Silver Bond Series 2028 First Interest Rate Announced

HKMA Press Releases

Published March 24th, 2026

Detected March 24th, 2026

Summary

The Hong Kong Monetary Authority announced the interest rate for the first payment of the Silver Bond Series due 2028. The rate was set at 3.85% per annum, determined as the higher of the prevailing Floating Rate (+1.28%) and Fixed Rate (+3.85%).

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What changed

The Hong Kong Monetary Authority (HKMA), acting for the Hong Kong Special Administrative Region Government, has announced the interest rate for the first interest payment of the Silver Bond Series due 2028. This announcement, made on March 24, 2026, sets the rate at 3.85% per annum. This rate was determined by comparing the prevailing Floating Rate, which averaged +1.28% based on recent consumer price index data, with the Fixed Rate of +3.85%, selecting the higher of the two as per the bond's issue circular.

This announcement provides clarity for investors holding the Silver Bond Series due 2028 regarding their upcoming interest payment scheduled for April 10, 2026. While this is an informational announcement regarding a pre-determined rate, investors should note the mechanism for rate determination which involves inflation-linked floating rates and a fixed rate. No immediate action is required from investors as this is an announcement of an already determined rate for an existing bond series.

Source document (simplified)

Interest rate of first interest payment for Silver Bond Series due 2028

Press Releases

24 Mar 2026

Interest rate of first interest payment for Silver Bond Series due 2028

The Hong Kong Monetary Authority, as representative of the Hong Kong Special Administrative Region Government, announced today (24 March) the relevant per annum interest rate for the first interest payment of Silver Bond Series due 2028 (Issue Number: 03GB2810R) (the Bonds) issued under the Infrastructure Bond Programme.

According to the Issue Circular dated 15 September 2025 for the Bonds, the first interest payment of the Bonds is scheduled to be made on 10 April 2026, and the relevant interest rate is scheduled to be determined and announced on 24 March 2026 as the higher of the prevailing Floating Rate and Fixed Rate.

On 24 March 2026, the Floating Rate and Fixed Rate are as follows:-

| Floating Rate: | +1.28% 1 |
| Fixed Rate: | +3.85% |
Based on the Floating Rate and Fixed Rate set out above, the relevant interest rate for the first interest payment is determined and announced as 3.85% per annum.

Hong Kong Monetary Authority
24 March 2026

| 1 | | Month | Year-on-year rates of change in the 2019/20-based
Composite Consumer Price Index (%) |
| --- | --- |
| September 2025 | +1.10 |
| October 2025 | +1.20 |
| November 2025 | +1.20 |
| December 2025 | +1.40 |
| January 2026 | +1.10 |
| February 2026 | +1.70 |
| Arithmetic Average | +1.28 | | Month | Year-on-year rates of change in the 2019/20-based
Composite Consumer Price Index (%) | September 2025 | +1.10 | October 2025 | +1.20 | November 2025 | +1.20 | December 2025 | +1.40 | January 2026 | +1.10 | February 2026 | +1.70 | Arithmetic Average | +1.28 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Month | Year-on-year rates of change in the 2019/20-based
Composite Consumer Price Index (%) | | | | | | | | | | | | | | | | |
| September 2025 | +1.10 | | | | | | | | | | | | | | | | |
| October 2025 | +1.20 | | | | | | | | | | | | | | | | |
| November 2025 | +1.20 | | | | | | | | | | | | | | | | |
| December 2025 | +1.40 | | | | | | | | | | | | | | | | |
| January 2026 | +1.10 | | | | | | | | | | | | | | | | |
| February 2026 | +1.70 | | | | | | | | | | | | | | | | |
| Arithmetic Average | +1.28 | | | | | | | | | | | | | | | | |
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