<p>[悉尼/香港] 根據消息來源，香港兩大公司，運輸運營商港鐵公司和國泰航空，計劃通過分別發行債券籌集至少 170 億港元（28 億新元），因為對港元融資的需求達到了年內最高紀錄。</p>
<p>LSEG 數據顯示，截至 4 月 21 日，香港美元債券發行總額達到 1157 億港元，比去年增長 16.4%，也是年內最高總額。</p>
<p>根據 LSEG 的數據，2025 年全年發行量攀升至創紀錄的 3606 億港元，比 2024 年增長約 17%，也是有記錄以來的最高年度總額。</p>
<p>港鐵公司計劃通過三期債券發行籌集至少 150 億港元，兩個知情人士透露，如果需求足夠，交易規模可能會增加。另一位消息人士表示，債券發行可能達到 200 億港元。</p>
<p>根據路透社看到的條款清單，香港受歡迎的地鐵系統運營商及土地所有者計劃發行五年、十年和三十年的綠色債券。根據路透社看到的承銷商信息，投資者已為港鐵公司的債券下單至少 600 億港元。</p>
<p>港鐵公司未立即回應路透社的評論請求。</p>
<h3>在新的全球秩序中導航亞洲</h3>
<p>獲取洞察信息，直接發送到您的郵箱。</p>
<h2>國泰航空瞄準 20 億港元</h2>
<p>另外，香港航空公司國泰航空計劃通過一或兩期固定利率的港元債券籌集約 20 億港元，兩個知情人士透露。</p>
<p>這兩筆債券交易的進行正值債務發行人和投資者評估結束伊朗戰爭的可能性以及霍爾木茲海峽重新開放的可能性，這些因素導致燃料成本急劇上升。</p>
<p>根據路透社週二看到的條款清單，該航空公司計劃發行三年或五年的固定利率港元債券，可能會同時發行兩者。</p>
<p>另見</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f49b10f254864cc1df3b6ace2ac003fec48a2b8eea31d7c71cd96ba2717b540e/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f49b10f254864cc1df3b6ace2ac003fec48a2b8eea31d7c71cd96ba2717b540e/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>亞洲航空公司報告歐洲需求激增，海灣樞紐中斷轉移交通</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/db3374da3681a01b3400bc9c22362c1269f52aca92658e0c3eb3b965bc147f10/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/db3374da3681a01b3400bc9c22362c1269f52aca92658e0c3eb3b965bc147f10/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>國泰航空將於 5 月中旬至 6 月底削減航班，因航空燃油價格飆升</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/aaec7b605c48fc1de04f75d64009ee1340c2af812f6c27e90d60a91f1dc3299d/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/aaec7b605c48fc1de04f75d64009ee1340c2af812f6c27e90d60a91f1dc3299d/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>國泰航空寄希望於東南亞日益壯大的中產階級推動下一階段增長</h3>
<p>根據條款清單，全球投資者電話會議將於週二舉行，債券交易可能在週三開始，但未説明交易規模。</p>
<p>滙豐銀行是國泰中期票據計劃的安排人，交易商包括中國銀行（香港）、巴克萊、法國巴黎銀行、星展銀行、摩根士丹利、華僑銀行、渣打銀行和瑞銀，國泰的發行説明書顯示。</p>
<p>消息來源因討論尚未公開的信息而無法透露姓名。</p>
<p>國泰未立即回應評論請求。</p>
<p>全球航空公司在伊朗戰爭和飆升的航空燃油價格的影響下面臨嚴峻的運營環境，短期內預計不會緩解。</p>
<p>國泰本月早些時候表示，將從 5 月中旬到 6 月底削減部分航班，原因是衝突引發的航空燃油成本飆升。路透社</p>
<p>解碼亞洲通訊：您的新全球秩序下導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，直接發送到您的郵箱，免費。</p>

