Commentary & Deal Flow

Launched: 8yr: €750m @ MS+18bp - Books above €11bn (including JLM interest)
Book Update: Books above €7.1bn (incl. €1.604bn JLM interest)
Guidance: 8yr: MS+40a

• Issuer: The Government of the Hong Kong Special Administrative Region of the People’s Republic of China (the “Issuer”)
• Issuer Ratings: Aa3/AA+/AA- (Moody's/S&P/Fitch)
• Expected Issue Ratings: Aa3/AA+/AA- (Moody's/S&P/Fitch)
• Status: Senior Unsecured Fixed Rate Green Notes (the “Green Notes”)
• Format: Reg S (Category 1) Registered, Drawdown under Global Medium Term Note Programme (the “Programme”)
• Size: €750m
• Tenor: 8-year
• Use of Proceeds: The proceeds of the Green Notes issued under the Programme will be used exclusively to finance and/or refinance projects that fall under one or more of the “Eligible Categories” under the Issuer’s Green Bond Framework. Such projects are defined as “Eligible Projects” under the Green Bond Framework and will provide environmental benefits and support the sustainable development of Hong Kong.
• Terms: English Law, €100k / €1k Denoms, SEHK and LSE (ISM) Listing
• JGCs, JBRs and JLMs: Bank of China (Hong Kong), Crédit Agricole CIB, HSBC (B&D), J.P. Morgan and BNP Paribas
• JBRs and JLMs: Barclays, BofA Securities, Citigroup, Deutsche Bank, Morgan Stanley, Standard Chartered Bank and UBS
• JLMs: ANZ, Bank of Communications, Goldman Sachs (Asia) L.L.C., ICBC (Asia), Mizuho, SEB and Societe Generale
• Joint Green and Sustainable Bond Structuring Banks: Crédit Agricole CIB, Bank of China (Hong Kong), BNP Paribas and Standard Chartered Bank
• Clearing System: CMU, with linkage to Euroclear / Clearstream
• Settlement Date: T+5
• Timing: Today’s business
• Netroadshow:
• Link: https://www.netroadshow.com/nrs/home/#!/?show=4b406ef0
• OR
• Visit www.netroadshow.com and enter the entry code: 2026HKSAR (not case-sensitive)