The Government of the Hong Kong Special Administrative Region (HKSAR) has successfully priced approximately HK$20 billion in digital green bonds across four currencies, marking the world’s largest digital bond issuance to date and introducing groundbreaking advancements in tokenised deposits and data standardisation.
The HKSAR Government announced the successful pricing of around HK$20 billion worth of digital green bonds (Digital Green Bonds) denominated in Hong Kong dollars (HKD), Renminbi (RMB), US dollars (USD), and euro (EUR) under the Government Sustainable Bond Programme. Following a virtual roadshow, the bonds were priced on September 28, 2026, with subscription ratios reaching an impressive 1.3 to 11.3 times across all four tranches.
Tranche Breakdown and Global Scale
- HKD 5.5 billion 2-year tranche at 3.80%
- RMB 7.5 billion 5-year tranche at 1.65%
- USD 200 million 3-year tranche at 5.023%
- EUR 450 million 4-year tranche at 3.734%
This issuance shatters previous records to become the largest digital bond issuance globally, broadening the investor base and accelerating market adoption for digital assets.
A World First: Integrating Tokenised Deposits via EnsembleTX
Building upon three successful issuances since 2023, this latest milestone reinforces the HKSAR Government’s commitment to driving financial technology (FinTech) innovation in capital markets. Alongside traditional settlement rails and tokenised central bank money options from previous issuances, tokenised deposits empowered by EnsembleTX have been integrated into the primary issuance settlement process for the HKD tranche.
This represents the world’s first digital bond to integrate tokenised deposits in HKD, paving the way for a more integrated digital ecosystem and laying a solid foundation for exploring the programmable features of digital money.
Driving Interoperability Through Global Standards
From a regulatory technology (RegTech) and compliance standpoint, the issuance also advances global standardisation. By adopting the International Capital Market Association’s (ICMA) latest Bond Data Taxonomy (BDT) Version 2.01, the transaction promotes greater data consistency, seamless interoperability, and end-to-end automation across the complete bond lifecycle.
Leadership Insights
- Financial Secretary Mr Paul Chan noted: “The HKSAR Government has successfully issued digital green bonds for the fourth time, totalling HK$20 billion, which is the largest issuance of its kind globally. The offering was oversubscribed, demonstrating strong market appetite for tokenised products issued in Hong Kong.”
- Secretary for Financial Services and the Treasury Mr Christopher Hui stated: “This fourth issuance of tokenised green bonds demonstrates our ongoing commitment to supporting innovative bond formats and driving green transformation, aligning with Policy Statement 2.0 on the Development of Digital Assets.”
- Chief Executive of the HKMA Mr Eddie Yue added: “This fourth issuance reinforces our commitment to stay ahead in the digital finance space, unlocking new synergies across digital infrastructures and deepening our digital asset ecosystem.”
Technical Infrastructure and Ecosystem Partners
- Clearing and Settlement: Central Moneymarkets Unit (CMU) operated by the HKMA, benefiting from statutory settlement finality under Hong Kong law, with linkages to Euroclear and Clearstream.
- Digital Assets Platform: HSBC Orion.
- Joint Global Coordinators & Lead Managers: HSBC, Bank of China (Hong Kong), Bank of Communications, BNP PARIBAS, Crédit Agricole CIB, ICBC (Asia), J.P. Morgan, and Standard Chartered Bank.
- Legal Advisers: Allen Overy Shearman Sterling (to issuer), Ashurst Perkins Coie Hong Kong (to Platform Provider), and Linklaters (to banks and agents).
The HKSAR Government will continue to issue tokenised bonds on a regular basis, expand use cases for underlying technologies, and harness fintech to empower the sustainable development of the bond market.
