The Hong Kong Monetary Authority (HKMA) has announced that it will reopen its 15-year Hong Kong dollar (HKD) Government Bonds for tender on December 3, 2025, with settlement taking place on December 4, 2025. The offer will include HK$0.5 billion in additional bonds, carrying an annual interest rate of 3.75%.
Bond Offering Overview
The reopening applies to the existing 15-year bond issue under the Infrastructure Bond Programme, identified as 15GB3912001.
These bonds will mature on December 5, 2039, and pay interest semi-annually.
As of November 27, 2025, the indicative price stood at 105.73, reflecting an annualized yield of 3.265%.
Tender Eligibility and Process
Only Primary Dealers appointed under the Infrastructure Bond Programme may participate in the tender.
Applications must be submitted through any authorized Primary Dealer.
The minimum tender amount is HK$50,000, with additional bids accepted in multiples of the same amount.
Results will be released by 3:00 pm on the tender day through the usual official financial channels.
Purpose and Investment Value
Funds raised through this bond issuance will support ongoing infrastructure development projects in Hong Kong, in line with the Infrastructure Bond Framework.
The bonds provide institutional investors with a stable, government-backed investment opportunity.
Terms and Additional Information
The reopened bonds are fully fungible with the existing issue and are listed on the Stock Exchange of Hong Kong under stock code 4287.
Successful bidders will be required to pay accrued interest of HK$934.93 per minimum denomination on the issue date.
Interest will be paid every June 5 and December 5, subject to adjustments under the Institutional Issuances Information Memorandum.
Potential investors can consult the relevant Information Memorandum or reach out to a Primary Dealer for full terms and conditions.
