Hong Kong’s de facto central bank published a tentative six-month issuance schedule for institutional government bonds under its Infrastructure Bond Programme and Government Sustainable Bond Programme, outlining planned offerings in both Hong Kong dollars and offshore yuan via competitive tenders from October 2025 to March 2026.
The Hong Kong Monetary Authority (HKMA), acting for the HKSAR Government, said the timetable covers indicative tenors, tender and issue dates, sizes and methods of issuance, with adjustments possible depending on market conditions and full details to be confirmed in tender notices.
According to an annex to the announcement, HKD issuance is slated to begin with a 3-year HK$2.25 billion and a 10-year HK$1.0 billion re-opening tender on Nov. 5 for settlement on Nov. 6, followed by a Nov. 12 tender that introduces a 1-year HONIA-indexed floating-rate note of HK$1.5 billion as a new issue.
December plans include re-openings of 5-year (HK$2.0 billion) and 15-year (HK$0.5 billion) lines on Dec. 3–4. The calendar resumes in January with a 10-year HK$1.0 billion re-open, and in February with a 1-year HONIA FRN new issue (HK$1.5 billion), a new 7-year (HK$2.0 billion) and a 20-year re-open (HK$0.5 billion).
A March tender targets re-opens of 3-year (HK$2.5 billion) and 5-year (HK$2.0 billion) bonds.
Planned RMB issuance starts with a 3-year RMB1.0 billion re-open tendering on Nov. 6 for settlement on Nov. 10, followed by a Nov. 13 tender featuring a new 2-year RMB1.25 billion line and a 10-year RMB1.0 billion re-open.
December includes 1-year (RMB1.0 billion, new) and 5-year (RMB1.0 billion, re-open) offerings.
For early 2026, the schedule tentatively sets a 3-year RMB1.25 billion re-open in January, 2-year (RMB1.0 billion) and 10-year (RMB1.25 billion) re-opens in February, and 1-year (RMB1.0 billion) plus 5-year (RMB1.25 billion) re-opens in March.
The issuance forms part of Hong Kong’s broader strategy to fund infrastructure and sustainable projects while deepening local-currency and offshore yuan markets.
The HKMA noted that terms and use-of-proceeds details will be finalised in individual tender notices and that the timeline may be revised in response to market conditions.
