Hong Kong, China: Market Summary
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Market Summary
Yield Movements
Between 3 March and 30 May, local currency (LCY) government bond yields in Hong Kong, China fell across all maturities. Bond yields declined an average of 156 basis points amid heightened uncertainty linked to ongoing global trade tensions that pose downside risks to the domestic economy's near-term growth outlook.
Local Currency Bond Market Size and Issuance
Outstanding LCY bonds totaled HKD3,246.2 billion at the end of March, rising 3.8% quarter-on-quarter (q-o-q) in the first quarter (Q1) of 2025 versus 4.9% q-o-q in the fourth quarter of 2024. LCY bond issuance tallied HKD1,401.7 billion in Q1 2025, down 0.3% q-o-q due to a contraction in Hong Kong Special Administrative Region government bond sales. Meanwhile, corporate debt sales rose 24.1% q-o-q, supported by fundraising of government-owned corporations.
Sustainable Bond Market
Sustainable bonds outstanding totaled USD46.6 billion at the end of March, down 3.1% q-o-q as the issuance of new securities contracted amid heightened global uncertainty. Green bonds continued to be the dominant sustainable bond type, comprising 79.0% of the sustainable bond market. Bonds with tenors of up to 5 years comprised 70.9% of total sustainable bonds outstanding, resulting in a size-weighted average tenor of 4.3 years at the end of March. In Q1 2025, new issues of sustainable instruments (USD105.9 million) were green bonds from the private sector.