Retail Bond Issuance Programme - Background


The HKSAR Government has set up its retail bond issuance programme (the retail bond programme) to issue retail bonds to the public in Hong Kong in order to promote investor awareness of the bond market in Hong Kong.

This website only provides a quick summary of the retail bond programme. You should read the programme circular together with all updates and supplements which HKSAR Government has published. HKSAR Government will also publish an issue circular* to specify the terms for each series of retail bonds. You should read the relevant issue circular* as well as the programme circular (as amended or supplemented from time to time) and ensure you fully understand the risks associated with investing in retail bonds before deciding whether to apply for any retail bonds.

  • Strong credit: HKSAR Government has a strong, “investment grade”, credit rating.
  • Interest rate risk: The market value of retail bonds with a fixed rate of interest, or with a rate of interest that includes a fixed rate component, may decrease if the prevailing Hong Kong dollar interest rates increase during the term of those retail bonds.
  • Regular returns: Retail bonds offer regular payments of interest for the entire term of your investment.
  • Index risk: The market value of retail bonds with an interest rate linked to an index may be affected by movements in that index.
  • Interest rate: Retail bonds may offer higher interest rates than Hong Kong dollar time deposits of similar maturities.
  • Exchange rate risk: The Hong Kong dollar value of retail bonds denominated in a currency other than Hong Kong dollars will decrease if that currency depreciates against the Hong Kong dollar.
  • Range of maturities: Retail bonds may be available in a number of different maturities.
  • Liquidity risk: There may not be an active secondary market or any secondary market at all for your retail bonds and it may not be possible to sell your retail bonds prior to maturity or the sale price may be lower than the amount you invested.


  • Credit risk: The retail bonds are not secured. When you buy retail bonds, you will be relying on the creditworthiness of HKSAR Government. Adverse changes in the wider economic conditions in Hong Kong and the world and/or the creditworthiness of HKSAR Government may reduce the market value of your retail bonds and may affect HKSAR Government’s ability to make payments of principal of and interest on your retail bonds. In the worst case scenario, you could lose all of your investment.


  • Intermediary risk: You can only hold retail bonds indirectly through certain institutions whom you will have to rely on to perform a number of functions, including passing on payments of principal of and interest on your retail bonds to you and proving your interest in your retail bonds.


*The issue circular for the iBond Series is available here.

*The issue circular for the Silver Bond Series is available here.