Global law firm Clifford Chance has advised the joint lead managers on the HKSAR Government’s HK$55 billion Silver Bond issuance under the newly established Infrastructure Bond Programme. This is the first time the HKSAR Government has issued bonds under the Programme, which was established to improve cash flow management for Eligible Projects as defined in the Infrastructure Bond Framework, potentially accelerating their completion and benefitting the public. Eligible Projects include but are not limited to the Central Kowloon Route, the Hung Shui Kiu development in Yuen Long and drainage improvement works in Wong Tai Sin.

Lead partner Mark Chan said, “We are honoured to have advised the HKSAR Government on this landmark bond issuance. This issuance is a testament to the growing trend of public bodies leveraging market funds for development, enhancing financial inclusiveness and public participation in key infrastructure projects in Hong Kong.”

Mark was supported by senior associate George Mok and associate Christine Chan.

The Infrastructure Bond Framework, which was published by the HKSAR Government in September 2024, sets out how the Government intends to issue infrastructure bonds under the Infrastructure Bond Programme. The final issuance amount of this series of Silver Bonds (HK$55 billion) exceeded the target issuance amount (HK$50 billion).

This transaction continues Clifford Chance’s track record of advising on major bond issuances involving the public sector in Hong Kong this year, including the HKMC’s HK$23.8 billion social bond issuance and the Urban Renewal Authority’s HK$12 billion Hong Kong dollar bond issuance.