香港银色债券认购额和申请人数创新高，预计发行额升至550亿港元上限

The latest round of the Hong Kong government’s Silver Bonds programme has attracted a record number of subscriptions in terms of both quantity and value, as the city’s elderly investors seize the opportunity to secure better returns than those offered by bank deposits. Investors submitted 478,000 bids for HK$119.8 billion (US$15.28 billion) worth of bonds during the offering period, which ended at 2pm on Friday, according to a government spokesman. That represented a 22 per cent rise in terms of value and a 28 per cent jump by number of applicants compared with last year’s offering, which drew 371,821 applications for HK$98.23 billion of Silver Bonds – itself a record high at the time. In light of the strong demand, the government is expected to raise the final issuance to the upper limit of HK$55 billion, from the original HK$50 billion, according to the spokesman. The Hong Kong Monetary Authority will announce the final allotment results on September 11, with the bonds set to be issued on September 15. The government increased the guaranteed coupon rate for its 11th batch of Silver Bonds to 4.25 per cent, up from 3.85 per cent last year and from 4 per cent in 2024. The increase came ahead of the US Federal Reserve’s next rate decision at the coming Federal Open Market Committee (FOMC) on September 17. About 60 per cent of traders expected the Fed to implement a 0.25 percentage point rate increase as of Thursday, while 40 per cent expected no rate change, according to data from CME FedWatch, which is based on Fed funds futures contracts. Any rate increase in the United States will trigger a matching rise in Hong Kong, as the city institutes a policy of following US interest rates due to the local currency being pegged to the US dollar. The Hong Kong government will pay Silver Bond holders either the guaranteed minimum fixed interest rate of 4.25 per cent per annum or a floating return linked to inflation, whichever is higher. HSBC and Bank of China (Hong Kong) (BOCHK) – the two managers for the offering – alongside other banks, such as ICBC (Asia) and China Citic Bank International, have all reported robust applications from investors since the offering period began on August 21. “Amid ongoing market volatility, investors remain interested in Silver Bonds for their predictable income stream and safe-haven qualities, particularly as interest rates stay in focus,” said Winnie Ng, head of wealth and premier solutions at HSBC Hong Kong, in a statement on Friday. “Silver Bonds’ defensive return profile can help investors diversify in uncertain conditions.” HSBC saw a 23 per cent increase in subscription value and 31 per cent rise in applicant numbers from last year’s Silver Bond offering, with both totals hitting record highs. Around a quarter of applicants this year were new to Silver Bonds with HSBC, and more than half of the applications were submitted online, the bank said. At BOCHK, total upfront payments tied to the bonds were up about 20 per cent from a year ago, while the number of subscribers was up 30 per cent, according to Arnold Chow, general manager of the bank’s personal banking product department. Both numbers set all-time highs, he added. Bright Smart Securities, a major local retail broker, has also seen a rise in Silver Bond subscriptions for this year’s offering, according to co-CEO Edmond Hui Yik-bun. “The Hong Kong stock market performance has been volatile this year, while many initial public offerings in the third quarter have not performed well,” Hui said. “As such, the silver-haired investors would prefer to shift their bank deposits to Silver Bonds to get a secured return.” “Even if the US would increase the interest rate, the pace of rate increase would not be too quick, which has made the Silver Bonds offer become attractive,” he added. Additional reporting by Daniel Ren