Primary Issuance

The primary issuance service empowers issuers to access a wide pool of local and overseas investors, receiving funds efficiently and securely. Through the CMU's issuance service, issuers can access the local investor network and an expanding international investor network via cross-border CSD and ICSD linkages, unifying global bond markets into a dynamic, inclusive circle of opportunities.

Beyond serving as a convenient platform for lodgement, allotment, and distribution, the platform offers issuers comprehensive post-trade services, such as collateral management and corporate actions, to manage debt securities with ease and confidence.

Notably, Exchange Fund Bills and Notes, and Government Bonds issued by the HKSAR Government are mainly issued by way of competitive tender through the CMU. The Ministry of Finance of the People's Republic of China (CMOF) and the People's Bank of China (PBoC) have also been using the tendering platform to issue offshore RMB bonds and bills in Hong Kong since 2010 and 2018 respectively, showcasing the CMU’s pivotal role in propelling the debt market.

List of Primary Issuance Services:

• Issuance Programme for Exchange Fund Bills and Notes
• Arranger, custodian, agent and operator of bonds issued by HKSAR Government, CMOF, PBoC and public institutions
• Debt securities lodgement by way of tender or private placement
• Collateralised lending service for primary issuance

Benefits

• Global Investor Access: Through Bond Connect and international CSD linkages, issuers can gain access to Hong Kong, Mainland, and global investor bases, unlocking the boundless potential of global bond markets.
• Cost-Effective Solutions: A favorable fee schedule is maintained to facilitate the bond market's development in Hong Kong. Additionally, debt securities lodged with and cleared by the CMU may be eligible for profits tax concession and the Green and Sustainable Finance Grant Scheme, providing added values to issuers.

How Can Issuers Lodge a Bond with the CMU

If the issuer/acceptor of the instrument is a CMU Member, they can lodge the instrument with the CMU directly. The issuer/acceptor can also appoint a CMU Member to act as their lodging agent.

Click here to view the list of CMU Members.

Related Information