Bloomberg Markets
This article was written by Steven Gee, Yimin Liu and Roy Ng with assistance from Pranav Thakkar, Bryan Ng, Edison Wang and Anson Huang. It appeared first on the Bloomberg Terminal.
This year’s shifting macroeconomic landscape has made it challenging for investors to select bond investments that provide targeted returns. Going into 2026, many were eager to add non-US-dollar-denominated investments across global markets to increase diversification in their portfolios.
Recognizing this increased appetite by global investors, sovereign and corporate issuers have sought to provide more information to the public about their securities. Governments and central banks have also taken steps to increase transparency in their markets.
To start your analysis on any jurisdiction, use Bloomberg’s Central Bank Finder. Type “central bank finder” in the command line of a Terminal screen and click on the CENB match in autocomplete. The shortcut is {CENB <GO>}. The function provides a list of central banks with links to resources that enable you to get an overview of their activities and policies. CENB has links to portals, websites and source pages on which banks post market data and information.
For example, look at Hong Kong. Type “Hong Kong” in the <Search> field and press <GO> to display links to resources for the Hong Kong Monetary Authority (HKMA). Click on the HKMP link In the Portal column for rates, news, research, economic data and links to related tools.
IN YOUR SEARCH for compelling risk-adjusted returns, you might want to explore the primary market for Hong Kong government bonds. To dig in, use the enhanced Government Auction Monitor, which provides a comprehensive calendar of upcoming and recent government bond auctions across the global market. Type “government auction monitor” in the command line and click on the GAM match. The shortcut is {GAM <GO>}. To drill down to Hong Kong, click on the Edit Countries button. In the window that appears, unselect anything that’s already selected, then type “Hong Kong” in the Search Countries field and click the match. Hit Update to display key descriptive and performance data for the upcoming and recent Hong Kong bond auctions.
Go to {GAM <GO>} to see key descriptive and performance data for government bond auctions. Click on the Edit Countries button to drill down to a selected issuer such as Hong Kong.
Use the scroll bar to see additional data; click on a column heading to sort.
What about Hong Kong’s sustainable and infrastructure bonds? Quick backstory: In 2018 the government of Hong Kong started an effort intended to fight climate change and foster green finance, under which it issued its first green bond the following year. The Government Green Bond Programme originally authorized borrowing of up to HK$100 billion ($12.8 billion). In 2024 the government widened the effort to include sustainable debt—bonds whose proceeds are used for social projects in addition to environmental purposes—renaming it the Sustainable Bond Programme. It also started an Infrastructure Bond Programme to fund major projects. Together, the two programs can borrow up to HK$500 billion.
The HKMA assists the government in implementing bond issuance under these programs. Recently, the central bank put into place a new automated process under which 13 market makers provide indicative pricing levels twice a day, at 11:15 a.m. and 4:15 p.m. Hong Kong time. As a result, you can find enhanced market pricing context to use for relative value trading and portfolio rebalancing.
To display the central bank’s page, run {HKMA <GO>}. For a list of pages that provide wide-ranging visibility into the financing programs, click on HKMA Government Bond.
For the Hong Kong Monetary Authority’s landing page, run {HKMA <GO>}. For indicative prices, click on Infrastructure and Sustainable Bonds Indicative Pricings — Benchmark Issues, for instance.
Click on Infrastructure and Sustainable Bonds Indicative Pricings – Benchmark Issues for a page that displays prices and yields for bonds denominated in Hong Kong dollars and renminbi. As of mid-March, longer-maturity bonds were offering indicative yields of over 3%.
For contributor pricing on specific bonds, go to {HKBP <GO>}.
Go to {HKBP <GO>} to see how market makers are quoting—which may reflect how they are positioned in their trading books.
The page lets you see how different dealers are quoting each issue—perhaps providing insight into how they are positioned in their trading book.
Transparency relies on well-documented, consistent pricing rules followed by the primary dealers. To that end, the HKMA has published a Reference Manual for Institutional Government Bond Indicative Pricings Under the Infrastructure Bond Programme and the Government Sustainable Bond Programme. To see the manual Hong Kong’s government bond website, click on this link to Hong Kong’s government bond website: www.hkgb.gov.hk.