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 3-year RMB institutional Government Bonds through the re-opening of existing Government Bond (issue number 05GB2912002) under the Infrastructure Bond Programme was held today (July 23).
      
     A total of RMB1.0 billion 3-year Government Bonds were offered today. A total of RMB7.520 billion tender applications were received. The bid-to-cover ratio, i.e. the ratio of bonds applied for to bonds issued, is 7.52. The average price accepted is 103.02, implying an annualised yield of 1.454 per cent.
 
HKSAR Institutional Government Bonds Tender Results
 
     Tender results of 3-year RMB HKSAR Institutional Government Bonds:

Tender Date	:	July 23, 2026
Issue Number	:	05GB2912002 (Re-open)
Stock Code	:	84596 (HKGB2.37 2912-R)
Issue and Settlement Date	:	July 27, 2026
Tenor	:	3 years
Maturity Date	:	December 10, 2029
Coupon Rate	:	2.37 per cent
Amount Applied	:	RMB7.520 billion
Amount Allotted	:	RMB1.0 billion
Bid-to-Cover Ratio*	:	7.52
Average Price Accepted (Yield)	:	103.02 (1.454 (Note))
Lowest Price Accepted (Yield)	:	102.98 (1.466 per cent (Note))
Pro-rata Ratio	:	About 100 per cent
Average Tender Price (Yield)	:	102.70 (1.550 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 1.449 per cent, 1.461 per cent, and 1.544 per cent respectively.

Ends/Thursday, July 23, 2026
Issued at HKT 19:00

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