HKSAR Government Digital Green Bond (2025)

In November 2025 the Government of the HKSAR issued its third batch of digital green bonds, raising approximately HK$10 billion-equivalent across four currencies (HKD, RMB, USD and EUR) and tenors of two to five years. The offering attracted over HK$130 billion in subscription orders, making it the largest digital bond issuance globally to date.

The bonds were issued on HSBC Orion and cleared through the HKMA's CMU. The issuance was the first to integrate tokenised central bank money — e-CNY and e-HKD — into primary settlement. Coupons varied by tranche: HKD 2.5%, RMB 1.9%, USD 3.633% and EUR 2.512%.