Hong Kong Treasury Bills Calculator
Work out exactly what a Hong Kong treasury bill returns before you buy. Pick a tenor, enter the discount or yield rate, and see the discount price, total interest, annualised yield-to-maturity, and whether it beats an HK bank time-deposit at the same term — all on the right, updating live.
Key Takeaways
- • HK treasury bills (Exchange Fund Bills) are sold at a discount: you pay below face value of 100 and get the full 100 back at maturity. The gap is your interest.
- • The yield-to-maturity is computed on the price you actually pay, so it usually edges slightly above the quoted discount rate — this is the number to compare against a bank deposit.
- • Tenors run 91 / 182 / 364 days, the minimum denomination is HK$10,000, and the break-even figure below tells you the bank rate a time-deposit would need to match the bill.
Hong Kong Treasury Bill Yield Calculator
Your purchase
Put in the best HKD time-deposit rate your bank offers for this tenor.
Annualised Yield (YTM)
3.887%
on price paid
Interest at Maturity
HK$4,846
91 days
Discount Price / 100
99.040
per HK$100 face
Face Redeemed
HK$504,846
paid in full at maturity
Treasury Bill versus Bank Time Deposit
Treasury Bill
HK$4,845.83
interest
Bank Deposit
HK$3,864.38
3.1% · 91 days
The treasury bill returns about HK$981 more than the bank deposit on the same HK$500,000 over 91 days.
Break-even bank rate
3.887%
A time deposit would need to pay 3.89% to match this bill's dollar return. Anything below that and the treasury bill wins.
Maturity schedule across tenors
| Tenor | Maturity Date | Interest at this rate | YTM |
|---|---|---|---|
| 91-day | 30 Aug 2026 | HK$4,846 | 3.887% |
| 182-day | 29 Nov 2026 | HK$9,787 | 3.925% |
| 364-day | 30 May 2027 | HK$19,964 | 4.004% |
Maturity dates count calendar days from a 31 May 2026 settlement (your selected bill matures 30 Aug 2026). Actual settlement is usually T+1; confirm the value date with your bank or broker.
How the discount yield works
A treasury bill pays no coupon. Instead of receiving interest payments, you buy the bill below its face value of 100 and collect the full 100 when it matures. On a 91-day bill quoted at a 3.85% discount rate, the price works out near 99.04 per 100 face — so HK$500,000 of cash buys roughly HK$504,860 of face value, and the HK$4,860-ish difference is your interest.
The annualised yield-to-maturity divides that interest by the price you actually paid, then scales it to a full year (× 365 ÷ days). Because the base is the discounted price rather than the face value, the YTM lands a little above the headline discount rate. That YTM is the number worth comparing against a bank time-deposit rate, which is already quoted on the cash you deposit.
One honest caveat: the calculator uses simple interest on a 365-day basis and does not model reinvestment, secondary-market price moves if you sell early, or the small bid-offer spread a bank charges retail buyers. For a buy-and-hold-to-maturity plan those effects are minor, but they are real, so treat the output as a close estimate rather than a guaranteed settlement figure.
About Hong Kong Exchange Fund Bills
| Issuer | HKMA, on behalf of the Exchange Fund |
| Tenors | 91, 182 and 364 days (regular tenders) |
| Minimum denomination | HK$10,000 |
| Pricing | Sold at a discount, redeemed at face value — no coupon |
| How retail buys | Secondary market via a licensed bank or broker |
| Credit risk | Very low — backed by the Exchange Fund |
Product facts reflect the standard HKMA Exchange Fund Bills programme. Rates and tender results change at each auction — always check the current quote before you buy.
Frequently Asked Questions
How is the yield on a Hong Kong treasury bill calculated?+
EF Bills are issued at a discount: you pay below the face value of 100 and receive the full 100 at maturity, so the gap is your interest. Discount price = face × (1 − discount rate × days ÷ 365). The annualised yield-to-maturity uses the price you actually paid: YTM = (face − price) ÷ price × 365 ÷ days, which is usually a touch above the quoted discount rate.
Is a Hong Kong treasury bill better than a bank time deposit?+
Compare the break-even rate shown above. If your bank pays less than that break-even at the same tenor, the bill returns more cash at maturity. EF Bills carry very low credit risk and trade with good liquidity; a deposit has Deposit Protection Scheme cover up to HK$800,000 per bank. Both are low-risk — the trade-off is yield, liquidity and early-exit flexibility.
Can retail investors buy Hong Kong treasury bills, and what is the minimum?+
Yes. EF Bills come in HK$10,000 denominations and retail investors usually buy on the secondary market through a licensed bank or broker. A few banks let you subscribe to new issues at the discount price. The purchase price moves with market rates, so the same bill bought on different days gives a different YTM — which is why this calculator lets you enter the rate yourself.
Why is my yield-to-maturity higher than the quoted discount rate?+
The discount rate is quoted against face value (100), but you pay the lower discount price, so dividing the same interest by that smaller base gives a higher percentage. The gap widens with longer tenors and higher rates. The calculator shows both figures so you can compare apples-to-apples with a bank time-deposit rate, which is quoted on the principal you deposit.
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This calculator provides estimates for reference only and is not financial advice. It uses simple interest on a 365-day basis and does not account for reinvestment, secondary-market price changes if you sell before maturity, or bank bid-offer spreads. Treasury bill rates change at every HKMA tender — always confirm the live quote and settlement terms with your bank or broker before trading. moomoo and TradingView are affiliate links.