Results of 20-year HKD HKSAR Institutional Government Bonds tender through re-opening

The Hong Kong Monetary Authority (HKMA), as representative of the Hong Kong Special Administrative Region Government (HKSAR Government), announced that a tender of 20-year HKD institutional Government Bonds through the re-opening of existing Government Bond (issue number 20GB4503001) under the Infrastructure Bond Programme was held today (22 July).
A total of HK$1.0 billion 20-year Government Bonds were offered today. A total of HK$6.47995 billion tender applications were received. The bid-to-cover ratio, i.e. the ratio of bonds applied for to bonds issued, is 6.48. The average price accepted is 97.27, implying an annualised yield of 4.246%.
 
Hong Kong Monetary Authority
22 July 2026
 
HKSAR INSTITUTIONAL GOVERNMENT BONDS TENDER RESULTS
Tender results of 20-year HKD HKSAR Institutional Government Bonds:-

Tender Date	:	22 July 2026
Issue Number	:	20GB4503001 (Re-open)
Stock Code	:	4290 (HKGB 3.99 4503)
Issue and Settlement Date	:	23 July 2026
Tenor	:	20 years
Maturity Date	:	6 March 2045
Coupon Rate	:	3.99%
Amount Applied	:	HK$6.47995 billion
Amount Allotted	:	HK$1.0 billion
Bid-to-Cover Ratio*	:	6.48
Average Price Accepted (Yield)	:	97.27 (4.246%)
Lowest Price Accepted (Yield)	:	97.10 (4.261%)
Pro-rata Ratio	:	About 54%
Average Tender Price (Yield)	:	95.31 (4.408%)

* Calculated as the amount of bonds applied for over the amount of bonds issued.
 
Hong Kong Monetary Authority
22 July 2026

 

Source: Hong Kong Monetary Authority