Hong Kong's institutional government bond tenders attracted a combined HK$12.7 billion in bids for HK$3 billion of 5-year and 10-year bonds offered under the infrastructure bond program, according to the Hong Kong Monetary Authority on Wednesday.

The 5-year bond tender drew HK$7 billion in applications for HK$1.75 billion of bonds, representing a bid-to-cover ratio of 3.97.

The 10-year bond tender, offered through the reopening of an existing issue, received HK$5.8 billion in bids for HK$1.25 billion of bonds, resulting in a bid-to-cover ratio of 4.62.

The 5-year bonds carry a 2.96% coupon rate and mature on June 25, 2031, while the reopened 10-year bonds carry a 3.17% coupon rate and mature on July 24, 2035.

Both issues will be settled on June 25.