The following is issued on behalf of the Hong Kong Monetary Authority:

     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 (November 13).
      
     A total of RMB1.0 billion 10-year Government Bonds were offered today. A total of RMB1.825 billion tender applications were received. The bid-to-cover ratio, i.e. the ratio of bonds applied for to bonds issued, is 1.83. The average price accepted is 101.28, implying an annualised yield of 2.151 per cent.

HKSAR Institutional Government Bonds Tender Results
 
     Tender results of 10-year RMB HKSAR Institutional Government Bonds:
 

Tender Date	:	November 13, 2025
Issue Number	:	10GB3505001 (Re-open)
Stock Code	:	85024 (HKGB2.29 3505-R)
Issue and Settlement Date	:	November 17, 2025
Tenor	:	10 years
Maturity Date	:	May 15, 2035
Coupon Rate	:	2.29 per cent
Amount Applied	:	RMB1.825 billion
Amount Allotted	:	RMB1.0 billion
Bid-to-Cover Ratio*	:	1.83
Average Price Accepted (Yield)	:	101.28 (2.151 per cent (Note))
Lowest Price Accepted (Yield)	:	100.93 (2.193 per cent (Note))
Pro-rata Ratio	:	About 76 per cent
Average Tender Price (Yield)	:	100.76 (2.213 per cent (Note))

* Calculated as the amount of bonds applied for over the amount of bonds issued.

Note: 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 2.140 per cent, 2.181 per cent, and 2.201 per cent respectively.

Ends/Thursday, November 13, 2025
Issued at HKT 17:00

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