The 11th Silver Bond draws record applications in both number and value: banks

Hong Kong's three note-issuing banks saw record applications of the 11th Silver Bond in both number and value as the subscriptions ended on Friday.

The Hongkong and Shanghai Banking Corporation said the value of subscriptions rose 23 percent from last year, while the number of investors increased about 31 percent.

About a quarter of applicants subscribed to the silver bonds through HSBC for the first time, while more than half of the applications were submitted online, the bank said.

BOC Hong Kong (2388) also said the subscription amount grew by around 20 percent, and the number of investors went up nearly 30 percent, with the investor applying for 25 lots on average.

As more elderly investors recognize silver bond's strengths as a stable investment product, the latest silver bond is expected to record oversubscription, BOC Hong Kong added.

Standard Chartered Hong Kong also noted that the average application was for 26 lots, while subscriptions of HK$1 million or above rose sharply, underscoring the appeal of the product.

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