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%.
If data are not all visible, swipe table left
| 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).
The curve convexity is measured considering some key bond durations (usually 2 years and 10 years, but also other maturities).
If data are not all visible, swipe table left
| 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:
If data are not all visible, swipe table left
| 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 |
Readings that may interest you
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.
If data are not all visible, swipe table left
| 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 | |||