港鐵公司

國泰航空

<p>兩家主要的香港公司，港鐵公司和國泰航空，計劃通過債券發行籌集至少 170 億港元，因香港美元融資需求創下紀錄。港鐵公司計劃通過三期債券發行籌集 150 億港元，因投資者興趣濃厚，可能增加至 200 億港元。國泰航空則計劃通過固定利率債券籌集 20 億港元。這一消息正值全球航空公司面臨因地緣政治緊張局勢導致的燃料成本上升的挑戰</p>

<p>[SYDNEY/HONG KONG] Two of Hong Kong’s biggest companies, transport operator MTR Corp and airline Cathay Pacific, are aiming to raise at least HK$17 billion (S$2.8 billion) through separate bond issues, according to sources, as demand for Hong Kong dollar funding hits a record year-to-date high.</p>
<div class="lb-trans"><p>[悉尼/香港] 根據消息來源，香港兩大公司，運輸運營商港鐵公司和國泰航空，計劃通過分別發行債券籌集至少 170 億港元（28 億新元），因為對港元融資的需求達到了年內最高紀錄。</p>
</div><p>LSEG data show Hong Kong dollar bond issuance reached HK$115.7 billion, as of Apr 21, up 16.4 per cent from a year earlier and the highest year-to-date total ever.</p>
<div class="lb-trans"><p>LSEG 數據顯示，截至 4 月 21 日，香港美元債券發行總額達到 1157 億港元，比去年增長 16.4%，也是年內最高總額。</p>
</div><p>Full-year issuance climbed to a record HK$360.6 billion in 2025, up about 17 per cent from 2024 and also the highest annual total on record based on LSEG data.</p>
<div class="lb-trans"><p>根據 LSEG 的數據，2025 年全年發行量攀升至創紀錄的 3606 億港元，比 2024 年增長約 17%，也是有記錄以來的最高年度總額。</p>
</div><p>MTR Corp is looking to raise at least HK$15 billion in a three-tranche bond issuance, according to two sources with direct knowledge of the matter, who added the deal size could be increased if there was sufficient demand. The bond issuance could reach HK$20 billion, one of the sources added.</p>
<div class="lb-trans"><p>港鐵公司計劃通過三期債券發行籌集至少 150 億港元，兩個知情人士透露，如果需求足夠，交易規模可能會增加。另一位消息人士表示，債券發行可能達到 200 億港元。</p>
</div><p>The operator of Hong Kong’s popular subway system and land owner is planning to issue five-, 10- and 30-year green bonds, according to a term sheet seen by Reuters. There has been at least HK$60 billion worth of orders placed by investors for MTR Corp bonds, according to a book runners’ message seen by Reuters.</p>
<div class="lb-trans"><p>根據路透社看到的條款清單，香港受歡迎的地鐵系統運營商及土地所有者計劃發行五年、十年和三十年的綠色債券。根據路透社看到的承銷商信息，投資者已為港鐵公司的債券下單至少 600 億港元。</p>
</div><p>MTR Corp did not immediately respond to a request for comment from Reuters.</p>
<div class="lb-trans"><p>港鐵公司未立即回應路透社的評論請求。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
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<div class="lb-trans"><p>獲取洞察信息，直接發送到您的郵箱。</p>
</div><h2>Cathay eyes HK$2 billion</h2>
<div class="lb-trans"><h2>國泰航空瞄準 20 億港元</h2>
</div><p>Separately, Hong Kong carrier Cathay Pacific is aiming to raise about HK$2 billion through a one- or two-tranche fixed-rate Hong Kong dollar bond, according to two sources with direct knowledge of the matter.</p>
<div class="lb-trans"><p>另外，香港航空公司國泰航空計劃通過一或兩期固定利率的港元債券籌集約 20 億港元，兩個知情人士透露。</p>
</div><p>The two bond deals are taking place as debt issuers and investors assess the likelihood a deal will be struck to end the Iran war and the Strait of Hormuz to be re-opened, factors that have driven fuel costs sharply higher.</p>
<div class="lb-trans"><p>這兩筆債券交易的進行正值債務發行人和投資者評估結束伊朗戰爭的可能性以及霍爾木茲海峽重新開放的可能性，這些因素導致燃料成本急劇上升。</p>
</div><p>The airline is planning to issue a three- or five-year fixed-rate Hong Kong dollar bond and possibly both, according to a term sheet seen by Reuters on Tuesday.</p>
