The Hong Kong Monetary Authority (HKMA) announced today
(Tuesday) that the tender of Exchange Fund Notes with a maturity of
38 months through the reopening of existing 5-year Exchange Fund
Notes (issue no. 5709) will be held on Thursday 22 July 2004 for
settlement on Friday 23 July 2004.
An additional amount of HK$1,200 million of the outstanding
5-year Notes (issue no. 5709) 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 17
September 2007 and will carry interest at the rate of 3.07% per
annum payable semi-annually in arrears. The Notes closed at 100.84
with an annualised yield of 2.81% on 8 July 2004.
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..
Successful bidders of the reopened issue will be required to pay
to the HKMA the respective bid price plus an amount equal to the
interest accrued from the last coupon payment date to the allotment
date of the reopened issue.
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
13 July 2004
HONG KONG MONETARY AUTHORITY
EXCHANGE FUND NOTE PROGRAMME
TENDER INFORMATION
________________________________________
Tender information of the reopening of 5-Year Exchange Fund Notes :-
Issue Number : 5709
Stock code : 4100 (EFN 3.07 0709)
Tender Date : Thursday, 22 July 2004
and Time 9:30 a.m. to 10:30 a.m.
Issue and Settlement : Friday, 23 July 2004
Date
Amount on Offer : HK$1,200 million
(up to HK$120 million for
non-competitive tender)
Maturity : 38 months
Maturity Date : 17 September 2007
Interest Rate : 3.07% per annum payable
semi-annually in arrears
Commencement of : 9:00 a.m., 13 July 2004
submission of non-
competitive tender bids
by retail investors
Deadline for : 12:00 noon, 20 July 2004
submission of non-
competitive tender
by retail investors
Interest Payment Dates : 16 Sep 2004
16 Mar 2005
16 Sep 2005
16 Mar 2006
18 Sep 2006
16 Mar 2007
17 Sep 2007
Tender Amount : Each tender must be for
an amount of HK$50,000 or
integral multiples thereof.
The accrued interest to be paid
by successful bidders on the
issue date (23 July 2004)
for the tender amount is
HK$542.51 per minimum
denomination of HK$50,000.
(The accrued interest to be
paid for tender amount
exceeding HK$50,000 may not
be exactly equal to the
figures calculated from the
accrued interest per minimum
denomination of HK$50,000,
due to rounding errors).
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 : The tender amount is fully
date of dealing on fungible with the existing
the Stock Exchange EFN 5709 listed on the Stock
of Hong Kong Exchange of Hong Kong
Price/Yield Conversion Table of EFN 5709 at tender for reference* only :-
Yield-to-Maturity Price Yield-to-Maturity Price
1.81 103.87 2.81 100.84
1.86 103.72 2.86 100.70
1.91 103.56 2.91 100.55
1.96 103.41 2.96 100.40
2.01 103.26 3.01 100.25
2.06 103.10 3.06 100.10
2.11 102.95 3.11 99.96
2.16 102.80 3.16 99.81
2.21 102.65 3.21 99.67
2.26 102.50 3.26 99.52
2.31 102.34 3.31 99.37
2.36 102.19 3.36 99.23
2.41 102.04 3.41 99.08
2.46 101.89 3.46 98.94
2.51 101.74 3.51 98.79
2.56 101.59 3.56 98.65
2.61 101.44 3.61 98.51
2.66 101.29 3.66 98.36
2.71 101.14 3.71 98.22
2.76 100.99 3.76 98.08
2.81 100.84 3.81 97.93
* 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
13 July 2004
