CITIC Hong Kong Finance signed a $500 million fixed rate bond issue. The seven-year bonds carry a quarterly coupon of 6.9 per cent. It is the first Hong Kong dollar bond issue by CITIC Hong Kong, which is the local offshoot of Beijing's China International Trust and Investment Corp. ''The bond issue was significant for the Hong Kong dollar bond market,'' said Adam Howard, head of capital markets for JP Morgan Securities Asia, which arranged the transaction and was the joint lead manager. ''For the first time, investors can buy paper with a majority extending beyond 1997, from the leading China-affiliated company in the territory,'' said Mr Howard.