Hong Kong Monetary Authority Schedules Tender for 2-Year Exchange Fund Notes

The Hong Kong Monetary Authority (HKMA) has announced a forthcoming tender for 2-year Exchange Fund Notes, scheduled for November 21, 2025. The settlement date is set for November 24, 2025. This issuance aims to roll over a maturing issue of similar notes, according to the HKMA.

Details of the Offering

The total amount of notes on offer will be HK$1,200 million, with HK$5 million allocated for non-competitive tender bids accessible to the public via the Hong Kong Securities Clearing Company Limited (HKSCC). If the non-competitive portion is under-subscribed, the remaining amount will be added to the competitive tender portion, initially set at HK$1,195 million. The notes will mature on November 24, 2027, and carry an interest rate of 2.40% per annum, payable semi-annually.

Participation and Tender Process

Interested participants can submit non-competitive tender applications through Stock Exchange Participants/Brokers or directly via HKSCC for those holding Investor Accounts in the Central Clearing and Settlement System (CCASS). Competitive tender applications must be submitted through any of the HKMA-appointed Eligible Market Makers. Each tender must be in amounts of HK$50,000 or multiples thereof for both competitive and non-competitive bids.

Publication of Results

The results of the tender will be available on the HKMA’s website, the Refinitiv screen (HKMAOOE), and Bloomberg. Applicants who submitted non-competitive bids through HKSCC can also access results from their respective Stock Exchange Participants/Brokers or via the CCASS terminal.

For more information, including a list of Eligible Market Makers, potential investors are encouraged to visit the official HKMA website at https://www.hkma.gov.hk.

Image source: Shutterstock