Exchange Fund Bills Tender Results

In the recent tender held on 23 April 2024, the Hong Kong Monetary Authority (HKMA) offered EF Bills with issue numbers Q2417 and H2446. For Q2417, which matures on 24 July 2024, an amount of HK$164,600 million was applied, out of which HK$59,076 million was allotted. The average yield accepted for this tender was 4.12%, with the highest yield accepted at 4.19%. The pro rata ratio, indicating the average percentage of allotment in relation to each participant’s tendered amount at the highest yield accepted level, was approximately 26%. The average tender yield stood at 4.23%. For H2446, with a maturity date of 23 October 2024, HK$40,764 million was applied, and HK$12,000 million was allotted. The average yield accepted was 4.21%, with the highest yield accepted at 4.25%. The pro rata ratio for this tender was about 13%. The average tender yield was slightly higher at 4.33%. These tender results reflect the market’s response to the offering of EF Bills and the prevailing yields in the market. Looking ahead, the HKMA has announced upcoming tenders to be held in the week beginning 29 April 2024. On 30 April 2024, EF Bills with issue numbers Q2418 and H2447 will be offered. Q2418 has a maturity date of 31 July 2024, a tenor of 90 days, and an amount on offer of HK$58,864 million. H2447, maturing on 30 October 2024, has a tenor of 181 days, and an amount on offer of HK$15,000 million. Market participants will closely monitor these tenders to gauge investor interest and the resulting yields. Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/04/20240423-4/