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Tender results of the re-opening of 15-year HKD HKSAR Institutional Government Bonds

Press Releases

03 Dec 2025

Tender results of the re-opening of 15-year HKD 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 15-year HKD institutional Government Bonds through the re-opening of existing Government Bond (issue number 15GB3912001) under the Infrastructure Bond Programme was held today (3 December).

A total of HK$0.5 billion 15-year Government Bonds were offered today. A total of HK$1.950 billion tender applications were received. The bid-to-cover ratio, i.e. the ratio of bonds applied for to bonds issued, is 3.90. The average price accepted is 104.01, implying an annualised yield of 3.416%.

 

Hong Kong Monetary Authority
3 December 2025

 

HKSAR INSTITUTIONAL GOVERNMENT BONDS TENDER RESULTS

Tender results of 15-year HKD HKSAR Institutional Government Bonds:-

Tender Date

:

3 December 2025

Issue Number

:

15GB3912001 (Re-open)

Stock Code

:

4287 (HKGB 3.75 3912)

Issue and Settlement Date

:

4 December 2025

Tenor

:

15 years

Maturity Date

:

5 December 2039

Coupon Rate

:

3.75%

Amount Applied

:

HK$1.950 billion

Amount Allotted

:

HK$0.5 billion

Bid-to-Cover Ratio*

:

3.90

Average Price Accepted (Yield)

:

104.01 (3.416%)

Lowest Price Accepted (Yield)

:

103.64 (3.450%)

Pro-rata Ratio

:

About 99%

Average Tender Price (Yield)

:

102.29 (3.573%)

* Calculated as the amount of bonds applied for over the amount of bonds issued.

 

Hong Kong Monetary Authority
3 December 2025

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Last revision date : 03 December 2025