COUNTRY • HONG KONG
Last Update: 2 Oct 2023 2:15 GMT+0

The Hong Kong 10Y Government Bond has a 4.158% yield.

10 Years vs 2 Years bond spread is -4.1 bp.
Yield Curve is inverted in Long-Term vs Short-Term Maturities.

Central Bank Rate is 5.75% (last modification in July 2023).

The Hong Kong credit rating is AA+, according to Standard & Poor's agency.

Current 5-Years Credit Default Swap quotation is 36.20 and implied probability of default is 0.60%.

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Residual
Maturity
Yield ZC Price Last
Change
Last Chg 1M Chg 6M Last Chg 1M Chg 6M
1 month 4.902% +180.5 bp +265.5 bp 02 Oct
3 months 4.814% +118.7 bp +209.6 bp 02 Oct
6 months 4.777% +84.9 bp +174.3 bp 02 Oct
9 months 4.747% +64.6 bp +163.3 bp 02 Oct
1 year 4.701% +62.0 bp +153.8 bp 95.51 -0.59 % -1.46 % 02 Oct
2 years 4.199% +27.7 bp +82.8 bp 92.10 -0.53 % -1.58 % 02 Oct
3 years 4.056% +30.9 bp +82.3 bp 88.76 -0.88 % -2.35 % 02 Oct
5 years 3.931% +30.0 bp +84.1 bp 82.47 -1.43 % -3.97 % 02 Oct
7 years 3.924% +30.9 bp +83.9 bp 76.38 -2.06 % -5.52 % 02 Oct
10 years 4.158% +36.1 bp +102.7 bp 66.54 -3.41 % -9.43 % 02 Oct
15 years 4.489% +40.5 bp +126.8 bp 51.75 -5.67 % -16.75 % 02 Oct
20 years 4.678% +41.3 bp +97.0 bp 40.08 -7.59 % -16.98 % 02 Oct
Last Update: 2 Oct 2023 2:15 GMT+0

Hong Kong Yield Curve Analysis

Normally, longer-duration interest rates are higher than short-duration. So, the yield curve normally slopes upward as duration increases. For this reason, the spread (i.e. the yield difference) between a longer and a shorter bond should be positive. If not, the yield curve can be flat or inverted.
The curve convexity is measured considering some key bond durations (usually 2 years and 10 years, but also other maturities).
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Residual
Maturity
Yield Spread vs Bond Spread vs
Central Bank
Rate (5.75%)
3 months 1 year 2 years 5 years
10 years 4.158% -159.2 bp
5 years 3.931%
-181.9 bp
2 years 4.199%
-155.1 bp
1 year 4.701%
-104.9 bp
3 months 4.814%
-93.6 bp
Focusing on 2 years Government Bond:
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2Y vs 1Y -50.2 bp Yield Curve is inverted in Short-Term Maturities
5Y vs 2Y -26.8 bp Yield Curve is inverted in Mid-Term vs Short-Term Maturities
10Y vs 2Y -4.1 bp Yield Curve is inverted in Long-Term vs Short-Term Maturities

Hong Kong Credit Ratings

A credit rating is an assessment of the creditworthiness of a borrower (in general terms or with respect to a particular debt or financial obligation). For a deeper analysis of credit ratings, click here Hong Kong Credit Ratings History
Rating Agency Rating Outlook
Standard & Poor's
AA+
-
Moody's Investors Service
Aa3
-
Fitch Ratings
AA-
-
DBRS
-
-

Hong Kong Interest Rates

A bank rate is the interest rate at which a nation's central bank lends money to domestic banks, often in the form of very short-term loans.
Interest Rates Value
Central Bank Rate 5.75%

Hong Kong Credit Default Swaps

The term credit default swap (CDS) refers to a financial derivative that allows an investor to swap or offset their credit risk with that of another investor. To swap the risk of default, the lender buys a CDS from another investor who agrees to reimburse the lender in the case the borrower defaults.
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Credit Default Swap CDS Value Var % 1W Var % 1M Var % 1Y Implied PD(*)
5 Years CDS 36.20 0.00 % 0.00 % +13.84 % 0.60 %
(*) Implied probability of default, calculated on the hypothesis of a 40% recovery rate.

Hong Kong 10Y Bond Yield Spread

The Hong Kong 10Y Government Bond has a 4.158% yield. Click on Spread value for the historical serie.

A positive spread, marked by , means that the 10Y Bond Yield is higher than the corresponding foreign bond. Instead, a negative spread is marked by a green circle.

Click on the values in "Current Spread" column, for the historical series of the spread.
Click on the "Compare" button, for a report with the full comparison between the two countries, with all the available data.
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Hong Kong 10Y vs Current Spread Chg 1M Chg 6M
Japan 10Y 339.6 bp +22.0 bp +59.4 bp Compare
China 10Y 145.2 bp +27.8 bp +119.5 bp Compare
Germany 10Y 128.2 bp +2.5 bp +43.7 bp Compare
France 10Y 71.9 bp -0.2 bp +37.2 bp Compare
Spain 10Y 20.0 bp -3.3 bp +36.4 bp Compare
Canada 10Y 8.9 bp -11.0 bp -12.5 bp Compare
United Kingdom 10Y -32.2 bp +28.3 bp +1.2 bp Compare
Australia 10Y -35.4 bp -10.9 bp -24.8 bp Compare
United States 10Y -46.2 bp -7.8 bp -12.0 bp Compare
Italy 10Y -62.5 bp -19.1 bp +32.1 bp Compare
India 10Y -305.2 bp +32.6 bp +113.2 bp Compare
Brazil 10Y -755.3 bp -19.8 bp +221.6 bp Compare
Russia 10Y -885.2 bp -57.9 bp -168.3 bp Compare

Hong Kong Government Bonds Prices

Price Simulation: bonds with a face value of 100, with different coupon rates. The highlighted column refers to the zero coupon bond.
Click on for a forecast of the yield.
If data are not all visible, swipe table left
Residual
Maturity
Yield Bond Price - with different Coupon Rates Fx
0% 1% 3% 5% 7% 9%
20 years 4.678% 40.08 52.89 78.51 104.12 129.74 155.36
15 years 4.489% 51.75 62.50 84.00 105.49 126.99 148.48
10 years 4.158% 66.54 74.59 90.68 106.78 122.87 138.97
7 years 3.924% 76.38 82.40 94.44 106.48 118.51 130.55
5 years 3.931% 82.47 86.93 95.85 104.77 113.69 122.61
3 years 4.056% 88.76 91.53 97.07 102.62 108.16 113.71
2 years 4.199% 92.10 93.98 97.75 101.51 105.27 109.03
1 year 4.701% 95.51 96.47 98.38 100.29 102.20 104.11
Maturity Date 100.00 100.00 100.00 100.00 100.00 100.00

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