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Tender results of the re-opening of 15-year HKD HKSAR Institutional Government Bonds
The Hong Kong Monetary Authority (HKMA), as representative of the Hong Kong Special Administrative Region Government (HKSAR Government), announced that a tender of 15-year HKD institutional Government Bonds through the re-opening of existing Government Bond (issue number 15GB3912001) under the Infrastructure Bond Programme was held today (3 December).
A total of HK$0.5 billion 15-year Government Bonds were offered today. A total of HK$1.950 billion tender applications were received. The bid-to-cover ratio, i.e. the ratio of bonds applied for to bonds issued, is 3.90. The average price accepted is 104.01, implying an annualised yield of 3.416%.
Hong Kong Monetary Authority
3 December 2025
HKSAR INSTITUTIONAL GOVERNMENT BONDS TENDER RESULTS
Tender results of 15-year HKD HKSAR Institutional Government Bonds:-
| Tender Date | : | 3 December 2025 |
| Issue Number | : | 15GB3912001 (Re-open) |
| Stock Code | : | 4287 (HKGB 3.75 3912) |
| Issue and Settlement Date | : | 4 December 2025 |
| Tenor | : | 15 years |
| Maturity Date | : | 5 December 2039 |
| Coupon Rate | : | 3.75% |
| Amount Applied | : | HK$1.950 billion |
| Amount Allotted | : | HK$0.5 billion |
| Bid-to-Cover Ratio* | : | 3.90 |
| Average Price Accepted (Yield) | : | 104.01 (3.416%) |
| Lowest Price Accepted (Yield) | : | 103.64 (3.450%) |
| Pro-rata Ratio | : | About 99% |
| Average Tender Price (Yield) | : | 102.29 (3.573%) |
Hong Kong Monetary Authority
3 December 2025
Source: Hong Kong Monetary Authority
