Crédit Agricole CIB once again supports landmark digitally native green bond issuance by the Hong Kong SAR Government

The Hong Kong Special Administrative Region Government's groundbreaking third digital green bond offering was priced on 10 November 2025, worthing approximately HK$10 billion across four currencies under its Global Medium Term Note Programme. Proceeds will be used for funding eligible projects, under the Government Sustainable Bond Programme, that will provide environmental benefits and support the sustainable development of Hong Kong.

The multi-currency issuance comprised tranches in Hong Kong dollars, Renminbi, US dollars, and Euro. With further expansion in size, tenor and participation, it attracted strong demand from a diverse base of institutional investors worldwide, including many first-time digital bond investors. 

The transaction builds on the success of previous digital bond issuances in 2023 and 2024 Will open in a new tab , while introducing several breakthrough features, representing a significant evolution in digital capital markets. It lays the foundation for future integration with other forms of digital money, fostering interoperability and unlocking new synergies across different digital infrastructures.

The issuance also marks the first digital bond offering globally to integrate tokenised central bank money - e-CNY and e-HKD - in the settlement process, alongside traditional rails, helping further reduce settlement time, costs and counterparty credit risk.

Crédit Agricole CIB has assumed a lead role acting as joint global coordinator, joint bookrunner, joint lead manager, and joint green and sustainable bond structuring bank in this transaction. Our expertise in both traditional debt capital markets and emerging digital technologies positions us uniquely to support complex issuances that integrate innovative features.