Market Turnover


Inflation-linked Retail Bond (“iBond”)

The inflation-linked retail bond, also known as iBond, is launched by the HKSAR Government under the retail bond issuance programme which is part of the Government Bond Programme.

More information on iBond is available on the website of the Government Bond Programme.

The issue circulars contain the final terms of all iBond Series of retail bonds and must be read in conjunction with HKSAR Government’s programme circular (as amended or supplemented from time to time) relating to the retail bond programme (the programme circular).

iBond Series - Issue Circulars

Retail Bond Issuance Programme - Programme Circular

Latest series

The latest iBond Series HK$15,000,000,000 Retail Bonds Due 2024 (Issue No.: 03GB2406R; Stock Code: 4246) (2024 iBond) has a minimum denomination of HK$10,000 and a term of three years. The semi-annual interest payments are linked to average annual inflation in Hong Kong, subject to a minimum interest rate of 2.00%. The principal amount will be repaid in full (i.e. 100%) by the HKSAR Government at maturity.

Investors who hold 2024 iBond through Hong Kong Securities Clearing Company Limited (HKSCC) directly or through their securities broker may trade 2024 iBond through SEHK.

Key Features of Secondary Trading Through SEHK

  • Transparent on-screen prices
  • Efficient auto-matching market
  • Settlement certainty through HKSCC

All debt securities traded on SEHK are bought and sold at a “clean price”, meaning that the trade price is exclusive of accrued interest.  As such, there will NOT be any price adjustment for debt securities after coupon payment.

When bonds are being traded in the secondary market, interest due from the last interest payment date to the settlement date, or in the case of a transaction that is settled before the first interest payment date, from the issue date to the settlement date, is normally paid to the bond seller from the bond buyer. The amount of interest to be paid is calculated in the same manner as an interest payment.

If the transaction is settled before the first interest payment date, the applicable per annum interest rate is the one announced by the HKSAR Government in advance. This rate is determined based on the higher of the Fixed Rate or relevant Floating Rate of the relevant bond. Please note that this is not the actual per annum interest rate for the first interest payment date.

If the transaction is settled after the first interest payment date, the per annum interest rate used in calculating the accrued interest will be that of the immediate preceding interest payment date.

The trading market data for 2024 iBond (Stock Code: 4246) can be found here.

Accrued interest involved in secondary trading of bonds can be found here.

Useful Website:


Updated 24 Jun 2021

Securities Broker Information

  • Offer 2024 iBond subscription service and secondary trading of iBonds*
Name of Exchange Participant Contact Number Contact Email Company Website
Averest Capital Limited (852) 2155 6020
BMI Securities Limited (852) 3575 1300
Bright Smart Securities International (H.K.) Limited (852) 2537 1371
Chief Securities Limited (852) 2500 9116
Gong Ping Securities Limited (852) 3161 2401
Haitong International Securities Company Limited (852) 3583 3388
Innovax Securities Limited (852) 2311 0287
Monex Boom Securities (H.K.) Limited (852) 2255 8888
Monmonkey Group Securities Limited (852) 2111 0110
Partners Capital Securities Limited (852) 2157 5400
Prudential Brokerage Limited (852) 2143 3808
Regan International Securities Limited (852) 3700 5682
Safe Gold Securities and Futures Limited (852) 3678 2920
uSmart Securities Limited (852) 3018 4526
Wealth Link Securities Limited (852) 3187 7700

*voluntary disclosure via responses to a SEHK circular published on 1 Jun 2021


Updated 10 Jun 2021

Market Data

Updated 24 Jun 2021

Exchange Circular

Updated 03 Jun 2021

Data of Previous Issuance

Year of issuance

Listing date

Turnover on listing date (HKD mn)

Closing price on listing date (HKD)

% increase from face value as of end of first trading day


29 Jul 2011





25 Jun 2012





25 Jun 2013





12 Aug 2014





10 Aug 2015





21 Jun 2016





17 Nov 2020




2021 24 Jun 2021 3240 103.20 3.20%


Updated 24 Jun 2021