<div class="lb-trans"><p>根據路透社週二看到的條款清單，該航空公司計劃發行三年或五年的固定利率港元債券，可能會同時發行兩者。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f49b10f254864cc1df3b6ace2ac003fec48a2b8eea31d7c71cd96ba2717b540e/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/f49b10f254864cc1df3b6ace2ac003fec48a2b8eea31d7c71cd96ba2717b540e?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Asian airlines report Europe demand surge as Gulf hub disruption shifts traffic</h3>
<div class="lb-trans"><h3>亞洲航空公司報告歐洲需求激增，海灣樞紐中斷轉移交通</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/db3374da3681a01b3400bc9c22362c1269f52aca92658e0c3eb3b965bc147f10/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/db3374da3681a01b3400bc9c22362c1269f52aca92658e0c3eb3b965bc147f10?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Cathay Pacific to cut flights from mid-May to end-June as jet fuel prices surge</h3>
<div class="lb-trans"><h3>國泰航空將於 5 月中旬至 6 月底削減航班，因航空燃油價格飆升</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/aaec7b605c48fc1de04f75d64009ee1340c2af812f6c27e90d60a91f1dc3299d/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/aaec7b605c48fc1de04f75d64009ee1340c2af812f6c27e90d60a91f1dc3299d?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Cathay Pacific counts on South-east Asia’s burgeoning middle class to drive next growth phase</h3>
<div class="lb-trans"><h3>國泰航空寄希望於東南亞日益壯大的中產階級推動下一階段增長</h3>
</div><p>A global investor call will take place on Tuesday and the bond deal could begin on Wednesday, according to the term sheet, which did not identify the size of the deal.</p>
<div class="lb-trans"><p>根據條款清單，全球投資者電話會議將於週二舉行，債券交易可能在週三開始，但未説明交易規模。</p>
</div><p>HSBC is the arranger of Cathay’s medium-term note programmeme, while dealers include Bank of China (Hong Kong), Barclays, BNP Paribas, DBS, Morgan Stanley, OCBC, Standard Chartered and UBS, Cathay’s offering circular showed.</p>
<div class="lb-trans"><p>滙豐銀行是國泰中期票據計劃的安排人，交易商包括中國銀行（香港）、巴克萊、法國巴黎銀行、星展銀行、摩根士丹利、華僑銀行、渣打銀行和瑞銀，國泰的發行説明書顯示。</p>
</div><p>The sources could not be named discussing information that had not yet been made public.</p>
<div class="lb-trans"><p>消息來源因討論尚未公開的信息而無法透露姓名。</p>
</div><p>Cathay did not immediately respond to a request for comment.</p>
<div class="lb-trans"><p>國泰未立即回應評論請求。</p>
</div><p>Global airlines face a tough operating environment in the wake of the Iran war and surging jet fuel prices which are not expected to ease in the short term.</p>
<div class="lb-trans"><p>全球航空公司在伊朗戰爭和飆升的航空燃油價格的影響下面臨嚴峻的運營環境，短期內預計不會緩解。</p>
</div><p>Cathay said earlier this month that it will cut some flights from mid-May until the end of June, citing soaring jet fuel costs triggered by the conflict. REUTERS</p>
<div class="lb-trans"><p>國泰本月早些時候表示，將從 5 月中旬到 6 月底削減部分航班，原因是衝突引發的航空燃油成本飆升。路透社</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解碼亞洲通訊：您的新全球秩序下導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，直接發送到您的郵箱，免費。</p>
</div>

Blue-chips Cathay, MTR tap record-hot Hong Kong dollar bond market

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藍籌股國泰航空和港鐵公司抓住創紀錄火熱的港元債券市場