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Hong Kong to sell up to $2.55 billion retail green bond this month

FILE PHOTO: People enjoy the sunset view with a skyline of buildings during a meeting on national security legislation, in Hong Kong

HONG KONG (Reuters) - Hong Kong will re-launch its inaugural retail green bond this month as the coronavirus pandemic eases to raise as much as HK$20 billion ($2.55 billion), the city's financial chief said on Sunday.

The Asian financial hub last month delayed a sale worth HK$6 billion because of the rapid spread of COVID-19.

The three-year green bond issue, which includes a quota from the new financial year that started in April, will be worth HK$15 billion, and it can be increased to up to HK$20 billion upon over-subscription, Financial Secretary Paul Chan said in a blog post.

The bond will have a rate of 2.5%, up from 2% for the planned sale in March, he added, and will be open for subscription by the end of this month.

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Hong Kong has stepped up efforts in recent years to become a leader in environmental and social governance, including the creation of working groups with government officials and global firms to develop a talent pool.

But its ambition to become a hub for green and sustainable business has been under threat from its tough border controls against COVID, which make it harder for financial institutions to attract specialist staff.

($1 = 7.8387 Hong Kong dollars)

(Reporting by Clare Jim; Editing by Robert Birsel)