(Bloomberg) -- Hong Kong has mandated banks to sell green notes denominated in US dollars, euros and offshore yuan, in the city’s latest push to establish itself as a green finance hub.
The Hong Kong Monetary Authority, acting as the representative for the sale, has mandated banks to organize a series of fixed income investor calls from July 16 for the potential offerings, according to a person familiar with the matter who asked not to be identified.
The city has been ramping up green bond sales as part of a government sustainable bond program that seeks to promote the development of green and sustainable finance. The government has set a borrowing ceiling of HK$500 billion ($64.1 billion) for the 2024-25 budget year. according to the program’s website. The funds are set to be used for green and sustainable projects.
Hong Kong priced $750 million green bonds across four currencies earlier this year. In 2023, it sold the equivalent of $6 billion sustainable bonds in what was Asia’s largest-ever green debt offering.
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