Linklaters has advised the joint lead managers on the successful offering of approximately HK$12 billion equivalent multi-currency digitally native bonds by The Hong Kong Mortgage Corporation Limited (HKMC). The transaction represents the largest-ever digital bond issuance globally and the first digital bond issued by a public sector entity in Hong Kong SAR.
The landmark triple-series issuance, comprising HK$6 billion 2 year, HK$2.5 billion 5 year and CNH3 billion 3-year digital bonds, was issued in a digitally native format on a distributed ledger technology platform (HSBC Orion) operated by the Hong Kong Monetary Authority’s Central Moneymarkets Unit. All tranches were listed on The Stock Exchange of Hong Kong Limited.
The Linklaters team was led by capital markets partner Hanwen Yu, with support from counsel Grace Wee and solicitors Lily Wang and Suhang Chen. A separate team led by counsel Beibei Ding acted as legal adviser to the fiscal agent, supported by Cherry Lam.
