Silver Bond Applications Hit Record High As Government Raises Allotment To 13 Lots

The government said investors in its latest batch of silver bonds could receive up to 13 lots each after applications and subscription demand hit record highs, according to RTHK. The 11th batch drew 476,703 applications and HK$119.3 billion in subscriptions, more than double the final issue size of HK$55 billion. The government had originally planned to sell HK$50 billion of the three-year bonds this year before lifting the amount to HK$55 billion because of strong demand. Investors who applied for 12 lots or fewer will receive full allotments, while those seeking more than 12 lots will first be allocated 12 lots and then enter a lottery for one additional lot. Authorities said more than 97,000 people would get an extra lot. Financial Secretary Paul Chan said the response reflected the popularity of silver bonds among the elderly as a safe and stable investment option, and said the proceeds would fund infrastructure projects and improve people's lives.