Hong Kong Issues $3.5 Billion Institutional Green Bonds & Infrastructure Bonds in 5 Tranches and to be Listed on Hong Kong Exchange (HKEX): 1) HKD 3 Billion 30-Year Infrastructure Bond 3.95%, 2) RMB 6 Billion 20-Year Infrastructure Bond 2.60%, 3) RMB 6 Billion 30-Year Infrastructure Bond 2.70%, 4) $500 Million 5-Year Infrastructure Bond 4.052% & 5) €750 Million 8-Year Green Bond 3.119%
11th May 2026 | Hong Kong
Hong Kong Government has issued $3.5 billion institutional green bonds & infrastructure bonds in 5 tranches, and to be listed on Hong Kong Exchange (HKEX) – 1) HKD 3 billion 30-year infrastructure bond 3.95%, 2) RMB 6 billion 20-year infrastructure bond 2.60%, 3) RMB 6 billion 30-year infrastructure bond 2.70%, 4) $500 million 5-year infrastructure bond 4.052% & 5) €750 million 8-year green bond 3.119%. Announcement (8/5/26): “The Government of the Hong Kong Special Administrative Region of the People’s Republic of China (the HKSAR Government) today (8 May) announced the successful pricing of approximately HK$27.6 billion worth of green bonds (the Green Bonds) and infrastructure bonds (the Infrastructure Bonds) denominated in Hong Kong dollars (HKD), Renminbi (RMB), US dollars (USD), and euro (EUR) under the Government Sustainable Bond Programme and the Infrastructure Bond Programme. Following a virtual roadshow on 6 May 2026, the Green Bonds and Infrastructure Bonds were priced on 7 May 2026 as follows: 1) HKD3 billion 30-year infrastructure tranche at 3.95%; 2) RMB6 billion 20-year infrastructure tranche at 2.60%; 3) RMB6 billion 30-year infrastructure tranche at 2.70%; 4) USD500 million 5-year infrastructure tranche at 4.052%; and 5) EUR750 million 8-year green tranche at 3.119% … … The offering attracted participation from a wide spectrum of investors from more than 30 markets across Asia, Europe, the Middle East, and the Americas, with total orders amounting to around HK$239 billion equivalent, representing a subscription ratio of around 8.6 times. In particular, the issuance size of the 30-year HKD bonds was double that of the inaugural issuance last year, and the long-dated 20-year and 30-year RMB bonds, first introduced in 2024, also continued to attract strong investor interest. The Green Bonds and the Infrastructure Bonds are expected to be settled on 14 May 2026 and listed on The Stock Exchange of Hong Kong Limited and the London Stock Exchange. The Green Bonds and the Infrastructure Bonds have been assigned credit ratings of AA- by Fitch, Aa3 by Moody’s, and AA+ by S&P Global Ratings. The Hong Kong Monetary Authority acted as the HKSAR Government’s representative in the offering of the Green Bonds and Infrastructure Bonds. The Green Bonds and the Infrastructure Bonds are governed by the HKSAR Government’s Green Bond Framework and Infrastructure Bond Framework, respectively. Proceeds raised will be credited to the Capital Works Reserve Fund to finance or refinance eligible green projects and infrastructure projects in accordance with the relevant frameworks. The HKSAR Government published its Green Bond Framework in March 2019, which sets out how green bond proceeds will be used to fund projects to improve the environment and facilitate the transition to a low carbon economy. This framework was subsequently updated in February 2022. Vigeo Eiris, which is part of Moody’s ESG Solutions, has provided a Second Party Opinion for both the original and updated Green Bond Framework. The Green Bonds have also received the Green and Sustainable Finance Certificate (Pre-issuance Stage) from the Hong Kong Quality Assurance Agency. The HKSAR Government publishes the Green Bond Report annually, setting out the allocation of the proceeds raised from green bond issuances and the expected environmental benefits of the projects financed. The HKSAR Government published the Infrastructure Bond Framework in September 2024, setting out how it intends to issue infrastructure bonds under the Infrastructure Bond Programme to fund projects that are conducive to the long-term development of Hong Kong. Allocation of proceeds from infrastructure bond issuances and other relevant details are published in the HKSAR Government’s annual Infrastructure Bond Report. The list of Joint Global Coordinators, Joint Bookrunners, Joint Lead Managers, Joint Green and Sustainable Bond Structuring Banks, and Joint Infrastructure Bond Structuring Banks for the offering of the Green Bonds and Infrastructure Bonds are set out at the attached Annex.”
“ Hong Kong Issues $3.5 Billion Institutional Green Bonds & Infrastructure Bonds in 5 Tranches and to be Listed on Hong Kong Exchange (HKEX): 1) HKD 3 Billion 30-Year Infrastructure Bond 3.95%, 2) RMB 6 Billion 20-Year Infrastructure Bond 2.60%, 3) RMB 6 Billion 30-Year Infrastructure Bond 2.70%, 4) $500 Million 5-Year Infrastructure Bond 4.052% & 5) €750 Million 8-Year Green Bond 3.119% “
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The Financial Secretary, Mr Paul Chan: “The issuance of infrastructure bonds by the HKSAR Government raises capital for key infrastructure projects, including the Northern Metropolis, thereby facilitating early project completion for the good of the economy and people’s livelihood. Also, Government green bonds support green and low-carbon transformation projects, as well as consolidate Hong Kong’s development as a green and sustainable finance hub. The HKSAR Government has continued to issue longer-tenor HKD and RMB bonds and expanded the scale to meet the demand for longer-tenor bonds from institutional investors, as well as to foster the development of the fixed income and currency markets. Issuance of RMB bonds will further enrich offshore RMB product offerings, improve the offshore RMB yield curve, and promote RMB internationalisation. The enthusiastic response from global institutional investors to the subscription reflects their confidence in the development prospects of Hong Kong.”
Hong Kong Issues $3.5 Billion Institutional Green Bonds & Infrastructure Bonds in 5 Tranches and to be Listed on Hong Kong Exchange (HKEX): 1) HKD 3 Billion 30-Year Infrastructure Bond 3.95%, 2) RMB 6 Billion 20-Year Infrastructure Bond 2.60%, 3) RMB 6 Billion 30-Year Infrastructure Bond 2.70%, 4) $500 Million 5-Year Infrastructure Bond 4.052% & 5) €750 Million 8-Year Green Bond 3.119%
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