Hong Kong, November 11, 2025 — HSBC has supported the Hong Kong SAR Government in its third issuance of Digital Green Bonds, marking what the bank said is the world’s largest digital bond issuance to date.
The offering, executed on HSBC Orion, included tranches in HKD, RMB, USD and EUR, with a total value of HKD10 billion (approximately USD1.3 billion).
HSBC Orion, the bank’s digital assets platform, was used for the transaction, building on its role in the government’s previous multi-currency digital bond issuance in February 2024.
The issuance saw participation from institutional investors across multiple markets, reflecting growing interest in digital bond structures.
HSBC Orion has been integrated with Hong Kong’s Central Moneymarkets Unit (CMU), enabling global investor access through CMU accounts and connections with international central securities depositories.
David Liao, Co-Chief Executive for Asia and the Middle East at HSBC, said the transaction highlights the potential of distributed ledger technology to improve scalability in the bond market.
Since 2024, HSBC Orion has supported several digital bond transactions, including the first digitally native bond issued by a private sector entity in Hong Kong and the first digital bond to be dual-listed in Hong Kong and Macau.
The issuance forms part of Hong Kong’s broader roadmap to develop its fixed income and currency markets and strengthen its position as an international financial centre.
Source: HSBC