The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Hong Kong’s bond weathers the storm

July's global bond offering from the Hong Kong SAR was the first issue since colonial days and the first ever in US dollars

Deal: Hong Kong SAR government global bond offering

Size: HK$20 billion (US$2.56 billion)

Arrangers and joint global coordinators: Bank of China Group, HSBC, Merrill Lynch ? US$ international notes & HK$ international notes;

Bank of China Group, HSBC ? HK$ retail bonds

Joint lead managers and book runners: BOCI Asia/Goldman Sachs/HSBC/Merrill Lynch/Morgan Stanley ? US$ international notes;

BOCI Asia/Citigroup/HSBC/Merrill Lynch ? HK$ international notes;

Bank of China Group/HSBC/Standard Chartered Bank ? HK$ retail bonds

Date: July 2004

It is a testament to just how far Hong Kong has recovered from the nadir of mid 2003, when the Sars epidemic was at is height, that the Hong Kong government was able last month to launch a maiden global bond offering successfully to institutional and retail investors.

Following an initial announcement of the plan to issue up to HK$20 billion (US$2.56 billion) of bonds in his 2004/2005 budget speech in March, financial secretary Henry Tang and his colleagues wasted no time in pushing the necessary approvals through Hong Kong's legislative council in May and then swiftly brought the deal to market two months later in July.

Aimed principally at raising funding for local capital investment projects, the global bond offering was made up of three individual offers.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree