2025 Award Ceremony for Contributions to Macao Bond Market Successfully Held

MACAU, February 10 - The Macao Central Securities Depository and Clearing Limited (“MCSD”) held its fourth anniversary celebration together with the Award Ceremony for Contributions to the Macao Bond Market on January 21 at the Convention Hall of the Macao Science Center. The event recognised market participants who had made exceptional contributions to the Macao bond market in 2025.

Government officials who attended the ceremony included: the Secretary for Economy and Finance, Mr. Tai Kin Ip; Deputy Director of the Economic Affairs Department of the Liaison Office of the Central People's Government in the Macao Special Administrative Region (“MSAR”), Mr. Yang Quanzhou; Acting Chairman of the Board of Directors of the Monetary Authority of Macao ("AMCM"), Mr. Vong Sin Man; Director of the Policy Research and Regional Development Bureau, Mr. Cheong Chok Man; Director of the Financial Intelligence Office of Unitary Police Service of the MSAR, Ms. Chu Un I; Acting Director of the Public Asset Supervision and Management Bureau, Mr. Lio Chi Hon; Executive Director of the Board of Directors of the AMCM and Chairman of the Board of Directors of the MCSD, Ms. Lau Hang Kun; Deputy Director of the Financial Development Bureau of the Guangdong-Macao In-depth Co-operation Zone in Hengqin, Mr. Pao Wai Chon; and Head of CSD Development and Operations Department of CMU OmniClear Limited, Mr. Raymond Ng. Nearly 150 representatives from the MSAR Government, financial associations, local and non-local financial institutions, enterprises, legal and accounting firms were in attendance.

Solidifying core infrastructure to promote high-quality bond market development

To align with the national development plan calling for appropriate economic diversification in Macao, the MSAR Government is promoting the high-quality development of the modern financial sector, and continuously nurturing the development of the Macao bond market, solidifying relevant infrastructure and supporting facilities with improved ecosystem.

The infrastructure of the Macao bond market is being continuously improved. The AMCM is advancing the comprehensive upgrade of the Central Securities Depository system ("CSD") in accordance with its established plan. The Investment Funds Law, which just came into effect in January, effectively safeguards the rights and interests of investors and bolsters their confidence in the Macao bond market. The legal framework in alignment with market development will be further enhanced to facilitate the ultimate linkage of the Macao bond market with the Chinese mainland and international markets.

As the operator of the core infrastructure of the Macao bond market, the MCSD has been in accordance with the strategic objective of "Connecting of Macao bond market to Chinese Mainland and the world", striving to provide safe and reliable financial infrastructure services to market participants, and promoting the high-quality and sustainable development of the Macao bond market.

Enlarging product range to energise the modern financial sector

In 2025, the Ministry of Finance of the People's Republic of China issued RMB-denominated sovereign bonds for the fourth consecutive year in Macao. In this issuance, the Ministry of Finance increased the issuance size and introduced sovereign bonds with longer tenor. In addition, the People's Government of Guangdong Province issued municipal government bonds in Macao for the fifth consecutive year, covering green bonds, blue bonds, and themed bonds for the 15th National Games. Last but not least, the People's Government of Shenzhen Municipality issued its first municipal government bond in Macao. This is also the first issuance of green bond dedicated to combating climate change in Macao. Currently, various debt securities held in custody with the MCSD amounted to over MOP110 billion equivalent.

Achieving remarkable results with an increasingly diversified investor base upon a year of linkage

A key highlight of the Macao bond market development in 2025 is the direct linkage between CSD in Macao and Central Moneymarkets Unit ("CMU") in Hong Kong. The linkage marked the first connection of Macao bond market infrastructure with a non-local CSD, providing international investors with a convenient channel to participate in the bond markets of both Macao and Hong Kong. In the year of 2025, more than 140 primary and secondary market transactions with settlement amount of MOP 10 billion equivalent were completed via the linkage. The sustained growth in transactions underscores the significance of connectivity with the Hong Kong market.

Mr. Vong Sin Man stated that with the direct linkage, Macao bond market has recorded a significant rise in the issuance and subscription scale of bonds, a steady growth in trading volume and an increasingly diversified investor base. Approximately 50% of the subscriptions for bonds issued by the Ministry of Finance and the municipal governments in 2025 were made by CMU members via the bilateral linkage, including hedge funds, asset management companies and other buy-side institutional investors. The direct linkage comprehensively enhances market operational efficiency and overall attractiveness, and assists Macao in becoming one of the preferred destinations for high-quality bond issuances.

Mr. Raymond Ng stated that since the launch of direct linkage between Macao CSD and CMU, market participation and trading activity in both markets have risen substantially, with a notable growth in the scale of custody and settlement. The remarkable results of cooperation has effectively driven the connectivity of financial infrastructure and in-depth integration of both markets. He expressed confidence that the linkage will continue to boost the prosperity of the Guangdong-Hong Kong-Macao Greater Bay Area and even the Asian financial markets, while further strengthening the competitive advantages of both Hong Kong and Macao as international financial hubs.

Recognizing active industry participation in the Macao bond market

At the award ceremony, the MCSD recognized the significant contribution of 29 local and non-local institutions in 2025 in the eight aspects, namely the "Excellent Underwriter", "Excellent Issuer", "Outstanding Professional Service Provider", "Outstanding Market Partner" and "Outstanding Market Promoter", and the newly introduced "Leading Partner", "Outstanding Market Contributor" and "Active Secondary Market Broker-Dealer".

​​In the future, the AMCM and the MCSD will continue to collaborate with the sector to drive the sustained development of the bond market, to advance the long-term development of modern financial businesses, and to proactively leverage Macao's bridging role and consolidate its functions as the financial services platform between Chinese mainland and the Portuguese-speaking countries.