La Banque organise une émission d’obligations vertes libellées en trois devises pour le gouvernement de la RAS de Hong Kong

The Government of the Hong Kong Special Administrative Region (Hong Kong SAR Government) priced on May 31 an eight-tranche senior unsecured green bond offering in three currencies, totalling nearly US$6 billion. 

The transaction consists of:

• US$2.25 billion USD-denominated 3-/5-/10-year tranches in 144A/Reg S format
• €1.5 billion EUR-denominated 4-/9-year tranches in Reg S format
• CNH 15 billion CNH-denominated 2-/5-/10-year tranches in Reg S format

In this offering, the Hong Kong SAR Government included a 10-year CNH tranche, and expanded the total size of CNH tranches from CNH 10 billion in its January 2023 issuance to CNH 15 billion. The transaction is expected to help extend the offshore RMB yield curve and promote RMB internationalisation. This offering also represents the largest ESG bond offering in Asia-Pacific at the time of issuance.

Crédit Agricole CIB is one of the only two banks mandated as both Joint Global Coordinator and Joint Green Structuring Bank for all three currencies. The Bank has been playing various key roles in assisting the Hong Kong Monetary Authority in implementing green bond issuances under the Hong Kong SAR Government Green Bond Programme, including the world’s first government-issued tokenised green bond issuance earlier this year. 

Proceeds will be used to finance eligible projects under the Hong Kong SAR Government Green Bond Framework, which are expected to provide environmental benefits and support the city’s transition towards a low carbon economy. 

Leveraging on our leading structuring expertise in the global sustainable finance market, this transaction reaffirms Crédit Agricole CIB’s ongoing focus on promoting green and sustainable finance advancement in Hong Kong, while supporting the city’s endeavours in green developments. Over the years as part of Crédit Agricole Group’s sustainable commitment, Crédit Agricole CIB has been accompanying various partners including the public sector in their transition journey.

Crédit Agricole CIB is a leading fixed-income and ESG financing house in Hong Kong, and is named FinanceAsia’s Best International Investment Bank in Hong Kong SAR in 2023. For nine consecutive years from 2013 to 2022, Crédit Agricole CIB is the number-one bookrunner for global green, social, sustainability and sustainability-linked bonds. The Bank is also consistently ranked as one of the top bookrunners for Hong Kong dollar and Dim Sum bonds.

		“It is our great honour to support the Hong Kong Monetary Authority in all the institutional green bond issuances since the inception of the Government Green Bond Programme, and assisting the Hong Kong SAR Government in becoming the largest government green bond issuer outside of Europe and a leading green and sustainable finance centre.” Edouard O’Neill, Chief Executive Officer for the Hong Kong Branch
		“We thank the Hong Kong SAR Government once again for trusting us in delivering a successful green bond offering for them. This remarkable transaction is well received by investors, who are delighted to see the new 10-year CNH tranche. We expect the transaction to further promote Renminbi internationalisation.” Alan Roch, Head of Credit for Asia-Pacific and the Middle East
		“The exemplary green bond issuance by the Hong Kong SAR Government plays an instrumental role to ignite further green and sustainable financing activities in Hong Kong. We congratulate the Government and the Hong Kong Monetary Authority for leading the way with yet another successful landmark green bond issuance.”  Carmen Tsang, Head of Sustainable Investment Banking for Greater China