Clifford Chance advises HSBC on Hong Kong's first digital bond by a corporate issuer

en
zh
Language options

8 October 2024

Mark Chan, Matteo Sbraga, George Mok, Jeffery Hung, Christine Chan, Louis Yee, Rocky Mui, Terry Yang
Hong Kong, London

Clifford Chance advises HSBC on Hong Kong's first digital bond by a corporate issuer

Global law firm Clifford Chance has advised the Hongkong and Shanghai Banking Corporation Limited (HSBC) on the issuance of 1-year 3.6% native digital bonds under its MTN Programme on the HSBC Orion platform. The platform is linked to the Central Moneymarkets Unit operated by the Hong Kong Monetary Authority. This HK$1 billion issuance marks the first digital note listed on the Hong Kong Stock Exchange (HKEX) by a corporate issuer and the first English law digital bond issued in Hong Kong.

Partner Mark Chan said, "We are pleased to have advised on this pioneering digital bond issuance under English law, which sets several market precedents. This transaction highlights the growing appeal of digital bonds, providing investors with greater efficiency and ease. We foresee a substantial increase in demand for digital bonds, particularly if they can benefit from the liquidity and scale offered by platforms like HSBC Orion."

Partner Matteo Sbraga added, "This issuance emphasises the flexibility and reliability of English law in supporting cutting-edge financial innovations. By leveraging English law, we have ensured a robust legal foundation that can accommodate the complexities of digital bonds. This milestone not only enhances investor confidence but also sets a precedent for future issuances in the digital bond market."

Mark and Matteo co-lead the transaction and were supported by senior associates George Mok and Jeffery Hung, associates Christine Chan and Louis Yee. Partners Rocky Mui and Terry Yang also advised on regulatory aspects of the issuance.

This transaction extends Clifford Chance's established track record of advising HSBC on pioneering digital finance transactions. Notable matters include advising HSBC on the launch of a market-first digital gold token for Hong Kong retail investors and advising HSBC on its appointment as the sole settlement bank in Hong Kong for FPS and Thailand's PromptPay QR payment programme.

高伟绅就公司发行人首次在香港发行数字债券为汇丰银行提供法律服务

国际领先律师事务所高伟绅为香港上海汇丰银行有限公司（“汇丰银行”）通过汇丰Orion平台发行中期票据计划项下年利率为3.6%的一年期数字债券提供法律服务。该平台与香港金融管理局运营的债务工具中央结算系统连接。本次10亿港元的发行是首个由公司发行人发行并在香港交易所上市的数字债券，同时也是首个在香港发行的受英国法管辖的数字债券。

合伙人陈方中表示 : 我们非常高兴为这一受英国法管辖的开创性数字债券发行提供法律服务，本交易开创了多个市场先例。本交易反映了对数字债券不断增长的需求，为投资者提供了更高的效率和更大的便利。我们预计，受益于汇丰银行的Orion平台等平台提供的流动性和规模优势，市场对数字债券的需求将大幅增长。

合伙人Matteo Sbraga表示 : 本次发行证明了英国法在为前沿金融创新提供支持方面的灵活性和可靠性。英国法为复杂的数字债券发行提供了坚实的法律基础。本次发行不仅提振了投资者的信心，也为数字债券市场的未来发行开创了先例。

本交易由合伙人陈方中和Matteo Sbraga共同牵头负责，团队成员莫秉杰、孔靖、陈家颖和余立澄为本交易提供支持。合伙人梅家豪和杨大志为本次发行提供监管方面的法律服务。

本交易进一步增加了高伟绅为汇丰银行的创新性数字金融交易提供法律服务的卓越案例。高伟绅相关业务经验包括就汇丰银行推出首款面向香港零售投资者的数字黄金代币产品提供法律服务，以及就汇丰银行获委任为“转数快”（FPS）和泰国“PromptPay”二维码付款计划担任唯一结算银行提供法律服务。