What Changed
- Publication of the six-month tentative issuance schedule (October 2026 to March 2027) for HKD and RMB institutional bonds.
- Re-appointment of 13 Primary Dealers for a two-year tenure (October 2026 to September 2028) under the institutional IBP and GSBP.
- Requirement for Primary Dealers to provide secondary market two-way bid-and-offer quotations to support GB liquidity.
Institutional investors, financial intermediaries, and capital market participants operating in or trading with Hong Kong SAR should note the latest administrative announcement by the Hong Kong Monetary Authority (HKMA). On October 9, 2026, acting as the representative of the Hong Kong Special Administrative Region Government (HKSAR Government), the HKMA published a tentative issuance schedule for institutional Government Bonds (GBs) offered under the Infrastructure Bond Programme (IBP) and the Government Sustainable Bond Programme (GSBP).
The tentative schedule covers a six-month period from October 2026 to March 2027. Under this framework, institutional GBs will be issued in both Hong Kong dollars (HKD) and renminbi (RMB) via competitive tendering. The schedule provides tentative details concerning tenors, tender dates, issuance sizes, issue dates, and methods of issuance for individual offerings. Additional operational details are set out in the Information Memorandum available on the Hong Kong Government Bonds website (www.hkgb.gov.hk). The HKMA noted that all schedule parameters remain tentative and subject to adjustments based on market conditions, with final terms and use-of-proceeds confirmed in tender notices prior to scheduled tender dates.
In tandem with the issuance schedule, the HKMA announced the re-appointment of 13 financial institutions as Primary Dealers under the institutional segment of the IBP and GSBP. Covering a two-year term from October 2026 to September 2028, these Primary Dealers are tasked with assisting in GB tender implementations and maintaining market liquidity by providing two-way bid-and-offer quotations in the secondary market.
This update establishes the operational timeline and dealer network supporting Hong Kong SAR's institutional sovereign and sustainable debt market over the coming months.
Who May Be Affected
Institutional investors, primary dealer financial institutions, debt market underwriters, and capital market participants in Hong Kong SAR and internationally.
Cross-Border Context
Relevant to international institutional investors and cross-border financial institutions trading HKD and RMB sovereign and sustainable debt issued by the HKSAR Government.
What to check next
- Review the Information Memorandum and Annexes on www.hkgb.gov.hk for the specific list of 13 Primary Dealers and individual tender schedules.
This article provides general information and does not constitute legal advice. Consult the official text and obtain advice appropriate to your circumstances where needed.