HKMC sets record with $25.3b benchmark bond issuance

The multi‑currency offering includes the largest‑ever 30‑year HKD-denominated social bond tranche.

The Hong Kong Mortgage Corporation Limited (HKMC) has completed its largest public bond issuance to date, raising $25.3b (US$3.3b) under its $233.31b (US$30b) Medium Term Note Programme, according to the Hong Kong Monetary Authority. 

The offering comprised four tranches: $10b 2‑year, CNH5b 3‑year, US$1b 5‑year bonds in conventional bond format, and a $2b 30‑year bond in a social bond format. The social bond tranche is the largest 30‑year Hong Kong dollar issuance on record and the first social bond in Asia-Pacific dedicated to reverse mortgage financing. 

Proceeds will support HKMC’s Reverse Mortgage Programme, which has received 8,776 applications as at end‑October 2025, with average property values of $5.5m and monthly payouts of $15,900.

Investor demand was strong, with a peak orderbook of around $80b equivalent and final allocation to about 250 institutional accounts, including multilateral development banks, government funds, insurers, pension funds and private banks. 

The issuance was arranged by 29 local and international financial institutions acting as joint coordinators, bookrunners, lead managers and structuring banks.

1 HKD = USD 0.1304
1 HKD = CNH 0.91