Tender of 2-Year Exchange Fund Notes to be held on May 23
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announces that a tender of 2-year Exchange Fund Notes will be held on 23 May 2025 (Friday) for settlement on 26 May 2025 (Monday), as set out in the published tentative issuance schedule. This is to roll over an issue of 2-year Exchange Fund Notes maturing on the same day.
A total of HK$1,200 million 2-year Notes will be on offer, of which HK$5 million will be made available for offer to members of the public who wish to submit non-competitive tender bids through Hong Kong Securities Clearing Company Limited (HKSCC). If the Notes reserved for non-competitive tender are under-subscribed, the non-subscribed amount will be added to the portion of notes for competitive tender (initially set at HK$1,195 million). The Notes will mature on 26 May 2027 and will carry interest at the rate of 2.16 per cent per annum payable semi-annually in arrears.
Members of the public who wish to submit non-competitive tender applications for Notes that are open to HKSCC may do so through Stock Exchange Participants/Brokers, or for those who hold Investor Accounts of the Central Clearing and Settlement System (CCASS) at the HKSCC, directly through HKSCC, for submission to the HKMA for processing. Competitive tender applications for the Notes must be submitted through any of the Eligible Market Makers appointed by the HKMA, with the current published list available on the HKMA's website at www.hkma.gov.hk. Each tender must be for an amount of HK$50,000 or integral multiples thereof for both competitive and non-competitive tender.
The tender results will be published on the HKMA's website, the Refinitiv screen (HKMAOOE), and Bloomberg. Applicants who submitted non-competitive tender bids through HKSCC may also obtain the tender results from Stock Exchange Participants/Brokers, or for applicants who hold Investor Accounts at HKSCC's CCASS from the CCASS terminal for CCASS Broker/Custodian/Participants and CCASS Phone System.
HKMA Exchange Fund Note Programme Tender Information
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Tender information of 2-Year Exchange Fund Notes:
Issue Number |
: |
02Y2705 |
Stock code |
: |
4105 (EFN 2.16 2705) |
Tender date and time |
: |
Friday, May 23, 2025
9.30am to 10.30am |
Issue and Settlement Date |
: |
Monday, May 26, 2025 |
Amount on offer |
: |
HK$1,200 million
(up to HK$5 million for non-competitive tender) |
Commencement of/
Deadline for
submission of non-competitive tender bids by retail investors through HKSCC |
: |
Please refer to requirements as set down by HKSCC |
Maturity |
: |
Two years |
Maturity Date |
: |
Wednesday, May 26, 2027 |
Interest Rate |
: |
2.16 per cent p.a. |
Interest Payment Dates |
: |
November 26, 2025
May 26, 2026
November 26, 2026
May 26, 2027 |
Tender amount |
: |
Each tender must be for an amount of HK$50,000 or integral multiples thereof for both competitive and non-competitive tender. Members of the public who wish to apply for the Notes through non-competitive tenders that are open to HKSCC may do so through Stock Exchange Participants/ Brokers, or for those who hold Investors Accounts at HKSCC's CCASS, directly through HKSCC. Members of the public who wish to apply for the Notes through competitive tender may only do so through any of the Eligible Market Makers on the current published list. |
Other details |
: |
Please see Information Memorandum published or approach Eligible Market Makers, HKSCC, or brokers who are Exchange Participants of the Stock Exchange of Hong Kong. |
Expected commencement date of dealing on the Stock Exchange of Hong Kong |
: |
Tuesday, May 27, 2025 |
Price/Yield Table of the new EFN at tender for reference* only:
Yield-to- Maturity |
Price |
Yield-to-Maturity |
Price |
1.16 |
101.98 |
2.16 |
100.02 |
1.21 |
101.88 |
2.21 |
99.93 |
1.26 |
101.78 |
2.26 |
99.83 |
1.31 |
101.68 |
2.31 |
99.73 |
1.36 |
101.58 |
2.36 |
99.64 |
1.41 |
101.48 |
2.41 |
99.54 |
1.46 |
101.39 |
2.46 |
99.45 |
1.51 |
101.29 |
2.51 |
99.35 |
1.56 |
101.19 |
2.56 |
99.26 |
1.61 |
101.09 |
2.61 |
99.16 |
1.66 |
100.99 |
2.66 |
99.07 |
1.71 |
100.90 |
2.71 |
98.97 |
1.76 |
100.80 |
2.76 |
98.88 |
1.81 |
100.70 |
2.81 |
98.78 |
1.86 |
100.60 |
2.86 |
98.69 |
1.91 |
100.51 |
2.91 |
98.59 |
1.96 |
100.41 |
2.96 |
98.50 |
2.01 |
100.31 |
3.01 |
98.40 |
2.06 |
100.22 |
3.06 |
98.31 |
2.11 |
100.12 |
3.11 |
98.22 |
2.16 |
100.02 |
3.16 |
98.12 |
* Disclaimer
The information provided here is for reference only. Although extreme care has been taken to ensure that the information provided is accurate and up-to-date, the HKMA does not warrant that all, or any part of, the information provided is accurate in all respects. You are encouraged to conduct your own enquiries to verify any particular piece of information provided on it. The HKMA shall not be liable for any loss or damage suffered as a result of any use or reliance on any of the information provided here.
