HKMA Announces Tender for 15-Year HKD Government Bonds Worth HK$0.5 Billion on May 14, 2025

Tender for re-opening of 15-year HKD HKSAR Institutional Government Bonds to be held on May 14

The following is issued on behalf of the Hong Kong Monetary Authority:

​The Hong Kong Monetary Authority (HKMA), as representative of the Hong Kong Special Administrative Region Government (HKSAR Government), announced today (May 8) that a tender of 15-year HKD Government Bonds (Bonds) through the re-opening of existing 15-year Government Bond issue 15GB3912001 under the Infrastructure Bond Programme will be held on Wednesday, May 14, 2025, for settlement on Thursday, May 15, 2025.

An additional amount of HK$0.5 billion of the outstanding 15-year Bonds (issue no. 15GB3912001) will be on offer. The Bonds will mature on December 5, 2039 and will carry interest at the rate of 3.75 per cent per annum payable semi-annually in arrear. The Indicative Pricings of the Bonds on May 8, 2025 are 104.23 with an annualised yield of 3.409per cent.

Tender is open only to Primary Dealers appointed under the Infrastructure Bond Programme. Anyone wishing to apply for the Bonds 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 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 <GO>) and Refinitiv (IBPGSBPINDEX). The publication time is expected to be no later than 3pm on the tender day.

HKSAR Institutional Government Bonds Tender Information

Tender information of re-opening of 15-year HKD HKSAR Institutional Government Bonds:

Issue Number

:

15GB3912001

Stock Code

:

4287 (HKGB 3.75 3912)

Tender Date and Time

:

Wednesday, May 14, 2025

9.30am to 10.30am

Issue and Settlement Date

:

Thursday, 15 May 2025

Amount on Offer

:

HK$0.5 billion

Maturity

:

15 years

Remaining maturity

:

Approximately 14.57 years

Maturity Date

:

Monday, December 5, 2039

Interest Rate

:

3.75 per cent p.a. payable semi-annually in arrear

Interest Payment Dates

:

June 5 and December 5 in each year, commencing on the Issue Date up to and including the Maturity Date, subject to adjustment in accordance with the terms of the Institutional Issuances Information Memorandum of the Infrastructure Bond Programme and Government Sustainable Bond Programme (Information Memorandum) published on the Hong Kong Government Bonds website.

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 Bonds must be submitted through a Primary Dealer on the latest published list.

The accrued interest to be paid by successful bidders on the issue date (May 15, 2025) for the tender amount is 827.05 per minimum denomination of HK$50,000.

(The accrued interest to be paid for tender amount exceeding HK$50,000 may not be exactly equal to the figures calculated from the accrued interest per minimum denomination of HK$50,000 due to rounding).

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

:

The tender amount is fully fungible with the existing 15GB3912001 (Stock code: 4287) listed on the Stock Exchange of Hong Kong.

Use of Proceeds

:

The Bonds 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.

HKSAR Government welcomes court's decision to dismiss Chow Hang Tung's application for judicial review on clothing policy for persons in custody

The Hong Kong Special Administrative Region Government welcomes the judgment handed down by the Court of First Instance of the High Court today (January 13) to dismiss Chow Hang Tung's application for judicial review on the clothing policy for persons in custody (PICs).

The court judgment pointed out that the current clothing policy for PICs, including the requirement for female PICs to wear trousers in summer daytime, was formulated by the Correctional Services Department (CSD) as authorised by the Prison Rules. The Court was satisfied that the CSD had the expertise and experience in the relevant context, and that it had carefully considered various factors, taken into account of professional opinion when making the decision, as well as reviewed the policy continuously. The Court ruled that Chow Hang Tung had failed to demonstrate that the current policy constituted less favourable treatment of a particular gender. The Court pointed out that there was currently no factual evidence to support any assertion that there was widespread concern about the health effects of wearing trousers in summer. In addition, the rule was not absolute, but instead allowed individual PICs to apply for exceptional arrangements in special circumstances. At the same time, the Court also rejected Chow Hang Tung's assertion that she had requested to the CSD in July and August 2024 to wear shorts and had been refused.

A spokesman for the Security Bureau said, "The ruling of the Court of First Instance confirmed that the CSD's approach is reasonable, justified and lawful. According to Rule 26 of the Prison Rules, the CSD must provide every PIC with a uniform that meets a scale imposed by the Commissioner of Correctional Services. Over the years, the CSD had appointed task groups from time to time to review the clothing arrangements of PICs. These reviews gave ample consideration to numerous factors, including the type of correctional institutions, PICs' varying daily routines and activities involved, the need for thermal, physical and psychological comfort for PICs of different genders, privacy and decency of PICs and the security, good order and discipline of the prison, so as to continuously refine clothing arrangements according to the prevailing circumstances."

The spokesman stated, "Chow Hang Tung's assertion that she requested to wear shorts in summer and was rejected by the CSD is entirely inconsistent with the facts and was rejected by the Court. Besides, the current clothing policy for PICs already provides a degree of flexibility. For example, a PIC may make an application to wear other clothing on medical or non-medical grounds to the CSD, and the CSD would make appropriate arrangements having considered the actual circumstances and relevant factors."

The CSD will continue to impartially implement the relevant rules of the Prison Rules in accordance with the law and commit to providing a secure, safe, humane, decent and healthy custodial environment.

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