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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 Net Injection or Absorption amount shown below should have some predictive power of the amount of the “Interest Payment/Issuance of Exchange Fund Bills and Notes” shown in the HKMA’s Daily Monetary Statistics on the same day.
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 $500M
March 2026
| Date | Type | Scheduled Issuance* (HK$ Mn) |
Confirmed Issuance** (HK$ Mn) |
Maturing EFBNs*** (HK$ Mn) |
Net Injection / (Absorption) (HK$ Mn) |
Issue Number for Maturing EFBNs |
|---|---|---|---|---|---|---|
| 25 Mar | Bills | 79,370 | N/A | 79,984 | 614 | H2568, Q2552 |
| 18 Mar | Bills | 76,580 | N/A | 77,171 | 591 | H2567, Q2551 |
| 11 Mar | Bills | 81,880 | N/A | 82,445 | 565 | Y2587, H2566, Q2550 |
| 04 Mar | Bills | 80,836 | N/A | 81,519 | 683 | H2565, Q2549 |
Previous Data
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
82,136
81,499
(637)
H2564, Q2548
23 Feb
Notes
1,200
1,200
1,200
0
02Y2602
23 Feb
Coupons
0
0
31
31
20 Feb
Bills
80,118
80,204
80,118
(86)
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
*Scheduled Issuance comprises of issuance amounts indicated in this quarterly tentative schedule published by HKMA.
**Confirmed Issuance shows the discounted amount the HKMA received through issuing the bills and notes on the tender date.
***Positive Net Flow indicates liquidity injection into the Aggregate Balance; Negative indicates absorption.
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 | 82,136 | 81,499 | (637) | H2564, Q2548 |
| 23 Feb | Notes | 1,200 | 1,200 | 1,200 | 0 | 02Y2602 |
| 23 Feb | Coupons | 0 | 0 | 31 | 31 | |
| 20 Feb | Bills | 80,118 | 80,204 | 80,118 | (86) | 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 |
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.
**Confirmed Issuance shows the discounted amount the HKMA received through issuing the bills and notes on the tender date.
***Positive Net Flow indicates liquidity injection into the Aggregate Balance; Negative indicates absorption.
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.
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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.
Independent Economics Journalism
Stay ahead of the curve — follow EconReporter for in-depth coverage on economics & markets.
