Government-owned Hong Kong Mortgage Corporation's post-tax profits increased by 22.7 per cent last year to HK$1.23 billion. The profit growth was driven by low interest rates and good loans performance. HKMC issues bonds to buy mortgage portfolios from banks and repackage them as mortgage-backed securities. Last year it issued HK$8.3 billion of corporate bonds, down from HK$22.7 billion in 2009. Its total debt was HK$39.1 billion. and its mortgage-backed securities stood at HK$1.5 billion at the end of 2010.