What Are Exchange Fund Bills & Notes (EFBNs)?
Exchange Fund Bills and Notes are debt securities issued by the Hong Kong Monetary Authority (HKMA) to manage liquidity in Hong Kong’s banking system. It is a key tool for controlling how much cash is available in the banking system.
Exchange Fund Bills (EFBs):
- Short-term securities (91 days, 182 days, or 364 days)
- Sold at a discount to face value (the difference is the yield)
- No interest payments
Exchange Fund Notes (EFNs):
- Longer-term securities (2, 5, 10, or 15 years)
- Pay semi-annual interest (coupon payments)
- Return principal at maturity
Why Do EFBNs Matter?
Every EFBN transaction affects the Aggregate Balance – the total amount of money in Hong Kong banks’ clearing accounts with the HKMA. This is essentially the banking system’s interest paying “liquidity pool.”
The Cash Flow Mechanics:
When EFBNs are issued:
- Banks buy securities from HKMA
- Money flows OUT of the Aggregate Balance
- Result: Less liquidity in the banking system
When EFBNs mature or pay coupons:
- HKMA pays banks back (principal + interest)
- Money flows INTO the Aggregate Balance
- Result: More liquidity in the banking system
Understanding the Net Flow:
Net Flow = Maturities - Issuances
Example:
- If $3,000M matures and $2,500M is issued
- Net Flow = +$500M (liquidity injection)
- Aggregate Balance increases by $500M
February 2026
| Date | Type | Scheduled Issuance* (HK$ Mn) |
Confirmed Issuance** (HK$ Mn) |
Maturing EFBNs*** (HK$ Mn) |
Net Injection / (Absorption) (HK$ Mn) |
Issue Number for Maturing EFBNs |
|---|---|---|---|---|---|---|
| 25 Feb | Bills | 81,198 | N/A | 81,499 | 301 | H2564, Q2548 |
| 23 Feb | Notes | 0 | N/A | 1,200 | 1,200 | 02Y2602 |
| 23 Feb | Coupons | 0 | N/A | 31 | 31 | |
| 23 Feb | Bills | 1,200 | N/A | 0 | (1,200) | |
| 20 Feb | Bills | 80,118 | N/A | 80,118 | 0 | H2563, Q2547 |
| 19 Feb | Coupons | 0 | N/A | 17 | 17 | |
| 18 Feb | Coupons | 0 | N/A | 20 | 20 | |
| 11 Feb | Bills | 84,365 | 84,264 | 84,365 | 101 | Y2586, H2562, Q2546 |
| 04 Feb | Bills | 77,730 | 77,754 | 77,730 | (24) | H2561, Q2545 |
Previous Data
January 2026
Date
Type
Scheduled Issuance*
(HK$ Mn)
Confirmed Issuance
(HK$ Mn)
Maturing EFBNs
(HK$ Mn)
Net Injection / (Absorption)
(HK$ Mn)
Issue Number for Maturing EFBNs
28 Jan
Bills
78,315
78,307
78,315
8
H2560,
Q2544
21 Jan
Bills
76,883
77,105
76,883
(222)
H2559,
Q2543
14 Jan
Bills
93,146
93,070
93,146
76
Y2585, H2558, Q2542
07 Jan
Bills
89,060
89,035
89,060
25
H2557, Q2541
*Scheduled Issuance comprises of issuance amounts indicated in this quarterly tentative schedule published by HKMA.
About This Data
This table is updated regularly using official HKMA data sources:
- Daily tender results announcements
- Tentative issuance schedules
- Historical liquidity statistics
The data helps track Hong Kong’s monetary operations and their real-time impact on banking system liquidity.
👀Advertisement👀
EconReporter is an independent journalism project striving to provide top-notch coverage on everything related to economics and the global economy.
💡 Follow us on Bluesky and Substack for our latest updates.💡
January 2026
| Date | Type | Scheduled Issuance* (HK$ Mn) |
Confirmed Issuance (HK$ Mn) |
Maturing EFBNs (HK$ Mn) |
Net Injection / (Absorption) (HK$ Mn) |
Issue Number for Maturing EFBNs |
|---|---|---|---|---|---|---|
| 28 Jan | Bills | 78,315 | 78,307 | 78,315 | 8 | H2560, Q2544 |
| 21 Jan | Bills | 76,883 | 77,105 | 76,883 | (222) | H2559, Q2543 |
| 14 Jan | Bills | 93,146 | 93,070 | 93,146 | 76 | Y2585, H2558, Q2542 |
| 07 Jan | Bills | 89,060 | 89,035 | 89,060 | 25 | H2557, Q2541 |
About This Data
This table is updated regularly using official HKMA data sources:
- Daily tender results announcements
- Tentative issuance schedules
- Historical liquidity statistics
The data helps track Hong Kong’s monetary operations and their real-time impact on banking system liquidity.
EconReporter is an independent journalism project striving to provide top-notch coverage on everything related to economics and the global economy.
💡 Follow us on Bluesky and Substack for our latest updates.💡
