Signals behind the funding market
Rates refresh from the HKMA feed when a newer official observation is available. Economic and scheme data show their reporting periods.
Hong Kong dollar fixings
Fixings are reference rates, not SME loan offers. The lender margin, guarantee fee, floor and charges sit on top.
Estimate only. Add lender fees and check the contract.
Current benchmarks
On 17 July 2026, 1-month HIBOR was 2.75000% and 3-month HIBOR was 2.97536%. The HKMA Base Rate was 4.0%. HSBC and BOCHK best lending rates were 5.0%; Standard Chartered's was 5.25%.
A published example
OCBC advertises selected 80% SFGS facilities from HIBOR plus 1.5% a year. At 1-month HIBOR of 2.75%, that reference-plus-margin calculation is 4.25% before guarantee fees and other charges.
Compare correctly
Convert monthly flat rates to an annualised figure and compare total dollars paid.
Turn a benchmark into your actual rate
A HIBOR-linked quote normally combines a named tenor with a lender margin. A prime-linked quote uses the bank's own best lending or prime rate, which is not identical across every bank. The agreement may also include a floor, so falling market rates do not always reduce the customer's charge by the same amount.
Write the formula beside the quote. Identify the fixing date, reset frequency, day-count basis and overdue margin. If one lender uses one-month HIBOR and another uses three-month HIBOR, compare both against the same assumed path rather than today's single fixing.
Flat rates need a cash-flow conversion
A monthly flat rate is applied to the original principal even while the borrower repays that principal. It therefore looks lower than a reducing-balance annual rate with a similar economic cost. Convert the actual dated payments to an annualised return and include fees deducted before drawdown.
The most useful output is total dollars paid under the base case and a stressed floating-rate case. Retain the lender's repayment schedule with the calculation so the comparison remains auditable after the promotion or benchmark changes.
Rates, limits and eligibility can change. Ask for a current written quote, repayment schedule and agreement. General information only.