Commentary & Deal Flow

The Government of the Hong Kong Special Administrative Region of the People’s Republic of China, (country: Hong Kong) rated Aa3/AA+/AA- (Moody's/S&P/Fitch), has mandated banks to arrange a series of fixed income investor conference calls commencing on 6-May-26.

An offering of CNH and HKD-denominated Reg S (Category 1) Registered Senior Unsecured Fixed Rate Infrastructure Notes, EUR-denominated Reg S (Category 1) Registered Senior Unsecured Fixed Rate Green Notes and USD-denominated Rule 144A/Reg S (Category 1) Infrastructure Notes may follow, subject to market conditions. The Notes, if issued, are expected to be rated AA+ by S&P, AA- by Fitch and Aa3 by Moody’s.

CNH-denominated Infrastructure Notes:

• Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers: Bank of China (Hong Kong), Crédit Agricole CIB, HSBC, J.P. Morgan, Bank of Communications, ICBC (Asia), and Standard Chartered Bank
• Joint Bookrunners and Joint Lead Managers: Barclays, Citigroup, and Mizuho
• Joint Lead Managers: ANZ, BofA Securities, BNP Paribas, China CITIC Bank International, China International Capital Corporation, Goldman Sachs (Asia) L.L.C., Morgan Stanley, Societe Generale, and UBS

HKD-denominated Infrastructure Notes:

• Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers: Bank of China (Hong Kong), Crédit Agricole CIB, HSBC, J.P. Morgan, and Standard Chartered Bank
• Joint Bookrunners and Joint Lead Managers: Bank of Communications, Barclays, BNP Paribas, Citigroup, and ICBC (Asia)
• Joint Lead Managers: ANZ, BofA Securities, Goldman Sachs (Asia) L.L.C., Mizuho, Morgan Stanley, Societe Generale, and UBS

EUR-denominated Green Notes:

• Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers: Bank of China (Hong Kong), Crédit Agricole CIB, HSBC, J.P. Morgan, and BNP Paribas
• Joint Bookrunners and Joint Lead Managers: Barclays, BofA Securities, Citigroup, Deutsche Bank, Morgan Stanley, Standard Chartered Bank, and UBS
• Joint Lead Managers: ANZ, Bank of Communications, Goldman Sachs (Asia) L.L.C., ICBC (Asia), Mizuho, SEB, and Societe Generale

USD-denominated Infrastructure Notes:

• Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers: Bank of China (Hong Kong), Crédit Agricole CIB, HSBC, J.P. Morgan, and Citigroup
• Joint Bookrunners and Joint Lead Managers: Barclays, BofA Securities, BNP Paribas, Goldman Sachs (Asia) L.L.C., Mizuho, Morgan Stanley, Standard Chartered Bank, and UBS
• Joint Lead Managers: ANZ, Bank of Communications, CIBC Capital Markets, ICBC (Asia), and Societe Generale

Structuring Banks:

• Joint Green and Sustainable Bond Structuring Banks (for EUR notes): Crédit Agricole CIB, Bank of China (Hong Kong), BNP Paribas and Standard Chartered Bank
• Joint Infrastructure Bond Structuring Banks (for CNH, HKD, and USD notes): HSBC, J.P. Morgan and Citigroup

The Hong Kong Monetary Authority is acting as the HKSAR Government’s representative in the potential green and infrastructure offering.

FCA / ICMA stabilisation applies.
HK SFC Code of Conduct (Para 21 – Bookbuilding and Placing) applies.