The Government Bond Programme (GB Programme), consisting of the institutional bond issuance programme and the retail bond issuance programme, is an initiative of the Government of the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR Government) to develop the local bond market in Hong Kong. The GB Programme’s primary objective is to promote the further and sustainable development of the local bond market. Through implementing the GB Programme, the HKSAR Government aims to increase the breadth and depth of the local bond market, so that the bond market may complement the equity market and the banking sector as an effective channel of financial intermediation. The development of a mature local bond market will help promote the efficient allocation of funds, thereby promoting financial stability, strengthening Hong Kong’s status as an international financial centre and promoting economic development.

The HKSAR Government maintains a strong fiscal position and does not need to finance its expenditures by issuing government bonds. The GB Programme is designed to issue government bonds in a systematic and consistent manner. Under the GB Programme, the HKSAR Government is not subject to any rigid issuance target and flexibly manages the size and tenor of individual government bond issues, subject to prevailing market conditions and demand.

The Hong Kong Monetary Authority (HKMA), as representative of the HKSAR Government in the implementation of the GB Programme, is tasked to co-ordinate the offering of government bonds and to manage the investment of the sums raised under the GB Programme.