Tender of 2-Year Exchange Fund Notes to be held on 24 November 2026

It signals an upcoming primary issuance of 2-year Exchange Fund Notes, with bidding on 24 November 2026 and settlement on 25 November 2026. For compliance and treasury teams at participating institutions, the key requirement is operational readiness: confirm eligibility, follow HKMA tender procedures, submit bids accurately and ensure settlement, collateral and accounting processes are aligned. Firms should also refresh short-term HKD liquidity forecasts and consider any impact on collateral portfolios, funding plans and yield-curve exposure.

Non-participants should monitor the tender for signals on HKD money-market conditions and short-dated sovereign/quasi-sovereign pricing. No new conduct, reporting or capital rule is introduced, so the compliance burden is low. Actions: verify bid and settlement controls, update liquidity and collateral records, and review tender results for market-risk and funding implications.