In Asia’s debt capital markets, excellence in 2025 was defined by scale, distribution reach, client proximity and structuring capability, as issuers navigated volatility, shifting rate cycles and growing geopolitical uncertainty. HSBC leveraged the full capabilities of its franchise to deliver consistently across each of these dimensions.
The challenging conditions also reinforced the importance of local currency funding, as borrowers sought to mitigate FX risk, diversify investor bases and access deeper pools of regional liquidity.
HSBC’s platform, spanning both global and regional markets, enabled issuers not only to access capital but also to actively optimise funding strategies across currencies, tenors and formats. That breadth translated into clear market leadership, with HSBC ranking number one across Asia-Pacific ex-Japan in both G3 and all-currency league tables, while also holding leading positions across North and Southeast Asia.
HSBC’s uniquely diversified platform allowed us to capitalise on the rising thematic of Asian issuers balancing between G3 and local currency funding sources
Daniel Kim
Beyond headline issuance, HSBC also demonstrated leadership across hybrid capital and sustainable finance, combining structuring expertise with advisory-led solutions that help clients navigate complex balance sheet and ESG considerations. Strong liability management performance further reinforces its ability to support clients across the full debt capital spectrum.
Local currency demand in Asia also came into its own in 2025, supported by a 26% year-on-year increase in cross-regional issuance volumes. As activity in CNH, CNY, SGD and HKD deepened, HSBC played a leading role, positioning the bank at the centre of increasingly sophisticated multi-currency funding strategies, as regional and global issuers balanced between G3 and local currency markets to optimise cost, tenor and investor mix.
Daniel Kim, managing director, head of DCM, Asia, says: “HSBC’s uniquely diversified platform allowed us to capitalise on the rising thematic of Asian issuers balancing between G3 and local currency funding sources. With an active presence across all major Apac markets – including Greater China, Korea, Southeast Asia, Australasia and India – we consistently delivered strong results across diverse economic environments and through developing market conditions.”
Multi-market landmark deals
This capability is most visible in complex, multi-market transactions. HSBC’s leading role on Airport Authority Hong Kong’s landmark multi-currency issuance, spanning HKD18.5 billion, CNH3.2 billion and $4.15 billion tranches, demonstrated its ability to coordinate across markets at scale, setting multiple benchmarks, including the largest-ever public bond from a Hong Kong issuer.
HSBC also set benchmarks through its leadership in the Hong Kong SAR government’s 2025 multi-currency bond programmes, spanning HKD, CNH, US dollar and euro tranches, including a HKD10 billion digital green bond issuance, enabled by HSBC’s Orion platform, which was the largest of its kind globally.
Equal execution strength was evident across G3 jumbo issuance, including transactions for the Republic of Korea and the Ministry of Finance of China, which issued €1.4 billion and $4 billion deals in euros and US dollars respectively, with HSBC acting as joint lead manager and joint bookrunner on both. This was complemented by corporate transactions such as MTR Corporation’s $3 billion hybrid capital issuance, where HSBC acted as joint global coordinator. All achieved exceptional demand and pricing outcomes.
In a year defined by volatility, elevated rates and geopolitical uncertainty, HSBC consistently secured key mandates where issuers placed a premium on certainty of execution and depth of distribution.
