The Hong Kong Monetary Authority (HKMA) announced today (Monday)
that tender of 2-year Exchange Fund Notes will be held on Wednesday
12 May 2004 for settlement on Thursday 13 May 2004.
A total amount of HK$1,200 million 2-year Notes will be on
offer, of which HK$120 million will be made available for offer to
the public through non-competitive tender. If the amount of Notes
reserved for non-competitive tender is under-subscribed, the
non-subscribed amount will be added to the portion of notes for
competitive tender (initially set at HK$1,080 million). The Notes
will mature on 15 May 2006 and will carry interest at the rate of
1.76% per annum payable semi-annually in arrears. Interest payments
and redemption payment on the issue are shown in the schedule
attached as Appendix 1.
Members of the public who wish to submit non-competitive tender
applications for the Notes may do so through Recognised Dealers
which are also appointed by the HKMA as Retail
Exchange Fund Notes Distributors. Competitive tender
applications for the Notes may be made through any of the Market
Makers or Recognised Dealers. Competitive tender applications may
also be submitted through brokers who are Exchange Participants of
the Stock Exchange of Hong Kong via the Hong Kong Securities
Clearing Company Limited (HKSCC) or, for those who hold Investor
Accounts at the HKSCC, directly through the HKSCC. The HKSCC will
collect tender applications from its participants and submit them
to the HKMA for processing. While an applicant can apply for the
Notes through both competitive and non-competitive tenders, an
applicant may submit only one non-competitive tender application
through a Retail Exchange Fund Notes Distributor. Each tender must
be for an amount of HK$50,000 or integral multiples thereof for
both competitive and non-competitive tender.
The list of
Market Makers or Recognised Dealers (including Retail Exchange Fund
Notes Distributors) can be obtained from the HKMA at 55/F, Two
International Finance Centre, 8 Finance Street, Central, Hong Kong)
(Telephone: 2878 1465), or from the HKMA's website at http://www.hkma.gov.hk.
The tender results will be published on the HKMA's website, the
Reuters screen (HKMAOOE), Bloomberg, the Telerate screen (9913),
the Bridge News screen and the CCASS terminal for CCASS
Broker/Custodian/Participants. CCASS Investor Participants may also
enquire about the tender results through the CCASS Phone System.
Applicants for non-competitive tender may enquire about the tender
results through the Retail Exchange Fund Notes Distributors.
Hong Kong Monetary Authority
3 May 2004
Appendix 1
Schedule of interest
payments and redemption payment of
Exchange Fund Notes Issue Number 2605
For per nominal HK$50,000 of Exchange Fund Notes Issue No.
2605
*If the specified interest payment dates and redemption date of
the Notes for any reason (e.g. typhoon) is not a business date, the
relevant interest payments or redemption payment will be postponed
to the immediately succeeding business day (other than a Saturday).
The amount of the relevant interest payments will be adjusted to
include the interest accrued during the deferred period.
HONG KONG MONETARY AUTHORITY
EXCHANGE FUND NOTE PROGRAMME
TENDER INFORMATION
________________________________________
Tender information of 2-Year Exchange Fund Notes :-
Issue Number : 2605
Stock code : 4122 (EFN 1.76 0605)
Tender Date : Wednesday, 12 May 2004
and Time 9:30 a.m. to 10:30 a.m.
Issue and Settlement : Thursday, 13 May 2004
date
Amount on Offer : HK$1,200 million
(up to HK$120 million for
non-competitive tender)
Maturity : Two years
Maturity Date : 15 May 2006
Interest Rate : 1.76% per annum payable
semi-annually in arrears
Commencement of : 9:00 a.m., 3 May 2004
submission of non-
competitive tender bids
by retail investors
Deadline for : 12:00 noon, 10 May 2004
submission of non-
competitive tender
by retail investors
Interest Payment Dates : 15 November 2004
13 May 2005
14 November 2005
15 May 2006
Tender Amount : Each tender must be for
an amount of HK$50,000 or
integral multiples thereof.
Members of the public who
wish to apply for the Notes
through non-competitive tender
may only do so through a
Recognized Dealer which has
also been appointed by the HKMA
as a Retail Exchange Fund Notes
Distributor. Members of the
public who wish to apply for
the Notes through competitive
tender may approach Market
Makers or Recognised Dealers on
the published list, Hong Kong
Securities Clearing Company
Limited, or brokers who are
Exchange Participants of the
Stock Exchange of Hong Kong
Other details : Please see Information
Memorandum published or
approach Market Makers,
Recognised Dealers (including
Retail Exchange Fund Notes
Distributors), Hong Kong
Securities Clearing Company
Limited, or brokers who are
Exchange Participants of the
Stock Exchange of Hong Kong
Expected commencement : 14 May 2004
date of dealing on
the Stock Exchange
of Hong Kong
Price/Yield Conversion Table of EFN 2605 at tender for reference* only :-
Yield-to-Maturity Price Yield-to-Maturity Price
0.76 101.99 1.76 100.02
0.81 101.89 1.81 99.92
0.86 101.79 1.86 99.82
0.91 101.69 1.91 99.72
0.96 101.59 1.96 99.63
1.01 101.49 2.01 99.53
1.06 101.39 2.06 99.43
1.11 101.29 2.11 99.34
1.16 101.19 2.16 99.24
1.21 101.09 2.21 99.14
1.26 101.00 2.26 99.05
1.31 100.90 2.31 98.95
1.36 100.80 2.36 98.86
1.41 100.70 2.41 98.76
1.46 100.60 2.46 98.67
1.51 100.50 2.51 98.57
1.56 100.41 2.56 98.48
1.61 100.31 2.61 98.38
1.66 100.21 2.66 98.29
1.71 100.11 2.71 98.19
1.76 100.02 2.76 98.10
* Disclaimer
The information provided here is for reference only.
Although extreme care has been taken to ensure that
the information provided is accurate and up-to-date,
the HKMA does not warrant that all, or any part of,
the information provided is accurate in all
respects. You are encouraged to conduct your own
enquiries to verify any particular piece of
information provided on it. The HKMA shall not be
liable for any loss or damage suffered as a result
of any use or reliance on any of the information
provided here.
Hong Kong Monetary Authority
3 May 2004
