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Sovereigns and central banks

Hong Kong: green and infrastructure bonds new issues

Written by Rose Choy

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The HKSAR Government (ticker HKINTL, AA+/AA-/Aa3) is issuing green bonds in EUR (8-year), alongside infrastructure bonds in CNH, USD and HKD. This is the first green bond issuance from an Asian sovereign in 2026, from one of the region's most active and innovative sustainable finance markets.

Initial price guidance EUR tranche (MS+40bps area) looks wide relative to existing trading levels; we would expect final pricing to tighten significantly. Eligible projects focus on water and wastewater management, consistent with Hong Kong's established green bond programme.

Hong Kong has built a sophisticated sustainable finance ecosystem: its 2026 transition finance taxonomy is now operational, grant subsidies are attracting new issuance, and ISSB-aligned disclosure standards are targeted by 2028. With USD 32bn of green bonds issued since 2019, HKINTL offers investors a high-quality entry point into Asia's decarbonisation story.

About the author

Rose Choy

Rose Choy

Research Director, APAC

Based in Singapore, Rose has over 20 years’ experience in capital markets, most recently as a Senior PM at Conning Asia, and her research focuses on credit research and analysis on the energy transition in the Asia-Pacific region.

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