A bid from HM? (5)
I believe the answer is:
offer
'a bid' is the definition.
(I've seen this before)
'from hm?' is the wordplay.
'from' becomes 'off' (eg someone might be from or 'off' a TV show).
'hm?' becomes 'ER' (HM Her Majesty, ER Elizabeth Regina).
'off'+'er'='OFFER'
(Other definitions for offer that I've seen before include "(Suggestion of) gift" , "Attempt" , "Chance to buy at reduced price?" , "Express willingness - present" , "Tender - proposal" .)