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The Hong Kong Monetary Authority (HKMA), as representative of the Hong Kong Special Administrative Region Government (HKSAR Government), announced today (13 February) that a tender of 1-year HONIA-indexed Floating Rate Notes (Notes) under the Infrastructure Bond Programme will be held on Wednesday, 19 February 2025, for settlement on Thursday, 20 February 2025.

A total of HK$1. 5 billion 1-year HKD Notes will be tendered. The Notes will mature on 20 February 2026 and will carry interest indexed to the Hong Kong Dollar Overnight Index Average (HONIA), payable quarterly in arrear.

Tender is open only to Primary Dealers appointed under the Infrastructure Bond Programme. Anyone wishing to apply for the Notes on offer can do so through any of the Primary Dealers on the latest published list, which can be obtained from the Hong Kong Government Bonds website at https://www. hkgb. gov. hk. Each tender must be for an amount of HK$50,000 or integral multiples thereof.

Tender results will be published on the HKMA’s website, the Hong Kong Government Bonds website, Bloomberg (GBHK ) and Refinitiv (IBPGSBPINDEX). The publication time is expected to be no later than 3:00 pm on the tender day.

Hong Kong Monetary Authority 13 February 2025

HKSAR INSTITUTIONAL GOVERNMENT BONDS TENDER INFORMATION

Tender information of 1-year HONIA-indexed Floating Rate Notes:-

Issue Number

:

01GH2602001

Stock Code

:

4289 (HKGB FRN 2602)

Tender Date and Time

:

Wednesday, 19 February 2025

9:30 am to 10:30 am

Issue and Settlement Date

:

Thursday, 20 February 2025

Amount on Offer

:

HK$1. 5 billion

Issue Price

:

At par

Maturity

:

1 year

Maturity Date

:

Friday, 20 February 2026

Interest Rate    

:

Indexed to the sum of the annualised compounded average of daily HONIA in each interest period and the highest accepted spread at tender, subject to a minimum of 0% per interest period. Details on calculation of interest rate are available at the Institutional Issuances Tender Information Memorandum of the Infrastructure Bond Programme and Government Sustainable Bond Programme (Information Memorandum) published on the Hong Kong Government Bonds website.

Interest Period End Dates

:

20 May 2025

20 August 2025

20 November 2025

20 February 2026

Interest Payment Dates 

:

22 May 2025

22 August 2025

24 November 2025

24 February 2026

Method of Tender

:

Competitive tender

Tender Amount

:

Each competitive tender must be for an amount of HK$50,000 or integral multiples thereof. Any tender applications for the Notes must be submitted through a Primary Dealer on the latest published list.

Other Details 

:

Please see the Information Memorandum available on the Hong Kong Government Bonds website or approach Primary Dealers.

Expected commencement date of dealing on the Stock Exchange of Hong Kong Limited

:

Friday, 21 February 2025

Use of Proceeds

:

The Notes will be issued under the institutional part of the Infrastructure Bond Programme. Proceeds will be invested in infrastructure projects in accordance with the Infrastructure Bond Framework published on the Hong Kong Government Bonds website. Hong Kong Monetary Authority 13 February 2025