Welcome! AsianBondsOnline is a one-stop source of information on bond markets in emerging East Asia.
Close of February 2, 2023 |
Change From | |||
---|---|---|---|---|
Govt. Bond Yields | Latest Yield | Previous Day | Previous Week | YTD |
2 Year | 3.645 | ▼ 16.4 | ▲ 3.0 | ▼ 53.6 |
5 Year | 3.696 | 0.0 | ▲ 15.1 | 0.0 |
10 Year | 3.022 | ▼ 7.9 | ▲ 3.2 | ▼ 62.3 |
* Government bond yield changes are expressed in basis points. |
||||
Currencies | Latest Rate | Previous Day | Previous Week | YTD |
HKD per USD | 7.844 | ▼ 0.0 | ▼ 0.2 | ▼ 0.5 |
HKD per JPY | 0.061 | ▼ 0.3 | ▼ 1.4 | ▼ 2.5 |
* Exchange rate changes are expressed as a percentage change. |
||||
Interest Rates | Latest Rate | Previous Day | Previous Week | YTD |
1D HIBOR | 1.005 | ▼ 17.6 | ▼ 40.5 | ▼ 222.9 |
3M HIBOR | 4.994 | 0.0 | ▼ 5.1 | 0.0 |
* Interest rate changes are expressed in basis point change. |
Change From | ||||
---|---|---|---|---|
Policy Rates | Latest Rate (1-Jan-1970) |
Previous Rate (1-Jan-1970) |
YTD Rate |
|
No data available for this market |
Agency | Rating | Outlook | Date | |
---|---|---|---|---|
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
Read full index for News and Commentary
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.
Download Report
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.
Download Report
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.
Download Report
* Download previous issues PDF | ||||
---|---|---|---|---|
2022 | Nov | Sep | Jun | Mar |
2021 | Nov | Sep | Jun | Mar |
2020 | Nov | Sep | Jun | Mar |
2019 | Nov | Sep | Jun | Mar |
2018 | Nov | Sep | Jun | Mar |
2017 | Nov | Sep | Jun | Mar |
2016 | Nov | Sep | Jun | Mar |
2015 | Nov | Sep | Jun | Mar |
2014 | Nov | Sep | Jun | Mar |
2013 | Nov | Sep | Jun | Mar |
2012 | Nov | Sep | Apr | |
2011 | Nov | Sep | Mar | |
2010 | Nov | Oct | Jul | Mar |
2009 | Nov | Sep |
Between 31 August and 14 October, Hong Kong, China’s local currency (LCY) government bond yield curve shifted upward, with yields rising an average of 80 basis points (bps) across the curve. The negative spread between the 10-year and 2-year yields deepened from –19 bps on 31 August to –57 bps on 14 October. The movements of Hong Kong, China’s LCY bond yields during the review period tracked those of United States (US) Treasury yields, owing to the Hong Kong dollar’s peg to the US dollar. The relentless monetary policy tightening by the Federal Reserve and the consequent base rate adjustment by the Hong Kong Monetary Authority continued to create upward pressure on yields at the shorter-end of the government bond yield curves of the US and Hong Kong, China, respectively. The inverted yield curve in Hong Kong, China also reflected expectations of a prolonged economic downturn. Hong Kong, China has recorded 3 consecutive quarters of economic contractions in 2022.
Hong Kong, China’s LCY bond market reached a size of HKD2,748.2 billion (USD350.1 billion) at the end of September after rising 4.9% quarter-on-quarter (q-o-q) and 13.2% year-on-year in third quarter (Q3) of 2022. Growth accelerated from 2.9% q-o-q and 7.9% year-on-year in second the quarter of 2022 primarily due to faster expansions in both the government and corporate bond segments. Growth in government bonds outstanding more than doubled to 3.7% q-o-q in Q3 2022 from 1.5% q-o-q in the previous quarter. Meanwhile, the stock of outstanding corporate bonds rose 6.2% q-o-q in Q3 2022, up from 4.4% q-o-q in the previous quarter. Government bonds comprised 52.1% of Hong Kong, China’s LCY bond market, while corporate bonds represented the remaining 47.9% at the end of September.
On 30 September, the Hong Kong Monetary Authority announced the tentative issuance schedule for Hong Kong Special Administrative Region (HKSAR) bonds under the Institutional Bond Issuance Programme for the period between October 2022 and March 2023. The issuance schedule included planned issuances of bonds with tenors ranging from 1 year to 20 years. Of note are two planned switch tenders. The first such switch tender will involve the issuance of a 3-year HKSAR bond in exchange for the early redemption of a 15-year HKSAR bond with an original maturity of March 2032. The other switch tender will involve the issuance of a 3-year bond in exchange for the early redemption of a 15-year bond with an original maturity of March 2036.