HKMA to Reopen 10-Year RMB Infrastructure Bonds in August 2025 Tender Offering

The Hong Kong Monetary Authority has announced plans to reopen its 10-year RMB HKSAR Institutional Government Bonds through a tender process on August 7, 2025. The reopening will make available an additional RMB1.5 billion of outstanding bonds under issue number 10GB3505001, which falls under the Infrastructure Bond Programme framework.

Bond Specifications and Tender Process

These bonds are scheduled to reach maturity on May 15, 2035, and feature an annual interest rate of 2.29% with semi-annual payments. As of August 1, 2025, the indicative pricing stands at 104.23, translating to a semi-annualized yield of 1.816%. Only primary dealers designated under the Infrastructure Bond Programme can participate in the tender, with minimum application amounts set at RMB50,000 or multiples thereof.

Tender outcomes will be published across several channels, including the HKMA website, Hong Kong Government Bonds website, Bloomberg, and Refinitiv by 3:00 pm on the tender date. Winning bidders must cover accrued interest of RMB276.05 per RMB50,000 denomination when the bonds are issued on August 11, 2025.

Infrastructure Focus and Market Integration

All funds raised through this bond offering will support infrastructure projects in accordance with the Infrastructure Bond Framework detailed on the Hong Kong Government Bonds website. The new bonds will be completely interchangeable with the existing 10GB3505001 issue and will trade on the Stock Exchange of Hong Kong under stock code 85024.

PMX says an “extraordinary appreciation” for the rakyat will be announced on Monday (July 21) or Tuesday (July 22).

Coincidentally, the govt is also taking on another RM5b in new debt on July 21, after borrowing RM7b in the last two weeks.

This brings total net borrowings in… pic.twitter.com/jWfM5tgEmF

— Eric SeeTo Lim Sian See (@LimSianSeeEric) July 20, 2025

This RMB bond reopening reflects growing appetite for Hong Kong’s bond market as investors look for steady returns during periods of global economic uncertainty. The HKMA’s approach to strategic bond issuance supports its mission to strengthen financial stability while funding critical infrastructure improvements across the region.

Market Outlook

This bond reopening represents a standard government financing activity with limited direct impact on cryptocurrency markets. The neutral sentiment surrounding traditional government bond issuances typically maintains existing market conditions without creating significant volatility.