Results of the 10-year RMB 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 10-year RMB institutional Government Bonds through the re-opening of existing Government Bond (issue number 10GB3505001) under the Infrastructure Bond Programme was held today (23 July).
A total of RMB1.25 billion 10-year Government Bonds were offered today. A total of RMB10.810 billion tender applications were received. The bid-to-cover ratio, i.e. the ratio of bonds applied for to bonds issued, is 8.65. The average price accepted is 104.42, implying an annualised yield of 1.754%.
 
Hong Kong Monetary Authority
23 July 2026
 
HKSAR INSTITUTIONAL GOVERNMENT BONDS TENDER RESULTS
Tender results of 10-year RMB HKSAR Institutional Government Bonds:-

Tender Date	:	23 July 2026
Issue Number	:	10GB3505001 (Re-open)
Stock Code	:	85024 (HKGB2.29 3505-R)
Issue and Settlement Date	:	27 July 2026
Tenor	:	10 years
Maturity Date	:	15 May 2035
Coupon Rate	:	2.29%
Amount Applied	:	RMB10.810 billion
Amount Allotted	:	RMB1.25 billion
Bid-to-Cover Ratio*	:	8.65
Average Price Accepted (Yield)	:	104.42 (1.754%1)
Lowest Price Accepted (Yield)	:	104.14 (1.787%1)
Pro-rata Ratio	:	About 81%
Average Tender Price (Yield)	:	103.49 (1.867%1)

* Calculated as the amount of bonds applied for over the amount of bonds issued.
 
Hong Kong Monetary Authority
23 July 2026
 
  ¹ The yields stated above are annualised yields.  For reference, the semi-annualised yields corresponding to the average price accepted, lowest price accepted, and average tender price are 1.746%, 1.780%, and 1.859% respectively.

 

Source: Hong Kong Monetary Authority