The Hong Kong Mortgage Corporation Limited (HKMC), a public body, has successfully priced its HKD 12 billion ($1.5 billion) digital bond issuance. It surpasses the HKD 10 billion digital green bond issued by the Hong Kong Government in November 2025.
The bond is both multi currency and multi tenor, with three tranches comprising a HK$6 billion 2-year (3.355%), a HK$2.5 billion 5-year (3.431%) and a CNH 3 billion 3-year (1.7%). It received an AA+ (S&P) rating which matches the organization’s overall rating. At one point the order book reached double the issuance amount, with local, Chinese and international investors participating.
The digital bond was issued on HSBC Orion’s permissioned blockchain infrastructure which is integrated with Hong Kong’s central securities depository, CMU. As with the SIX Digital Exchange, which pioneered the linkage of its digital platform to a traditional central securities depository, the Orion–CMU integration means investors don’t have to touch DLT and can take advantage of the CMU’s linkages with Clearstream and Euroclear. Beyond Orion, the CMU is looking at expanding its support for digital assets and tokenization this year and Hong Kong recently created a tokenized bond expert group.
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