issuance in the world", with subscription ratios across the four currencies reaching 1.3 to 11.3 times. It described this as further promoting market adoption and broadening the investor base for digital bonds.
Tokenised deposits added to settlement
Alongside a traditional settlement rail and the tokenised central bank money option introduced in the previous issuance, the government said tokenised deposits, empowered by EnsembleTX, have been incorporated into the primary issuance settlement process for the HKD tranche.
According to the announcement, this represents the world's first digital bond that integrates tokenised deposits in HKD, advancing towards a more integrated digital ecosystem and laying a foundation for exploring the programmable features of digital money.
The issuance also adopts the International Capital Market Association's latest Bond Data Taxonomy (BDT) Version 2.0, which the government said promotes greater data consistency, interoperability and end-to-end automation across the bond lifecycle. The source says BDT is a standardised, machine-readable language of key bond terms, and that Version 2.0 expands coverage to more complex issuance structures and extends application across the full bond lifecycle.
Infrastructure and parties
The clearing and settlement system is the Central Moneymarkets Unit (CMU) operated by the HKMA, with linkage to Euroclear and Clearstream, and HSBC Orion as the digital assets platform, with HSBC as platform provider, trustee and principal paying agent.
Issue ratings are AA-/Aa3/AA+ from Fitch, Moody's and S&P, on par with the issuer's long-term rating. The bonds are governed by Hong Kong law, settle on a T+1 cycle and are listed on the Hong Kong Stock Exchange. Proceeds are to finance or refinance projects under the "Eligible Categories" in the Government's Green Bond Framework, on which Vigeo Eiris provided a Second Party Opinion.
Banks and law firms involved in the preparation included HSBC, Bank of China (Hong Kong), Bank of Communications, BNP PARIBAS, Crédit Agricole CIB, ICBC (Asia), J.P. Morgan, Standard Chartered Bank, Barclays, Citigroup, Deutsche Bank, Société Générale, UBS, Allen Overy Shearman Sterling, Ashurst Perkins Coie Hong Kong and Linklaters.
What officials said
Financial Secretary Paul Chan said the offering was oversubscribed, "demonstrating strong market appetite for tokenised products issued in Hong Kong", and that the government "will continue to issue tokenised bonds on a regular basis, expand the use cases for the underlying technologies, and harness fintech to empower the bond market's continued development."
Secretary for Financial Services and the Treasury Christopher Hui linked the sale to the Policy Statement 2.0 on the Development of Digital Assets in Hong Kong released last year and to the Chief Executive's 2026 Policy Address, which he said stated the government will work to broaden use cases and popularise digital bonds.
HKMA Chief Executive Eddie Yue said the fourth issuance "reinforces our commitment to stay ahead in the digital finance space" and that the authority is encouraged by strong investor demand and expanding market participation. The announcement carried a disclaimer that it is not for distribution in the United States, Canada, Australia or Japan, and that the securities have not been registered under the US Securities Act.
Key facts and where they come from
- Hong Kong priced around HK$20 billion of digital green bonds in four currencies on September 28, announced September 29, 2026.
announced the successful pricing of around HK$20 billion worth of digital green bonds (Digital Green Bonds) denominated in HK dollars (HKD), Renminbi (RMB), US dollars (USD) and euro (EUR)
- Tranches: HKD 5.5bn 2-year at 3.80%, RMB 7.5bn 5-year at 1.65%, USD 200m 3-year at 5.023%, EUR 450m 4-year at 3.734%.
HKD 5.5 billion 2-year tranche at 3.80 per cent RMB 7.5 billion 5-year tranche at 1.65 per cent USD 200 million 3-year tranche at 5.023 per cent EUR 450 million 4-year tranche at 3.734 per cent
- The government says it set a new record for the largest digital bond issuance globally, with subscription ratios of 1.3 to 11.3 times.
once again set a new record for the largest digital bond issuance in the world, with subscription ratios across four currencies reaching 1.3 to 11.3 times
- Tokenised deposits, powered by EnsembleTX, were used in primary issuance settlement for the HKD tranche.
tokenised deposits, empowered by EnsembleTX, have been incorporated into the primary issuance settlement process for the HKD tranche of this issuance
- The government calls it the world's first digital bond integrating tokenised deposits in HKD.
It represents the world's first digital bond that integrates tokenised deposits in HKD
- The issuance adopted ICMA's Bond Data Taxonomy Version 2.0.
By adopting the International Capital Market Association's latest Bond Data Taxonomy (BDT) Version 2.0
- Settlement runs through the HKMA-operated CMU with HSBC Orion as the digital assets platform.
The clearing and settlement system of the Digital Green Bonds is the Central Moneymarkets Unit (CMU), with HSBC Orion as the digital assets platform.
- Ratings are AA-/Aa3/AA+ and settlement is T+1, with listing on the Hong Kong Stock Exchange.
Issue ratings AA-/Aa3/AA+ (Fitch / Moody's / S&P), on par with the issuer's long-term rating