Hong Kong Mortgage Corporation (HKMC) Issues Record $3.3 Billion (HKD 25.3 Billion) Bonds in 4 Tranches with 1) HKD 10 Billion 2-Year Bond, 2) CNH 5 Billion 3-Year Bond, 3) USD 1 Billion 5-Year Bond & 4) HKD 2 Billion 2-Year Bond
26th November | Hong Kong
Hong Kong Mortgage Corporation (HKMC) has issued a record $3.3 billion (HKD 25.3 billion) bonds in 4 tranches with 1) HKD 10 billion 2-year bond, 2) CNH 5 billion 3-year bond, 3) USD 1 billion 5-year bond & 4) HKD 2 billion 2-year bond. Announcement (25/11/25): “The Hong Kong Mortgage Corporation Limited (HKMC) announced today (25 November) the successful issuance of its multi-currency public benchmark bonds totalling HK$25.3 billion (or US$3.3 billion equivalent) (Issuance) under its US$30 billion Medium Term Note Programme. Following a series of effective investor roadshows, the Issuance was book-built and priced in Hong Kong on 18 November 2025. The landmark Issuance was the HKMC’s largest-ever public bond offering, breaking its own record set in October 2024 when it launched its third social bonds of HK$23.8 billion equivalent. The multi-currency benchmark bond issuance with four tranches comprises HK$10 billion 2-year, CNH 5 billion 3-year and US$1 billion 5-year bonds in conventional bond format; and a 30-year HK$2 billion bond in social bond format. The Issuance was well received by a diverse group of high-quality local, Southbound Bond Connect and international institutional investors, including multilateral development banks, government-related funds, banks, insurance companies, MPF and pension funds, asset management companies and private banks, with a combined peak orderbook of around HK$80 billion equivalent and final allocation to around 250 accounts. The 30-year Hong Kong dollar (HKD) social bond tranche is the largest-ever 30-year HKD bond issuance in Hong Kong, and also the first-ever social bond issuance in Asia Pacific with proceeds being used to support the HKMC’s Reverse Mortgage Programme (RMP) that provides essential financing for the elderly in Hong Kong. Major terms of the Issuance are highlighted in the Annex. The RMP is one of the “HKMC Retire 3” products offering retirement planning solution for elderly homeowners to unlock the values of their properties to provide a supplementary cashflow, thereby helping the elderly to maintain their quality of life during retirement, and to meet healthcare and other livelihood needs. As at end-October 2025, the HKMC has received 8,776 applications under the programme with an average property value of around HK$5.5 million and average monthly payout of around HK$15,900. The average age of borrowers was 69 years old. The HKMC appreciates the professional advice and tremendous support from the Joint Global Coordinators, Joint Bookrunners, Joint Lead Managers and the Joint Structuring Banks, which comprised a total of 29 local and international financial institutions, in making the Issuance successful. The list of participated financial institutions is set out at the Annex. The social bond tranche was issued pursuant to the HKMC’s Social, Green and Sustainability Financing Framework (SGS Framework). Details of the SGS Framework, the Second-Party Opinion for the SGS Framework, and the Pre-issuance Second-Party Opinion report for the transaction are available at https://www.hkmc.com.hk/eng/investor_relations/sustainable_finance.html.”
“ Hong Kong Mortgage Corporation (HKMC) Issues Record $3.3 Billion (HKD 25.3 Billion) Bonds in 4 Tranches with 1) HKD 10 Billion 2-Year Bond, 2) CNH 5 Billion 3-Year Bond, 3) USD 1 Billion 5-Year Bond & 4) HKD 2 Billion 2-Year Bond “
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Howard Lee, Deputy Chief Executive of the Hong Kong Monetary Authority and Executive Director of the HKMC: “This landmark multi-currency bond issuance has further solidified Hong Kong’s position as Asia’s leading international bond issuance hub and the premier offshore Renminbi business centre. The Issuance also further underscored the HKMC’s role in fostering the development of public bond market across various currencies and tenors, paving the way for other issuers to better connect with local, Chinese Mainland and overseas investors.”
Colin Pou, Executive Director and Chief Executive Officer of the HKMC: “This record-breaking bond issuance has proven to be highly effective in bringing new investors to the Hong Kong capital market. It was also a testament to investors’ unwavering confidence in Hong Kong and the HKMC. Moreover, the first-ever social bond tranche dedicated for reverse mortgage loans not only promoted sustainable financing and financial inclusion for the elderly, but also made contribution to the development of retirement planning market and silver economy in Hong Kong.”
Hong Kong Mortgage Corporation (HKMC) Issues Record $3.3 Billion (HKD 25.3 Billion) Bonds in 4 Tranches with 1) HKD 10 Billion 2-Year Bond, 2) CNH 5 Billion 3-Year Bond, 3) USD 1 Billion 5-Year Bond & 4) HKD 2 Billion 2-Year Bond
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