China To Issue Bonds Worth $1.75 billion in Hong Kong

The China’s Ministry of Finance will issue renminbi (RMB) sovereign bonds through the Central Moneymarkets Unit (CMU) of the Hong Kong Monetary Authority (HKMA), with a total issuance size of $1.75 billion dividing into three years, the HKMA announced on Thursday.

According to the tender notice of the RMB sovereign bonds issued by the Ministry of Finance, the new three-year RMB bonds, totalling $1.74 billion through a tender of additional 2027 bonds ($420 million), additional 2028 bonds and additional 2030 Bonds ($560 million each), and additional 2040 bonds ($210 million) will be held on 27 August 2025 and for settlement two days later.

These bonds will be available for competitive tender on a price-bid basis by any qualified CMU members through the CMU BID.

Upon issuance, the additional 2027 bonds will be consolidated and form a single series with the Original 2027 Bonds, the additional 2028 bonds will be consolidated and form a single series with the original 2028 bonds, the additional 2030 bonds will be consolidated and form a single series with the original 2030 bonds and the additional 2040 bonds will be consolidated and form a single series with the Original 2040 Bonds together with the 2027, 2028 and 2030 bonds.

Interest Rates

The 2027 bonds will bear an interest of 1.75%, 2028 Bonds (1.8%), 2030 Bonds (1.88%) and the 2040 Bonds (2.1%) per annum respectively. All these bonds will mature in 2027, 2028, 2030 and 2040 respectively, on the last interest payment date of the relevant series of bonds.

Each series of the additional bonds will be issued at the uniform issue price, the lowest accepted price of the successful competitive tender bids for the relevant series, plus accrued interest, HKMA said.

Each tender must be for an amount of $696,747.58 or integral multiples thereof and the difference between any specified tender prices, should be at least 0.01%, rounded to two decimal places.

The tender information memorandum (TIM) dated 21 August 2025 includes the details of the tender of the additional bonds, including the terms of the additional bonds, the tender arrangements and the application, payment and settlement procedures.

Copies of the TIM can be downloaded from the respective websites of the HKMA and the Issuing and Lodging Agent at https://www.bankcomm.com.hk.

China’s Ministry of Finance will tender the additional bonds through the CMU bid. The tender and settlement of the additional bonds will be governed by the TIM and the applicable terms and conditions of CMU bid issued by the HKMA as the system administrator and service provider of the CMU bid, as amended from time to time, the CMU Operating Procedures and other relevant CMU rules (subject to any amendments under the TIM).

The Ministry of Finance has appointed Bank of Communications Co., Ltd. Hong Kong Branch as the Issuing and Lodging Agent to administer the tender of the Additional Bonds on its behalf, HKMA added.