Xin Hua Cai Jing·2025-11-06 09:30Core Points - The Chinese Ministry of Finance successfully issued $4 billion in sovereign bonds in the Hong Kong Special Administrative Region, reflecting strong international investor confidence in China's economic growth potential [1] - The issuance included $2 billion each in 3-year and 5-year bonds, with total subscriptions reaching $118.2 billion, indicating a subscription multiple of 30 times the issuance amount, and a 33 times subscription multiple for the 5-year bonds [1] - This issuance marks the return of the Ministry of Finance to the Hong Kong dollar bond market since 2021, demonstrating the central government's support for the development of Hong Kong as an international financial center [1] Industry Insights - The issuance aligns with the recently announced "14th Five-Year Plan" which emphasizes "expanding high-level opening up," "promoting trade innovation," and "expanding bilateral investment cooperation," showcasing the country's commitment to openness and cooperation [1] - The issuance is expected to enhance Hong Kong's position as a leading bond market in Asia, as highlighted by the Hong Kong Monetary Authority and the Securities and Futures Commission's joint roadmap for fixed income and money market development [2] - HSBC's role as the joint lead underwriter and bookrunner for this issuance underscores its commitment to supporting the connectivity between Hong Kong and mainland financial markets [2]