For information on buying and selling government and corporate bonds you may refer to the Guide to Buying Bonds Section on this website.

Trading

Exchange Fund Bills (EFBs) have tenors of 91, 182, and 364 days. Exchange Fund Notes (EFNs) hold maturities of 2, 3, 5, 10, and 15 years.

A summary of contract and trading standards is linked below.

Calculations

Calculations for bond yields, interest/coupon rates, and coupon payments follow standard conventions. An EFN calculator is provided through the link below.

Auction Calendar

EFBs with 91-, 182-, and 364-day tenors are auctioned on a weekly, bi-weekly, and monthly basis, respectively. Two-, three-, and five-year EFNs follow a quarterly issuance cycle, while 10- and 15-year notes are auctioned semi-annually.

Auction Results

Auction results, or fixings, can be found at the Hong Kong Monetary Authority’s (HKMA) website, which is linked below.