According to Ledger Insights, HSBC has issued a one-year digital note of HK$1 billion (approximately US$128 million) using distributed ledger technology (DLT), similar to the Hong Kong sovereign digital bond issuance earlier this year. This is the first digital note listed on the Hong Kong Stock Exchange (HKEX) by a Hong Kong company, and it is also the first English-language digital bond issued in Hong Kong. The annual interest rate of the note is 3.6%, with a two-day settlement window. The digital bond was issued through HSBC's Orion platform, which integrates the local central securities depository CMU, ensuring that even investors who are not directly involved in the DLT platform can purchase the notes in a traditional way. Although digital bond issuance promises greater efficiency and reduced costs, liquidity issues still need attention, and the integration of the CMU helps alleviate this problem.