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Close of June 27, 2022 |
Change From | |||
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Govt. Bond Yields | Latest Yield | Previous Day | Previous Week | YTD |
2 Year | 2.696 | ▼ 5.3 | ▼ 10.6 | ▲ 207.0 |
5 Year | 2.818 | ▲ 4.6 | ▼ 14.3 | ▲ 162.8 |
10 Year | 3.060 | ▲ 3.9 | ▼ 7.8 | ▲ 155.1 |
* Government bond yield changes are expressed in basis points. |
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Currencies | Latest Rate | Previous Day | Previous Week | YTD |
HKD per USD | 7.847 | ▲ 0.0 | ▲ 0.0 | ▼ 0.6 |
HKD per JPY | 0.058 | ▲ 0.2 | ▲ 0.3 | ▲ 14.5 |
* Exchange rate changes are expressed as a percentage change. |
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Interest Rates | Latest Rate | Previous Day | Previous Week | YTD |
1D HIBOR | 0.212 | ▲ 2.1 | ▲ 10.4 | ▲ 15.6 |
3M HIBOR | 1.728 | ▲ 4.6 | ▲ 38.2 | ▲ 146.9 |
* Interest rate changes are expressed in basis point change. |
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Policy Rates | Latest Rate (1-Jan-1970) |
Previous Rate (1-Jan-1970) |
YTD Rate |
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No data available for this market |
Agency | Rating | Outlook | Date | |
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Regional Rating Institutions | ||||
R&I | AA+ | stable | 2021-11-16 | |
Non-Regional Rating Institutions | ||||
Fitch | AA- | stable | 2022-04-07 | |
S&P | AA+ | stable | 2020-09-30 | |
NEWS HIGHLIGHTS
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BOND ISSUANCES
This report provides updates on the bond market in Hong Kong, China since the publication of the ASEAN+3 Bond Market Guide 2016: Hong Kong, China. It also highlights those changes and developments that have a connection to the bond market of the People's Republic of China. The ASEAN+3 Bond Market Guide series provides member-specific information on the investment climate, rules, laws, opportunities, and characteristics of local bond markets in Asia and the Pacific. It aims to help bond market issuers, investors, and financial intermediaries understand the local context and to encourage greater participation in the region's rapidly developing bond markets.
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ASEAN+3 Bond Market Guide is a comprehensive explanation of the region's bond markets. It provides various information such as the history, legal and regulatory framework, specific characteristics of the market, trading and transaction, and other relevant information. The Hong Kong, China Bond Market Guide is an outcome of the strong support and kind contributions of ASEAN+3 Bond Market Forum members and experts, particularly from Hong Kong, China. The report should be recognized as a collective good to support bond market development among ASEAN+3 members.
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Implementation Guidelines for Hong Kong, China
August 2015
The ASEAN+3 Multi-Currency Bond Issuance Framework (AMBIF) Implementation Guidelines for Hong Kong, China are provided to review the AMBIF Elements and detail the corresponding features of Hong Kong, China market in relation to each element.
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Between 28 February and 15 May, the local currency (LCY) government bond yield curve in Hong Kong, China shifted upward, with yields rising for all tenors except the 1-month tenor, which fell 5 basis points (bps). On average, yields soared 96 bps across the curve. The spread between the 2-year and 10-year bond yields narrowed to 51 bps on 15 May from 85 bps on 28 February. The rise in yields of Hong Kong, China’s LCY bonds broadly tracked the jump in United States (US) Treasury yields during the review period as the Hong Kong dollar is pegged to the US dollar. The rise in US Treasury yields was largely driven by elevated inflation and the ensuing aggressive monetary policy tightening by the Federal Reserve.
Hong Kong, China’s LCY bond market reached a size of HKD2,546.2 (USD325.1 billion) at the end of March. Overall growth dropped to 0.8% quarter-on-quarter in the first quarter (Q1) of 2022 from 4.0% quarter-on-quarter in the fourth quarter (Q4) of 2021 due primarily to a contraction in the corporate bond segment. On a year-on-year basis, Hong Kong, China’s LCY bond market expanded 4.1% in Q1 2022, down from 5.0% in Q4 2021. Government bonds comprised 53.4% of Hong Kong, China’s LCY bond market at the end of March, up from 52.2% at the end of December.
On 5 May, the Hong Kong Monetary Authority (HKMA) held the countercyclical capital buffer ratio (CCyB) steady at 1.0%. The HKMA noted that the economic data as of Q4 2021 signaled a CCyB of 1.0%. Furthermore, economic activities slowed in Q1 2022 and uncertainties regarding global and domestic conditions heightened. Thus, the HKMA decided to keep the CCyB unchanged at 1.0% and will continue to closely monitor developments.