Overview
- The offering spans HKD, CNY, USD and EUR tranches totaling HK$10 billion, the largest digital bond to date.
- Settlement for the HKD and CNY notes can use tokenised central bank money in e‑HKD and e‑CNY, alongside traditional rails.
- Investor orders topped HK$130 billion from global asset managers, banks, insurers and private banks.
- S&P rated the bonds AA+ and noted a backstop that allows migration to conventional systems if required.
- HSBC provided the distributed‑ledger infrastructure as Hong Kong advances a 2025 strategy to grow tokenised assets, following earlier pilots and new stablecoin licensing.