The Hong Kong Mortgage Corporation Limited (HKMC) has completed its largest-ever public bond issuance, raising HK$25.3 billion (US$3.3 billion) under its US$30 billion Medium Term Note Programme, the company said on Tuesday. The deal was book-built and priced in Hong Kong on November 18 following a series of investor roadshows.
The four-tranche transaction includes HK$10 billion of 2-year notes, CNH 5 billion (5 billion yuan) of 3-year notes, US$1 billion of 5-year notes, and a 30-year HK$2 billion social bond. The offering attracted strong demand, generating a peak orderbook of around HK$80 billion equivalent and allocations to about 250 institutional investors across Hong Kong, Southbound Bond Connect and international markets.
HKMC said the 30-year Hong Kong dollar social bond marks the largest-ever 30-year HKD bond in the city, and the first social bond in Asia-Pacific dedicated to financing reverse-mortgage loans. Proceeds will support the agency's Reverse Mortgage Programme, part of its "HKMC Retire 3" suite designed to help elderly homeowners unlock property equity for retirement needs.
As of end-October 2025, the programme had received 8,776 applications, with an average property value of HK$5.5 million, an average monthly payout of HK$15,900, and an average borrower age of 69.
