Hong Kong Dollar & Yuan Bonds Poised for Record Growth in 2026

Issuers and investors flock to Hong Kong dollar and yuan bonds, backed by deep liquidity and diverse yield curves Reading Time:2 minutes Why you can trust SCMP Published: 9:30am, 19 Jan 2026 Hong Kong’s local currency and offshore yuan bonds are expected to maintain their growth momentum in 2026, driven by deepened market benchmarks and demand, according to a senior banker. The broader Asian bond market, excluding Japan, has had a busy start to 2026, with high-profile issuances in Hong Kong dollars and offshore yuan leading the way, riding on last year’s record volumes. On Friday, Kuaishou Technology sold a 3.5 billion yuan (US$502 million) five-year note – known as a dim sum bond – along with a US$1.5 billion tranche, as the short-video platform operator tapped the overseas debt market for the first time to strengthen its businesses. It followed other Chinese tech giants such as Baidu, Tencent Holdings and Meituan, which raised funds offshore last year to strengthen artificial intelligence capabilities amid fierce competition with US rivals. Advertisement Additionally, three issuers raised a combined HK$14 billion (US$1.8 billion) from their respective Hong Kong dollar offerings as of January 14. “I expect Hong Kong dollar and dim sum bond issuance to rise,” said Eugene Ng, managing director and head of debt capital markets for Greater China at HSBC. “As the market matures and draws greater investor attention, more participants will naturally start to consider these instruments.” Hong Kong’s deep liquidity and diverse bond yield curves in both currencies would attract issuers and investors alike, underscoring the strength and dynamism of the city’s financial ecosystem, Ng said. Advertisement Advertisement Select Voice Choose your listening speed Get through articles 2x faster 1.25 x 250 WPM Slow Average Fast 00:0000:00 1.25 x