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 for 1-year RMB institutional Government Bonds (issue number 01GB2612001) under the Infrastructure Bond Programme was held today (December 4).
      
     A total of RMB1.0 billion 1-year Government Bonds were offered today. A total of RMB5.280 billion tender applications were received. The bid-to-cover ratio, i.e. the ratio of bonds applied for to bonds issued, is 5.28. The average price accepted is 100.04, implying an annualised yield of 1.566 per cent.
 
HKSAR Institutional Government Bonds Tender Results
 
     Tender results of 1-year RMB HKSAR Institutional Government Bonds:
 

Tender Date	:	December 4, 2025
Issue Number	:	01GB2612001
Stock Code	:	85100 (HKGB1.60 2612-R)
Issue and Settlement Date	:	December 8, 2025
Tenor	:	1 year
Maturity Date	:	December 8, 2026
Coupon Rate	:	1.60 per cent
Amount Applied	:	RMB5.28 billion
Amount Allotted	:	RMB1.0 billion
Bid-to-Cover Ratio*	:	5.28
Average Price Accepted (Yield)	:	100.04 (1.566 per cent (Note))
Lowest Price Accepted (Yield)	:	100.04 (1.566 per cent (Note))
Pro-rata Ratio	:	About 95 per cent
Average Tender Price (Yield)	:	99.94 (1.671 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 1.559 per cent, 1.560 per cent, and 1.665 per cent respectively.

Ends/Thursday, December 4, 2025
Issued at HKT 16:00

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