Tender results of the re-opening of 5-year RMB 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 5-year RMB institutional Government Bonds through the re-opening of existing Government Bond (issue number 05GB3005001) under the Infrastructure Bond Programme was held today (4 December).
A total of RMB1.0 billion 5-year Government Bonds were offered today. A total of RMB2.155 billion tender applications were received. The bid-to-cover ratio, i.e. the ratio of bonds applied for to bonds issued, is 2.16. The average price accepted is 100.31, implying an annualised yield of 1.905%.
 
Hong Kong Monetary Authority
4 December 2025
 
HKSAR INSTITUTIONAL GOVERNMENT BONDS TENDER RESULTS
Tender results of 5-year RMB HKSAR Institutional Government Bonds:-

Tender Date	:	4 December 2025
Issue Number	:	05GB3005001 (Re-open)
Stock Code	:	85023 (HKGB1.97 3005-R)
Issue and Settlement Date	:	8 December 2025
Tenor	:	5 years
Maturity Date	:	15 May 2030
Coupon Rate	:	1.97%
Amount Applied	:	RMB2.155 billion
Amount Allotted	:	RMB1.0 billion
Bid-to-Cover Ratio*	:	2.16
Average Price Accepted (Yield)	:	100.31 (1.905%1)
Lowest Price Accepted (Yield)	:	100.21 (1.930%1)
Pro-rata Ratio	:	About 58%
Average Tender Price (Yield)	:	100.13 (1.948%1)

* Calculated as the amount of bonds applied for over the amount of bonds issued.
 
Hong Kong Monetary Authority
4 December 2025
 
  ¹ 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 1.896%, 1.920%, and 1.938% respectively.
 

Source: Hong Kong Monetary Authority