《中国经营报》记者了解到，此次发行是继2023年、2024年两次成功发行数码绿色债券后，香港特区政 府在推动债券代币化进程上的又一重要突破。香港特区先行先试数字绿债的经验，将引导债市资源进一 步向绿色债券等领域精准倾斜，后续如果有创新产品落地，预计将为信用债市场注入发展新动能。 （文章来源：中国经营报） 绿色债券市场前景广阔。近日，香港特区政府成功完成第三批数字绿色债券定价，总额达100亿港元， 创下全球规模最大的数字债券发行纪录。 此次发行涵盖港元、人民币、美元和欧元四种货币共四类品种，期限在2—5年之间，为不同区域、不同 类型投资者提供投资选择，产品共获得超1300亿港元认购，超额认购约12倍。 ...

受益于法律和基础设施不断完善及持续的政策激励，香港市场对原生数字债券的接受度正日益提高，其 或将成为主权和优质企业发行人在港融资的标准选项之一 文｜《财经》特派香港记者 焦建 编辑 | 苏琦 时隔近一年半后，中国香港特区政府于11月11日晚间宣布，近日已在政府可持续债券计划（此前称"政 府绿色债券计划"）下成功定价约100亿港元等值的数字绿色债券（港称"数码绿色债券"），涵盖港元、 人民币、美元及欧元。 此次约100亿港元发行后，香港特区政府发行的四个币种数字绿色债券总认购金额超过1300亿港元，意 味着超购12倍。据香港金管局指出，这是迄今为止全球范围内最大的数字债券发行。 2019年，中国香港特区在政府绿色债券计划下开始发售绿色债券。当时的宏观背景为贸易摩擦使得资金 由股市加速流入债市，为香港绿色工程等项目融资的相关计划应运而生。 2024年5月10日起，政府绿色债券计划重新命名为可持续债券计划。作为绿色和可持续债券的先行者， 近年来香港特区政府除发行超千亿元级的绿债，也在不断丰富相关债券的种类。 重点的发展方向之一，即是在前述数字债券领域的尝试。今年11月公布的本次数字发债，就被解读为意 味着在推动债券 ...

1. Report Industry Investment Rating - The report does not mention the industry investment rating. 2. Core View of the Report - Since the beginning of 2025, the offshore RMB bond market has continued to thrive in both supply and demand, and the annual issuance is expected to hit a new high. Driven by multiple factors and policy support, the offshore RMB bond market is facing new development opportunities [1]. 3. Summary According to Relevant Catalogs 3.1 Offshore RMB Bond Issuance - As of September 2, 2025, the issuance of offshore RMB bonds has reached a record high for the same period, exceeding RMB 550 billion, and the annual issuance is expected to exceed that of 2024 [2]. 3.2 Drivers of the Thriving Issuance - **Interest rate differential**: The inversion of Sino - US risk - free interest rates makes the RMB financing cost significantly lower than that of the US dollar. Since 2023, the US Treasury yield has been significantly higher than that of China, and although the spread has narrowed, it is still about 200 basis points, making RMB bond financing cheaper, especially for high - rating issuers [4]. - **Yield advantage**: The yield of offshore RMB bonds is higher than that of domestic bonds of the same issuer. Since 2023, the offshore yield of 3 - year Treasury bonds has been on average more than 30 basis points higher than the on - shore yield. After mid - May 2025, the spread narrowed to about 10 basis points. The credit spread of offshore RMB bonds is also generally higher, attracting domestic funds. The expansion of the Bond Connect's "Southbound Link" to non - banking institutions in July 2025 is conducive to attracting more domestic funds [6]. 3.3 Concentration of Issuing Entities - Chinese issuers dominate the offshore RMB bond issuance, accounting for about 60%. In the context of Sino - US interest rate differentials, many Chinese issuers choose to issue offshore RMB bonds for refinancing after the maturity of US dollar bonds [7]. - The issuance of urban investment bonds has increased significantly in the past two years, accounting for more than 30% in 2023 and 2024. The reasons include the rise in US dollar financing costs, the tightening of domestic urban investment bond issuance, and the increased market confidence in urban investment bonds [9][11]. 3.4 Favorable Factors for Market Development - **Financing cost advantage**: It is expected that the situation where the financing cost of offshore RMB bonds is lower than that of US dollar bonds will continue. Although the Fed may cut interest rates, the decline in US long - term bond yields may be limited, while the yield of RMB Treasury bonds still has room to decline [14]. - **Policy support**: The "Southbound Link" was expanded to non - banking institutions in July 2025, and the total quota is expected to be increased, which will increase the demand for offshore bonds and improve market activity [15]. - **Increased demand for non - US assets**: The implementation of the US "Big and Beautiful" Act has increased concerns about the unsustainability of US finances, and the market's demand for RMB assets is expected to rise [15]. - **Infrastructure improvement**: The Ministry of Finance has issued offshore Treasury bonds in Hong Kong for many years, optimizing the yield curve. The Hong Kong Stock Exchange is researching the launch of Chinese Treasury bond futures. The first tokenized offshore RMB public offering bond has been launched, enhancing issuance efficiency and bond liquidity [16].