Hong Kong Monetary Authority Drops Bombshell: EF Bills Tender Results Revealed—What’s Next for Markets?

Hong Kong's financial watchdog just pulled back the curtain on its latest Exchange Fund Bills tender—and the market's already buzzing.

The takeaway: While traditional finance plays its usual games with paper promises, crypto keeps chugging along with real yield. The HKMA's move signals more liquidity maneuvering ahead—just as Bitcoin smashes through another resistance level.

Behind the numbers: The tender results show institutional players still clinging to fiat instruments (how quaint). Meanwhile, DeFi protocols are quietly eating their lunch with 10x the APY.

The kicker: Another day, another central bank pretending they're in control of monetary policy. Wake us up when they figure out how to print blockchain.

In a recent announcement, the Hong Kong Monetary Authority (HKMA) disclosed the results of the Exchange Fund (EF) Bills tender held on June 30, 2025. The tender, which offered multiple issues of EF Bills, saw significant interest from the market.

Details of the EF Bills Tender

The tender featured three primary issues: Q2527, H2556, and Y2591. The EF Bills for issue number Q2527, with an issue date of July 2, 2025, and a maturity date of October 2, 2025, received applications totaling HK$144,528 million. Of this, HK$67,488 million was allotted at an average yield of 0.71% and a highest accepted yield of 0.77%. The pro rata ratio for this issue was approximately 12%, with an average tender yield of 0.93%.

Issue number H2556, also issued on July 2, 2025, but maturing on December 31, 2025, saw applications amounting to HK$48,500 million. The allotted amount was HK$20,400 million, with an average yield of 1.44% and a highest yield of 1.55%. The pro rata ratio stood at about 67%, and the average tender yield was 1.69%.

For issue Y2591, maturing on July 2, 2026, the total amount applied was HK$16,300 million, with HK$5,000 million allotted. The average yield accepted was 1.77%, with the highest yield at 1.86%. This issue had a pro rata ratio of approximately 75%, and the average tender yield was recorded at 2.05%.

Upcoming Tenders

The HKMA also announced forthcoming tenders scheduled for the week beginning July 7, 2025. The tender date is set for July 8, 2025, with issue numbers Q2528 and H2557 on offer. The EF Bills for Q2528 will have an issue date of July 9, 2025, and will mature on October 8, 2025, with a tenor of 91 days and an amount of HK$68,425 million on offer. Meanwhile, issue H2557, with a maturity date of January 7, 2026, will have a tenor of 182 days and an amount of HK$19,800 million available.

The pro rata ratio, which represents the average percentage of allotment relative to each tender participant's tendered amount at the highest yield accepted level, is a notable metric in these tenders.

For further details, the official announcement can be viewed on the HKMA website.

• hong kong monetary authority
• exchange fund bills
• finance