On November 25, the Hong Kong Mortgage Corporation (HKMC) announced the successful issuance of multi-currency benchmark bonds totaling HKD 25.3 billion (or USD 3.3 billion equivalent) under its USD 30 billion Medium Term Note Programme. The issuance included four tranches: a HKD 10 billion 2-year bond, a CNY 5 billion 3-year bond, a USD 1 billion 5-year conventional bond, and a HKD 2 billion 30-year social responsibility bond.
This marks HKMC’s largest public bond issuance to date, surpassing its previous record of HKD 23.8 billion equivalent set in October 2024. The offering attracted strong demand from a diverse range of investors, including multilateral development banks, Hong Kong government-related funds, banks, insurers, MPF and pension funds, asset managers, and private banks. Total subscription peaked at approximately HKD 80 billion equivalent, with allocations made to around 250 institutional investors.
Notably, the 30-year HKD social responsibility bond is not only the largest of its kind in Hong Kong but also the first in the Asia-Pacific region to support the Reverse Mortgage Programme (RMP), providing essential financing for elderly homeowners. The RMP, part of HKMC’s "Retirement 3 Treasures" initiative, enables seniors to unlock property value for additional retirement income. As of October 2025, the programme has received 8,776 applications, with an average property valuation of HKD 5.5 million and an average monthly annuity of HKD 15,900. The average borrower age is 69.
Eddie Yue, Deputy Chief Executive of the Hong Kong Monetary Authority and Executive Director of HKMC, stated, "This landmark multi-currency issuance reinforces Hong Kong’s position as Asia’s leading international bond hub and premier offshore RMB center. The diverse tenors and currencies further highlight HKMC’s role in fostering public bond market development, bridging opportunities for issuers to connect with Hong Kong, mainland, and global investors."
Parker Cheng, Executive Director and CEO of HKMC, added, "This record-breaking issuance demonstrates our success in attracting new investors to Hong Kong’s capital markets and reflects strong confidence in both HKMC and Hong Kong. The inaugural social responsibility bond supporting RMP advances sustainable financing for the elderly while contributing to retirement planning and the silver economy."
