Hong Kong Prices $2.54B Digital Bond With Tokenized Deposit Settlement

• —Issuance totaled about HK$20 billion ($2.54 billion) across four currencies
• —Subscription ratios ranged from 1.3x to 11.3x across all tranches
• —Maturities span 2 to 5 years; rated AA- by Fitch, Aa3 by Moody's, AA+ by S&P
• —Settlement ran through HSBC Orion and the HKMA's CMU, with the cycle still T+1