Press Release

Deacons advised The University of Hong Kong (“HKU”) on the successful establishment of its landmark Medium Term Note Programme (the “Programme”). Under the Programme, HKU may from time to time issue notes in an aggregate principal amount of up to US$1 billion. Proceeds from any future issuance of notes under the Programme are expected to be used by HKU to finance its capital projects and/or the purchase of property, plant and equipment, in support of its ongoing development and infrastructure needs.

As the debut bond programme established by a tertiary institution in Hong Kong, this ground-breaking transaction has generated widespread market interest as it represents a significant milestone in the bond market, being the “first of its kind” programme set up by a Hong Kong university to access the debt capital markets. The establishment of the Programme underscores HKU's strategic approach to diversify its funding sources beyond bank borrowings and government funding and reflects the growing financial sophistication of the Hong Kong education sector, setting a strong precedent for other academic institutions.

Deacons' team on this transaction was led by Kevin Tong and supported by Icarus Yuen, Christine Li and Anita Chan. This notable transaction demonstrates the team’s strong track record and expertise in advising governments and statutory bodies on debt capital markets transactions, following the successful issues by the Airport Authority, the Ministry of Finance of the People’s Republic of China, the People’s Bank of China and the HKSAR Government.