Client news

HKSAR government’s multi-currency, digitally native notes issuance with the deployment of tokenized central bank money

HKSAR government’s multi-currency, digitally native notes issuance with the deployment of tokenized central bank money
Published Date
Nov 17 2025
Related people
Image of Agnes Tsang
Agnes TsangPartner, Hong Kong SAR
Image of Tsz Kwan (Gordon) Ng
Tsz Kwan (Gordon) NgSenior Associate, Hong Kong SAR
A&O Shearman has advised the Government of the Hong Kong Special Administrative Region of the People’s Republic of China (the HKSAR Government) on the issuance of around HKD10 billion worth of multi-currency, digitally native green notes. The bonds, issued under the HKSAR Government’s HKD500bn global medium term note program, are listed on The Stock Exchange of Hong Kong Limited.
  • HKD2.5bn, 2.50% digitally native notes due 2027 (the “HKD DN Notes”)
  • CNY2.5bn, 1.90% digitally native notes due 2030 (the “CNY DN Notes”)
  • USD300 million, 3.625% digitally native notes due 2028 (the “USD DN Notes”)
  • EUR300m 2.50% digitally native notes due 2029 (the “EUR DN Notes”).

This issuance marks the HKSAR Government’s third consecutive year of digital bond issuance, and A&O Shearman has advised on all three, following our work on the inaugural issuance in 2023. Issued under the Government Sustainable Bond Programme, the proceeds from the issuance will be used to finance and/or refinance eligible projects under the HKSAR Government’s Green Bond Framework.

A key innovative feature of this transaction is the option to settle the HKD and RMB tranches via tokenized central bank money alongside traditional settlement rails in the primary issuance process.

“The HKSAR Government’s third digital bond issuance reflects the growing momentum in Hong Kong toward leveraging distributed ledger technology for a more efficient, secure and transparent financial market. The deployment of tokenized central bank money in the project demonstrates how distributed ledger technology can be applied to real-world settlement in the capital markets, and we are honoured to have supported the HKSAR Government in unlocking the transformative potential of tokenisation.”

The A&O Shearman deal team was led by partner Agnes Tsang, with support from senior associate Gordon Ng, associate Eileen Qu, paralegal Michael Leung (pending admission as a Hong Kong-qualified solicitor), and trainee Eunice Wong.

Related capabilities