October 01, 2026 – The four-currency sale is the world’s largest digital bond issue. It is also the first to settle in tokenised Hong Kong dollar deposits.
In Summary
Hong Kong priced about HK$20 billion of digital green bonds on 28 September, a world record for a digital bond.
Tranches: HK$5.5bn at 3.80%, RMB7.5bn at 1.65%, US$200m at 5.023% and €450m at 3.734%.
The HKD tranche is the first digital bond to settle in tokenised HKD deposits, via the HKMA’s Ensemble TX.
Subscriptions ranged from 1.3 to 11.3 times, and the deal doubles the size of the November 2025 sale.
Hong Kong has priced about HK$20 billion of digital green bonds, the largest digital bond sale in the world. The deal is also the first digital bond to settle in tokenised Hong Kong dollar deposits.
The government announced the pricing on 29 September. Bankers priced four tranches a day earlier, after a virtual roadshow.
Demand was strong. Subscription ratios ranged from 1.3 times to 11.3 times across the four currencies, according to the Hong Kong Monetary Authority.
The sale doubles the size of the last offering in November 2025. It is the fourth digital green bond issue since the programme began in 2023.
Inside the digital green bond sale
The bonds came in four currencies. A HK$5.5 billion two-year tranche priced at 3.80%, while a RMB7.5 billion five-year tranche priced at 1.65%.
In addition, a US$200 million three-year tranche priced at 5.023%. A €450 million four-year tranche priced at 3.734%.
The bonds carry ratings of AA- from Fitch, Aa3 from Moody’s and AA+ from S&P. They settle on a T+1 basis and will list on the Hong Kong Stock Exchange.
Proceeds will fund or refinance projects under the government’s Green Bond Framework. Vigeo Eiris provided a second party opinion on that framework.
Borrowing costs have moved since the last sale. Compared with November 2025, yields rose on the HKD, USD and EUR tranches. Only the renminbi tranche priced lower.
The US dollar tranche shows the shift most clearly. It priced at 5.023%, up from 3.633% less than a year ago, as global bond yields climbed.
Why tokenised deposits matter
The headline innovation sits in settlement. For the HKD tranche, investors could settle the primary issue in tokenised deposits, using the HKMA’s Ensemble TX pilot.
A tokenised deposit is a digital form of an ordinary bank deposit. It stays a claim on a regulated bank, but it can move on a blockchain platform.
Investors also kept two other options. They could use traditional settlement or tokenised central bank money, which the government first offered in its 2025 sale.
The HKMA launched Ensemble TX in November 2025. The pilot supports real-value transactions in tokenised deposits and digital assets, and it runs throughout 2026.
At first, banks settle tokenised deposit trades through the HKD real-time gross settlement system. Later, the HKMA plans to support settlement in tokenised central bank money around the clock.
How the programme has grown
The first sale was small. In February 2023, the government sold HK$800 million of one-year tokenised green bonds at 4.05%.
That deal was the first tokenised green bond issued by any government. It settled on Goldman Sachs’ tokenisation platform, with delivery versus payment on a private blockchain.
The second sale in February 2024 raised about HK$6 billion in four currencies. International investors could also access it through Euroclear and Clearstream.
Next, the third sale in November 2025 raised about HK$10 billion. It added the tokenised central bank money option for the HKD and RMB tranches.
This year’s deal also adopts a global data standard. It uses version 2.0 of the International Capital Market Association’s Bond Data Taxonomy, which aims to automate the bond lifecycle.
Who ran the deal
HSBC provided the Orion digital assets platform and acted as trustee and paying agent. The HKMA’s Central Moneymarkets Unit served as the clearing system.
Eight banks acted as joint global coordinators. They were HSBC, Bank of China (Hong Kong), Bank of Communications, BNP Paribas, Crédit Agricole CIB, ICBC (Asia), J.P. Morgan and Standard Chartered.
Seven of those banks also took part directly on the platform. In addition, law firms Allen Overy Shearman Sterling, Ashurst Perkins Coie and Linklaters advised on the deal.
Barclays, Citigroup, Deutsche Bank, Société Générale and UBS joined as lead managers and bookrunners.
What it means for tokenised finance
HKMA chief executive Eddie Yue said the strong demand and wider participation were encouraging. He added that the authority wants to sustain the momentum and promote adoption.
The sale gives Hong Kong a clear lead in government digital bonds. It also tests tokenised money at real scale, not just in a pilot.
Moreover, officials have signalled more to come. Christopher Hui, the city’s financial services secretary, said the government will work to broaden use cases for digital bonds.
Similar projects are moving elsewhere. UK banks recently completed their first live tokenised deposit payments. For more on tokenisation, follow our coverage. Hong Kong’s digital green bond now sets the benchmark for size.
