HKMA Announces Tender for 10-Year RMB Bonds on July 23, 2026

The Hong Kong Monetary Authority (HKMA) announced on July 17, 2026, the re-opening of its 10-year RMB institutional Government Bonds (issue no. 10GB3505001) under the Infrastructure Bond Programme. The tender, scheduled for July 23, 2026, will offer RMB1.25 billion in additional issuance, with settlement on July 27, 2026. The bonds carry a 2.29% annual coupon and mature on May 15, 2035, with the current indicative pricing at 103.75 and a semi-annual yield of 1.828%.

This issuance reinforces Hong Kong’s position as a leading offshore RMB hub, a role it has cultivated since the internationalization of the renminbi began in 2010. Under the Infrastructure Bond Programme, proceeds from these bond sales are allocated to infrastructure projects, further bolstering Hong Kong’s fixed-income ecosystem while supporting regional development goals.

The tender is open exclusively to Primary Dealers, with a minimum bid set at RMB50,000 or increments thereof. Interested investors are required to submit bids through the Primary Dealers listed on the Hong Kong Government Bonds website. Tender results will be announced by 3:00 p.m. on the tender date through multiple channels, including the HKMA website and Bloomberg.

The upcoming 10-year bond tender follows a series of RMB-denominated offerings under the HKMA’s Infrastructure Bond Programme. Recent activity includes a 7-year RMB bond tender on June 25, 2026, and a multi-currency issuance on May 8, 2026, which raised HK$27.6 billion and featured RMB tranches. These efforts are part of Hong Kong’s strategy to deepen its offshore RMB bond market by providing a diverse range of tenors and instruments for institutional investors.

Hong Kong’s offshore RMB market has grown substantially over the past decade, driven by rising RMB trade settlement and investment activity. The HKMA’s consistent bond offerings have strengthened the city’s position as a key node for RMB internationalization, providing liquidity and price discovery for institutional investors worldwide.

Details on the bond’s accrued interest and settlement mechanics are available in the official HKMA announcement. Investors seeking to participate should review the Infrastructure Bond Programme’s Information Memorandum for complete terms.

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