CNH / tokenized government debt

HKSAR Government Third Digital Green Bond, RMB (CNH) tranche

issued by Government of the Hong Kong Special Administrative Region (Government Sustainable Bond Programme). verified

1.90%

published yield, read 2026-08-07

n/d

size

private ledger

can you hold it

The terms

Read from the sources below on 2026-08-05. Legal terms and contract addresses change rarely, so we re-verify these on a longer clock than the numbers above.

Issuer: Government of the Hong Kong Special Administrative Region (Government Sustainable Bond Programme)
Jurisdiction: Hong Kong SAR
Chains: HSBC Orion (private permissioned DLT)
Contracts: No contract address could be established from public sources. That is a disclosure gap on the issuer, and it is recorded as one.
Yield basis: Fixed coupon, 1.900% per annum, on a 5 year digitally native bond. The RMB tranche priced at par so the coupon and the re-offer yield are the same number. source
Size: Not disclosed on any source we could read. source
Minimum: Institutional bond-market minimum denominations; not disclosed
Who may hold it: Institutional investors only; distribution restricted in the US, Canada, Australia and Japan source
Redemption: Bullet maturity 11 November 2030; CMU settlement, T+1 source
Cost to enter: Standard institutional bond dealing; no fee disclosed
Transferability: Permissioned. Transfers only between allowlisted wallets. It also settles only on a private permissioned ledger, with no public-chain representation.
Secondary liquidity: None; private DLT, CMU-settled.

What we think you should know

ISIN HK0001201919, HKEX stock code 85092, maturity 11 November 2030. Face amount RMB 2.5 billion. Listed separately from the HKD tranche because it is a distinct currency and tenor. Re read on 2026-08-07 against the official outstanding register at hkgb.gov.hk: coupon fixed at 1.900%, no tap, outstanding still equals issue size. aum_usd left null because converting CNH to USD would be our estimate and not the source's. Correction to what this note previously said. The same offering also had a USD 300m 3 year tranche and a EUR 300m 4 year tranche, and we recorded them at 3.633% and 2.512%. Those are the re-offer yields, not the coupons. The coupons are 3.625% (ISIN HK0001201893, maturity 12 November 2028) and 2.500% (ISIN HK0001201901, maturity 11 November 2029). The HKD and RMB tranches priced at par, which is why their two numbers agree and the other two do not.

Sources

Other CNH instruments

Instrument	Ccy	Type	Yield	Size	Access	Confidence
ChinaAMC RMB Digital Money Market Fund (Tokenised Class) CRMBR	CNH	tokenized money market fund	0.82%	$42.51M	allowlist + KYC	verified