HSBC supports HKSAR government on world’s largest digital bond issuance

HSBC is pleased to support the Hong Kong SAR Government’s fourth digital green bond offering of around HKD 20 billion worth as Joint Global Coordinator, Joint Lead Manager, Joint Bookrunner, Trustee and Principal Paying Agent. This marks the largest digital bond issuance globally to date. HSBC Orion served as the digital assets platform.

David Liao, Co-Chief Executive, Asia and Middle East, HSBC, said: “We are pleased to participate in the Hong Kong SAR Government’s fourth digital green bond offering. The fact that Hong Kong is returning to the market with a fourth issuance, also the largest digital bond issuance globally to date, shows that digital bonds are evolving from an emerging concept into a scalable funding tool for issuers and investors.

This transaction is significant not only for its scale, but also because it brings together the key components needed for broader adoption: choice, interoperability and practical market utility.

A particularly significant development is the connection of HSBC Orion, the digital assets platform of this offering, to EnsembleTX, facilitating interbank settlement using tokenised deposit. Additionally, investors in both the HKD and RMB tranches can again choose to settle using tokenised central bank money alongside traditional settlement rails in the primary issuance process. This demonstrates how digital assets, tokenised deposits and tokenised central bank money can work across interoperable infrastructure to improve speed and efficiency, while allowing market participants to continue using established settlement arrangements where appropriate.

The 2026 Policy Address outlines plans to develop new growth areas in the city’s fixed income market by popularising digital bonds. In fact, digital bonds issued in Hong Kong accounted for nearly half of global issuance between 2025 and the first half of 2026^, highlighting the market’s ability to translate innovation into live transactions and meaningful scale. We are pleased to have supported this achievement with HSBC Orion. This fourth issuance is a further demonstration of Hong Kong’s ability to turn digital finance ambition into practical market progress and show global leadership. It marks another step towards a more connected, efficient, and resilient financial system.”

Notes:

HSBC Orion has to-date enabled issuance of over USD 8.3 billion in digitally native bonds globally across sovereign, supranational, central bank, financial institution and corporate issuers.

^Source: Hong Kong SAR The Chief Executive’s 2026 Policy Address (https://www.policyaddress.gov.hk/2026/public/pdf/policy/policy-full_en.pdf)