Hong Kong’s airport operator raised HK$19 billion ($2.4 billion) from what is expected to be its only public bond sale this year, adding to a surge in debt sales denominated in the city’s currency.

Airport Authority sold three-, five- and 10-year bonds in Tuesday’s transaction, according to a person familiar with the matter who asked not to be identified. The 10-year note will yield 3.38 percent, versus initial price talk of about 3.75 percent, the person added.

A spokesperson said the authority is raising funds to refinance debt, fund capital spending and support general corporate purposes. The authority first sold a public bond in the local currency in 2024. 

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The offering highlights the rising appeal of public bonds denominated in Hong Kong dollars, a market long dominated by private placements, as geopolitical tensions and the currency’s peg to the US dollar boost investor demand.

The transaction follows deals from the government-backed public transport operator and developer MTR Corp, and flagship carrier Cathay Pacific Airways Ltd, both of which priced their first public Hong Kong dollar bonds earlier this month.