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Government Bond Programme

The Government Bond Programme is an initiative of the Hong Kong Special Administrative Region Government to develop the local bond market in Hong Kong. The overriding objective of the Programme is to promote the further and sustainable development of the local bond market through systematic issuance of government bonds.

The Programme intends to achieve the objective in the following ways:

  • to ensure a steady and consistent supply of public-debt paper
  • to satisfy the demand of institutional investors such as pension funds and insurance companies for investments to match their long-term Hong Kong dollar liabilities
  • to meet retail demand for stable investments
  • to improve liquidity in the secondary market for bond trading through more sizeable bond issues under the Programme
  • to broaden the investor base of Hong Kong dollar bonds
  • to help the local bond market grow into a critical mass recognised by global benchmark indices, thereby attracting foreign investors into the Hong Kong bond market.

The development of a mature local bond market can readily serve as another channel for financial intermediation, complementing the equity market and the banking system. The diversity of financial intermediation channels helps promote financial stability and strengthen Hong Kong's position as an international financial centre, thereby promoting economic development.

The Government Bond Programme consists of the institutional bond issuance programme and the retail bond issuance programme.

The HKMA, as representative of the Hong Kong Special Administrative Region Government in the implementation of the Programme, is tasked to co-ordinate the offering of government bonds and to manage the investment of the sums raised under the Programme.

Fore more information, please visit the Government Bond Programme website (

Government Bond Programme

Last revision date: 1 August 2011
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