HKMA Releases Tentative Schedule for Exchange Fund Bills and Notes for Q4 2024

The Hong Kong Monetary Authority (HKMA) has announced a tentative issuance schedule for Exchange Fund Bills and Notes (EFBNs) for the upcoming quarter from October to December 2024. The schedule, released on August 15, 2024, outlines the proposed tender dates, issue sizes, and issue dates for individual issues, according to HKMA.

Quarterly Issuance Details

The quarterly schedule is typically issued in the second month of each quarter—February, May, August, and November—covering EFBN tenders in the following quarter. This latest release for Q4 2024 includes rollover of maturing issues and planned adjustments to the maturity spectrum of the EFBN portfolio.

Tentative Nature of the Schedule

It is important to note that the tender dates, issue sizes, and issue dates outlined in the advance issuance schedule are tentative. The HKMA will confirm and announce the details of new issues of Exchange Fund Bills at least four business days prior to their respective tender dates. For Exchange Fund Notes, details will be confirmed and announced seven business days before their respective tender dates. The HKMA reserves the right to make adjustments based on prevailing market conditions.

Market Implications

The issuance of EFBNs plays a crucial role in Hong Kong's financial stability, providing a reliable tool for liquidity management and investment opportunities. The tentative schedule allows market participants to prepare for upcoming tenders, ensuring a smooth and efficient market operation.

Hong Kong Monetary Authority
15 August 2024