Global law firm Ashurst advised The Hongkong and Shanghai Banking Corporation Limited (HSBC) in connection with the issuance of a digitally native bond involving the use of digital money.
The firm represented HSBC, in its capacity as platform counsel, on the provision of HSBC's digital assets platform, Orion, for the current issuance. This issuance of a HK$10 billion digitally native, Hong Kong law governed, bond by the Hong Kong Government represents the first offering on the Orion platform to incorporate the use of digital money in the allocation phase of the issuance process.
Ashurst's finance regulatory and capital markets team advised HSBC on the issuance of the digitally native bond, including in relation to considerations arising from the application of digital money.
Building on the firm's role in the world's first government-backed tokenised green bond in 2023 and the inaugural multi-currency, digitally native bond offering in 2024, this latest transaction reinforces Ashurst's track record advising on first-of-a-kind transactions that bridge innovative technology with established market standards and regulatory expectations.
Ben Hammond, partner and Hong Kong office managing partner, said: "We are honoured to have advised HSBC on another pioneering digital bond issuance. The integration of digital money into this latest issuance reflects the growing maturity of Hong Kong's digital finance infrastructure. This issuance exemplifies how emerging technologies can be effectively aligned with established regulatory frameworks to deliver secure, efficient and scalable financial market solutions. We are proud to support Hong Kong's digital assets agenda and to contribute to Hong Kong's continued leadership as a premier fintech and capital markets hub."
The Ashurst team was led by partner Ben Hammond, supported by Janet Ouyang, Anna He and Anson Chan.
