Hong Kong is preparing to raise as much as HK$20 billion ($2.6 billion) through a multi-currency digital green bond, according to a Bloomberg report citing people familiar with the matter.
If completed, the deal would become the world’s largest digital bond sale and mark another step in the use of tokenized assets across traditional financial markets.
The proposed issuance is expected to range between HK$15 billion and HK$20 billion, with bonds denominated in US dollars, Hong Kong dollars, euros and offshore yuan, according to a Bloomberg report citing people familiar with the matter.
The Hong Kong government has mandated banks to arrange a series of fixed-income investor meetings this week, with pricing potentially coming as early as Monday.
Four-currency digital bond
The planned transaction combines green finance with blockchain-based bond infrastructure. Digital or tokenized bonds use blockchain technology to support parts of the issuance, trading and settlement process.
Hong Kong has been expanding its use of the technology as part of a broader effort to modernize its debt markets. Chief Executive John Lee has previously backed making digital bond issuance more routine and exploring blockchain-based settlement and other post-trade processes.
The Hong Kong Monetary Authority, which represents the government in the potential offering, declined to comment on the planned transaction.
Hong Kong’s digital bond push
The proposed sale would follow a series of increasingly large digital bond transactions in Hong Kong.
The government issued about HK$10 billion worth of digital bonds last year. In June, the Hong Kong Mortgage Corp completed a HK$12 billion-equivalent digital bond, setting a record at the time.
If completed at the upper end of the proposed range, the new offering would surpass that deal and set a new record for a digital bond transaction.
Hong Kong said digital bonds issued in the city accounted for about half of global digital bond issuance from 2025 through the first half of 2026, highlighting the growing role of tokenized debt in its financial market.
Hong Kong’s latest move comes as other Asian financial institutions also experiment with blockchain-based debt markets. Earlier this month, India’s state-owned power financier REC Ltd. issued 5 billion rupees ($59 million) of digital bonds maturing in May 2028.
For Hong Kong, the planned multi-currency offering would combine the growing digital bond market with its push to deepen green finance and strengthen the city’s position as a regional fixed-income center.
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