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 (July 23).
      
     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 per cent.
 
HKSAR Institutional Government Bonds Tender Results
 
     Tender results of 10-year RMB HKSAR Institutional Government Bonds:

Tender Date	:	July 23, 2026
Issue Number	:	10GB3505001 (Re-open)
Stock Code	:	85024 (HKGB2.29 3505-R)
Issue and Settlement Date	:	July 27, 2026
Tenor	:	10 years
Maturity Date	:	May 15, 2035
Coupon Rate	:	2.29 per cent
Amount Applied	:	RMB10.810 billion
Amount Allotted	:	RMB1.25 billion
Bid-to-Cover Ratio*	:	8.65
Average Price Accepted (Yield)	:	104.42 (1.754 per cent (Note))
Lowest Price Accepted (Yield)	:	104.14 (1.787 per cent (Note))
Pro-rata Ratio	:	About 81 per cent
Average Tender Price (Yield)	:	103.49 (1.867 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 1.746 per cent, 1.780 per cent, and 1.859 per cent respectively.

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

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