Hong Kong, China: Market Summary
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Market Summary
Yield Movements
Local currency (LCY) government bond yields rose for most tenors between 2 February and 29 May due to inflationary pressures brought about by the conflict in the Middle East.
Local Currency Bond Market Size and Issuance
Hong Kong, China's LCY bond market expanded by 2.4% quarter-on-quarter (q-o-q) in the first quarter (Q1) of 2026 to reach HKD3.5 trillion at the end of March, bolstered by a rebound in corporate bond issuance. Total LCY bond issuance tallied HKD1.5 trillion during the quarter, supported by a 30.7% q-o-q increase in corporate bond sales.
Sustainable Bond Market
Hong Kong, China's sustainable bond market reached HKD46.4 billion at the end of March on a marginal 0.5% q-o-q contraction due to a higher volume of maturities in Q1 2026. Sustainable bonds outstanding at the end of Q1 2026 were predominantly medium-term instruments, with a size-weighted average tenor of 4.7 years.