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Hong Kong to raise up to $5bn in green bonds

by Segun Ogunlade January 3, 2023
written by Segun Ogunlade January 3, 2023
483

Sources close to the Hong Kong government have said that it is aiming to raise up to the equivalent of $5 billion in a dollar, euro and offshore Chinese yuan green bond issuance.

Two of the sources who spoke on condition of anonymity said Hong Kong’s government was proposing that the dollar tranche could be spread across three-, five- and 10-year tranches, with a possibility of issuing a 30-year bond.

According to them, Hong Kong was aiming to raise about $3 billion in dollars and the euro tranche was targeting 1 billion euros in two- and seven-year tenors, they added.

Read also: Extinction Rebellion to demonstrate against government policy

Other sources with direct knowledge of the matter also said the offshore-yuan deal was intended to be worth about 5 billion yuan and could be in three- and five-year tenors and the proposed size and tenor of the government’s issuance could change, depending on investors’ appetite.

Books for the deal should open on Wednesday, they added.

Eight investment banks are working on the dollar and euro transactions and seven are mandated on the offshore yuan tranche, according to the term sheet, which was seen by Reuters.

Calls with investors were underway on Tuesday, it showed.

Story was adapted from Reuters.

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