HKMA to Reopen 2-Year RMB Bonds Worth RMB0.75B on May 14
Caroline Bishop May 08, 2026 09:20
Hong Kong Monetary Authority to tender RMB0.75 billion 2-year RMB bonds under Infrastructure Bond Programme on May 14, 2026.
The Hong Kong Monetary Authority (HKMA) announced it will reopen its 2-year RMB-denominated HKSAR Institutional Government Bonds, with a tender for RMB0.75 billion scheduled for Thursday, May 14, 2026. The bonds, issued under the Infrastructure Bond Programme, aim to support the offshore RMB market and infrastructure development in Hong Kong.
The bonds, identified as issue 03GB2807001, will mature on July 28, 2028, offering a fixed annual interest rate of 1.59%, payable semi-annually. The indicative price for the bonds as of May 8, 2026, is 100.15, which translates to a semi-annualized yield of 1.521%. Settlement is set for May 18, 2026.
Tender participation is limited to Primary Dealers appointed under the Infrastructure Bond Programme, with a minimum bid amount of RMB50,000 or multiples thereof. Results of the tender will be published on the HKMA website and major financial platforms like Bloomberg (GBHK <GO>) and Refinitiv by 3:00 PM on the tender day.
This issuance marks another step in the HKSAR Government’s strategy to deepen Hong Kong’s bond market and promote the internationalization of the RMB. The tender follows a recent uptick in RMB bond activity, including China’s Ministry of Finance announcing an 84 billion yuan treasury bond issuance in Hong Kong for 2026. Such initiatives are pivotal in positioning Hong Kong as a global RMB business hub.
The proceeds from this bond offering will be allocated to infrastructure projects under the Infrastructure Bond Framework. This aligns with broader efforts to bolster Hong Kong's position as a green and sustainable finance hub, as well as to support low-carbon transformation initiatives.
For traders, the bonds offer exposure to RMB-denominated assets with a predictable yield. Given the HKMA’s robust fiscal backing, these bonds are considered low-risk instruments. Additionally, their fungibility with existing 03GB2807001 bonds enhances market liquidity, making them particularly attractive for institutional investors seeking long-term, stable returns.
With the tender date nearing, market participants should monitor demand signals closely, as the results could provide insights into investor sentiment toward RMB-denominated assets amid ongoing efforts to internationalize the currency. Traders and institutional buyers can access further details, including Primary Dealer lists and the Information Memorandum, via the Hong Kong Government Bonds website.
Image source: Shutterstock.jpg)