China's Ministry of Finance issues RMB sovereign bonds across five maturities

The Hong Kong Monetary Authority (HKMA) has announced the tender results for five tranches of RMB sovereign bonds issued by the Ministry of Finance of the People's Republic of China.

The bonds, with maturities of 2, 3, 5, 10, and 30 years, were tendered on February 11, 2026, and are set for issue and settlement on February 13, 2026. Total application amounts across all tranches reached RMB 55,170 million, significantly exceeding the total issue amount of RMB 14,000 million.

This indicates robust investor demand for the sovereign debt.

The 2-year and 3-year bonds saw the highest individual issue amounts, each at RMB 4,000 million, attracting application amounts of RMB 17,287 million and RMB 14,607 million respectively.

The average accepted coupon rate for the 2-year bond was 1.35 percent, while the 3-year bond achieved 1.38 percent, reflecting strong interest in shorter-dated maturities.

Coupon rates generally increased with longer maturities, reflecting the yield curve.

The 5-year bond was issued at an average accepted coupon rate of 1.55 percent, the 10-year at 1.85 percent, and the longest 30-year maturity at 2.32 percent.

The highest accepted coupon rate for the 2-year bond was 1.38 percent, with an allocation ratio of approximately 26.01 percent at that rate.

For the 30-year bond, the highest accepted coupon rate was 2.35 percent, with an allocation ratio of approximately 53.19 percent.

The lowest accepted coupon rates across the tranches ranged from 1.30 percent for the 2-year and 3-year bonds to 2.10 percent for the 30-year bond, demonstrating a competitive bidding environment for these sovereign instruments.