Hong Kong’s Urban Renewal Authority in HK$8bn bond offering

The transaction is one of the largest HKD-denominated issuances to date; however, the SAR's property market is tough, with giant New World Development set to announce its first loss in 20 years.

The buoyancy in the sector is being driven by multiple factors, including regulatory shifts, policy support, and debt capital market activity in the city.

The HK$20bn issuance, denominated in multiple currencies, is a global record for the largest digital bond.

The offering, which will go towards railway projects and sustainability goals, included a record HK$3bn 30-year tranche.

James Garforth joins the asset manager as principal, Asia direct lending, from BGH Capital.

The record issuance in US dollars, Hong Kong dollars and CNH, includes several 30-year tranches.