China’s Ministry of Finance will auction RMB15.5 billion of sovereign bonds in Hong Kong on Friday, Oct. 23, reopening four existing series as part of its 2026 issuance program.
The largest allocation is RMB5 billion for bonds maturing in 2029. The ministry will also offer RMB4 billion each in bonds due in 2028 and 2031, and RMB2.5 billion in bonds due in 2036. In maturity order, the series’ existing annual coupon rates are 1.38%, 1.40%, 1.57% and 1.87%. All four were first issued Feb. 13, 2026, and the new bonds will be combined with their corresponding outstanding series. The listed rates are existing coupons; the tender will set prices for the additional bonds.
The sale is the ministry’s fifth Hong Kong renminbi bond tranche planned for 2026. Its program calls for six tranches totaling RMB84 billion. The Hong Kong Monetary Authority (HKMA) said in its 2025 annual report that the ministry’s sovereign bond issuance in Hong Kong reached a record RMB68 billion across six batches that year. The RMB68 billion figure covers 2025 issuance, while RMB84 billion is the ministry’s plan for 2026.
Bidding is scheduled from 9:30 to 10:30 p.m. ET Thursday, Oct. 22, which is 9:30 to 10:30 a.m. Friday in Hong Kong. Investors must tender through qualified bidders, who submit tenders using the HKMA’s Central Moneymarkets Unit BID service. Bank of Communications Co., Ltd. Hong Kong Branch is the issuing and lodging agent. Results are due by 5 a.m. ET Friday, Oct. 23 (09:00 UTC). The tender date is separate from the scheduled issue and settlement date: the bonds are due to be issued and settled Tuesday, Oct. 27.
