Commentary & Deal Flow

Reoffer: 5yr: CT5+2bp / 99.767 / 4.052%
Benchmark: 5yr: T 3 7/8 30-Apr-31 @ 99-09+ / 4.032% / HR 101%

Launched: 5yr: US$500m @ CT5+2bp - Orderbook over US$16bn (incl US$2.48bn JLM int)
FINAL Guidance: 5yr: CT5+2bp - Orderbook over US$16bn (incl US$2.48bn JLM int)
Guidance: 5yr: CT5+30a

• Issuer: The Government of the Hong Kong Special Administrative Region of the People's Republic of China (the "Issuer")
• Issuer Ratings: AA+/AA-/Aa3 (S&P/Fitch/Moody's) (Stable/Stable/Stable)
• Expected Issue Ratings: AA+/AA-/Aa3 (S&P/Fitch/Moody's)
• Status: Senior Unsecured Fixed Rate Infrastructure Notes (the "Infrastructure Notes")
• Format: 144A / Reg S (Category 1), Drawdown under Global Medium Term Note Programme (the "Programme")
• Issue Size: US$500m
• Tenor: 5-year
• Settlement Date: 14-May-26 (T+5)
• Maturity Date: 14-May-31
• Coupon: 4.00% s/a 30/360
• Reoffer Spread: +2bp vs T 3 7/8 30-Apr-31 (HR 101%)
• Reoffer Yield / Price: 4.052% / 99.767
• UST Yield / Price: 4.032% / 99-09+
• Use of Proceeds: The proceeds of the Infrastructure Notes issued under the Programme will be used exclusively to finance and/or refinance projects under the Capital Works Programme of the Capital Works Reserve Fund (except for those that have been or are expected to be included in the Government Sustainable Bond Programme) that fall under one or more of the "Eligible Categories" under the Issuer's Infrastructure Bond Framework. Such projects are defined as "Eligible Projects" under the Infrastructure Bond Framework, and are conducive to Hong Kong's long-term development
• Terms: English Law, US$200k / US$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 Citigroup
• JBRs and JLMs: Barclays, BofA Securities, BNP Paribas, Goldman Sachs (Asia) L.L.C., Mizuho, Morgan Stanley, Standard Chartered Bank and UBS
• JLMs: ANZ, Bank of Communications, CIBC Capital Markets, ICBC (Asia) and Societe Generale
• Joint Infrastructure Bond Structuring Banks: HSBC, J.P. Morgan and Citigroup
• Clearing System: DTC
• ISIN Code: USY2836BBW38 (Reg S) / US43858AAT79 (144A)
• Common Code: 337199585 (Reg S) / 337199534 (144A)
• Cusip Number: Y2836B BW3 (Reg S) / 43858A AT7 (144A)
• TOE: 1.14pm NYT