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Budget Speech

Bond Market

100.    Government issued its first sukuk last year.  The US$1 billion issuance marked the world's first US dollar-denominated sukuk originated by a government with the highest credit rating, setting a significant pricing benchmark for the market.  Drawing a strong demand from investors, the sukuk issuance won a number of awards.  The successful offering highlighted that the relevant legal framework in Hong Kong has been widely accepted by international investors.  Government will consider actively a further sukuk issuance when market conditions are favourable, in a bid to attract more issuers and investors into the local market.

101.    The inflation-linked retail bonds (iBond) introduced in 2011 have been well received by the public and helped promote the retail bond market.  I shall launch an iBond issue of up to $10 billion with a maturity of three years.  Following the existing practice, the issuance will target Hong Kong residents, and interest will be paid to bond holders every six months at a rate linked to the inflation rates of the last half-year period.  The Hong Kong Monetary Authority (HKMA) will announce the details in due course.



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