Fixed Income Pulse: Hong Kong issues its first green bond

Hong Kong Deal at glance

The Government of the Hong Kong Special Administrative Region of the People’s Republic of China (the HKSAR Government) has issued its first international green bond.

The 5-year $1bn bond – part of the Government’s HK$100bn Green Bond Programme - attracted orders of over $4 billion from over 100 accounts. With this issuance, the HKSAR Government joins a number of Asian issuers that are accessing financing to promote sustainable development and mitigate climate change.

Investors distribution of Hong Kong's debut Green Bond

The HKSAR Government is aiming to reduce its carbon intensity by between 65% and 70% by 2030 compared with 2005 levels. Proceeds raised under the Government’s Green Bond Programme will be credited to the Capital Works Reserve Fund to finance or refinance public works projects that provide environmental benefits and support the sustainable development of Hong Kong. Projects focused on water and wastewater management, waste management and resource recovery, green buildings and energy efficiency and conservation are among those that will benefit from Hong Kong’s access to the capital markets with this issuance.

LSEG has been working closely with investors and issuers in the transition to a low-carbon and sustainable economy for over a decade. We are developing innovative products and services in close collaboration with the market. This listing further strengthens London’s position as a leading international financing centre, and the UK’s position as a leader for green and sustainable issuances from sovereigns, supranationals and corporates. As of 29 May 2019, there are 107 green and sustainability bonds from 39 different issuers in 11 currencies listed on London Stock Exchange. London has hosted many landmark green bond issuances from Greater China, including the largest ever green bond listing on London Stock Exchange, the first sustainability bond on London Stock Exchange’s International Securities Market, and the first international green bond and green covered bond from China.

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