Hong Kong, China: Market Summary
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Market Summary
Yield Movements
Local currency (LCY) government debt security yields rose across all tenors between 1 June and 31 August, in line with higher yields in advanced economies and reflecting elevated global energy prices.
Local Currency Bond Market Size and Issuance
Hong Kong, China's LCY debt securities market expanded 6.3% quarter-on-quarter (q-o-q) in the second quarter (Q2) of 2026 to reach HKD4.0 trillion. Excluding debt securities with tenors of 1 year or less, LCY bonds outstanding increased 10.3% q-o-q to HKD1.8 trillion, driven by accelerated corporate bond issuance. Total LCY bond issuance climbed 41.8% q-o-q to HKD214.1 billion, supported primarily by corporate bonds, particularly transport infrastructure-related issuers.
Sustainable Bond Market
Hong Kong, China's sustainable bond market rebounded in Q2 2026, expanding 14.4% q-o-q to HKD53.1 billion after a marginal contraction of 0.5% q-o-q in the previous quarter. Sustainable bond issuance in Q2 2026 rose almost threefold to USD7.3 billion from USD2.5 billion in the prior quarter, led by green and sustainability bonds from the private sector.