Hong Kong to Reopen RMB Bonds with Tender on July 23, 2026

The Hong Kong Monetary Authority (HKMA) has announced a re-opening tender for 3-year RMB-denominated HKSAR Government Bonds under its Infrastructure Bond Programme. The tender, scheduled for Thursday, July 23, 2026, will offer RMB1 billion of bonds carrying a 2.37% annual interest rate. Settlement is set for July 27, 2026.

This issuance, tied to existing bonds under Issue No. 05GB2912002, features a semi-annualized yield of 1.482% based on indicative pricing as of July 17, 2026. The bonds are set to mature on December 10, 2029. The tender is limited to Primary Dealers, with applications requiring a minimum denomination of RMB50,000 or multiples thereof.

The tender is part of Hong Kong’s broader effort to deepen its offshore RMB bond market, aligning with its strategy to strengthen its position as a global RMB hub. Under the Infrastructure Bond Programme, proceeds from such issuances are allocated to infrastructure projects, reinforcing the city’s commitment to sustainable economic development.

Recent history underscores the HKMA’s steady issuance of RMB bonds. Earlier this year, on April 23, 2026, the HKMA conducted a similar re-opening of the same bond issue, raising RMB1 billion. These regular issuances are part of a planned auction schedule published by the HKMA, covering the period from April to September 2026. The program also ties into Hong Kong’s long-standing role in advancing renminbi internationalization, which has been a key policy priority since the early 2010s.

Competitive tenders for the July 23 offering will be accepted between 9:30 a.m. and 10:30 a.m. on the tender day. Successful bidders will pay accrued interest of RMB155.84 per RMB50,000 denomination on the settlement date. Tender results will be publicly disclosed on the HKMA’s website, the Hong Kong Government Bonds website, Bloomberg, and Refinitiv by 3:00 p.m. on the same day.

While these bonds are institutional in nature, they are fungible with existing securities listed on the Hong Kong Stock Exchange under stock code 84596 (HKGB2.37 2912-R). This enhances liquidity and broadens market participation in Hong Kong’s fixed income market.

With its focus on infrastructure financing and renminbi market development, this tender continues Hong Kong’s efforts to solidify its role as a critical player in the international RMB ecosystem. For investors, this represents another opportunity to participate in the city’s deepening fixed income market while gaining exposure to RMB-denominated assets.

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