Update on chikungunya fever
The Centre for Health Protection (CHP) of the Department of Health announced that, as of 5pm today (January 4), no new cases of chikungunya fever (CF) had been recorded.
Latest surveillance data
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Hong Kong has recorded a total of 82 confirmed CF cases last year. Among them, 11 were local cases, and the rest were imported cases.
Since the beginning of 2025, and as of December 10, 2025, a total of 502 264 CF cases and 186 CF-related deaths have been reported in over 40 countries/territories. Cases have been reported in the Americas, Africa, Asia, and Europe. Although the northern hemisphere has entered the winter season, temperatures in subtropical and some temperate regions remain elevated due to climate change, creating favourable conditions for mosquito breeding. In addition, CF outbreaks continue to occur in many countries worldwide. The risk of imported cases persists. Members of the public should check the situation of the destinations before travelling abroad, especially when travelling to Southeast Asian countries.
Government's comprehensive follow-up actions
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Given that some local cases of CF have visited the Tsing Yi Nature Trails or the surrounding area in November last year, the trails are currently closed until further notice. Relevant government departments continue to conduct large-scale mosquito control and prevention efforts along the trails, and the CHP appeals to the public not to enter the area in order to reduce the risk of contracting CF and to avoid exposure to chemicals or interfering with the mosquito control operations. Since the confirmation on December 10, 2025, of a case involving a person who had visited the Tsing Yi Nature Trails on November 30, 2025, no further local cases have been recorded to date. The CHP continues to urge individuals who have recently hiked along the Tsing Yi Nature Trails to seek medical attention as soon as possible if they develop relevant symptoms and to call the enquiry hotline (Tel: 2125 2373), which operates from 9am to 6pm.
The Food and Environmental Hygiene Department (FEHD) has been continuously conducting intensive fogging operations to eliminate adult mosquitoes along the Tsing Yi Nature Trails and the surrounding area. At suitable locations, large ultra-low volume foggers have been deployed, and a robot dog is being put on trial to enhance operational effectiveness. The FEHD has also set up new mosquito trapping devices, cleared discarded containers and garbage that could cause stagnant water, and applied larvicide oil or larvicides in areas with stagnant water that cannot be removed immediately. The FEHD has been collaborating with the Kwai Tsing District Office, the Lands Department and the Drainage Services Department to strengthen efforts in eliminating potential mosquito breeding sites along the Tsing Yi Nature Trails. Pamphlets have been distributed to hikers in the area, urging citizens to be vigilant against mosquito infestations and take personal protective measures. The FEHD has also held meetings of the interdepartmental task forces on anti-mosquito work across districts to discuss the latest developments regarding the situation and plan accordingly to co-ordinate relevant departments and stakeholders in strengthening mosquito prevention and control measures in areas under their purview.
Continuously strengthening prevention and control
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The FEHD and relevant departments have comprehensively enhanced the mosquito control operations in Hong Kong since July last year, and this has continued. Among these, the FEHD has conducted vector investigations and targeted mosquito control operations against the imported and local cases. In light of the local case, the FEHD has immediately conducted follow-up actions, including:
carrying out intensive fogging in scrubby areas within a 250-metre radius of the relevant locations to kill adult mosquitoes;
carrying out inspections of the locations, removing stagnant water, applying insecticides and disposing of abandoned water containers every week with a view to preventing mosquito breeding; and
enhancing public education efforts through organising health talks, setting up mobile education stations, and distributing publicity leaflets.
The abovementioned measures will be continued. Furthermore, the Government will further enhance the mosquito control efforts in addition to the existing measures.
Preventive measures to be taken by the public
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Members of the public should use DEET-containing insect repellents or other effective active ingredients properly to prevent mosquito bites, but the following precautions should be taken when using them:
read the label instructions carefully first;
apply right before entering an area with a risk of mosquito bites;
apply on exposed skin and clothing;
use DEET of up to 30 per cent for pregnant women and up to 10 per cent for children (for children who travel to countries or areas where mosquito-borne diseases are endemic or epidemic and where exposure is likely, those aged 2 months or above can use DEET-containing insect repellents with a DEET concentration of up to 30 per cent);
apply sunscreen first, then insect repellent;
reapply only when needed and follow the instructions; and
in addition to DEET, there are other insect repellents available on the market containing different active ingredients, such as IR3535 and picaridin. When using any insect repellent, the public should follow the usage instructions and precautions on the product label.
The FEHD also appeals to members of the public to continue to stay alert and work together to carry out mosquito prevention and control measures early, including inspecting their homes and surroundings to remove potential breeding grounds, changing water in vases and scrubbing their inner surfaces, removing water in saucers under potted plants at least once a week, and properly disposing of containers such as empty cans and lunch boxes. The FEHD also advises members of the public and property management agencies to keep drains free of blockage and level all defective ground surfaces to prevent the accumulation of water. They should also scrub all drains and surface sewers with an alkaline detergent at least once a week to remove any mosquito eggs.
The public should call 1823 in case of mosquito problems, and may visit the following pages for more information: the CF page of theCHPand theTravel Health Service, the latestTravel Health News,tips for using insect repellents, and the CHPFacebook Page,Instagram AccountandYouTube Channel, and also theMosquito Prevention and Control dedicated pageof the FEHD.
Source: AI-found images
