The Hong Kong Monetary Authority (HKMA) announces that a tender
of 2-year Exchange Fund Notes will be held on Tuesday, 14 August
2007 for settlement on Wednesday, 15 August 2007.
A total of HK$1,200 million 2-year Notes will be on offer, of
which HK$200 million will be made available for offer to members of
the public who wish to submit non-competitive tender bids through
Retail Exchange Fund Notes Distributors (the "Distributors") under
the Retail Exchange Fund Notes Programme, and HK$5 million will be
made available for offer to members of the public who wish to
submit non-competitive tender bids through Hong Kong Securities
Clearing Company Limited (HKSCC). 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$995 million). The Notes will mature on 17
August 2009 and will carry interest at the rate of 4.25% per annum
payable semi-annually in arrears.
Members of the public who wish to submit non-competitive tender
applications for Notes that are open to the Distributors under the
Retail Exchange Fund Notes Programme may do so through the
Distributors. Members of the public who wish to submit
non-competitive tender applications for Notes that are open to
HKSCC may do so through Stock Exchange Participants/Brokers or, for
those who hold Investor Accounts of the Central Clearing and
Settlement System (CCASS) at HKSCC, directly through HKSCC, for
submission to the HKMA for processing. Competitive tender
applications for the Notes must be submitted through Eligible
Market Makers. 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 the same
Distributor under the Retail Exchange Fund Notes Programme. Each
tender must be for an amount of HK$50,000 or integral multiples
thereof for both competitive and non-competitive tender.
The current published list of Eligible Market Makers and
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) and Bloomberg. Applicants who submitted
non-competitive tender bids through the Distributors under the
Retail Exchange Fund Notes Programme may obtain the tender results
from the Distributors. For those who submitted through HKSCC may
obtain the results from Stock Exchange Participants/Brokers, or for
applicants holding Investor Accounts at HKSCC's CCASS from the
CCASS terminal for CCASS Broker/Custodian/ Participants and CCASS
Phone System.
Hong Kong Monetary Authority
2 August 2007
HONG KONG MONETARY AUTHORITY
EXCHANGE FUND NOTE PROGRAMME
TENDER INFORMATION
______________________________________________________
Tender information of 2-Year Exchange Fund Notes :-
Issue Number : 02Y0908
Stock code : 4168 (EFN 4.25 0908)
Tender Date : Tuesday, 14 August 2007
and Time 9:30 a.m. to 10:30 a.m.
Issue and Settlement : Wednesday, 15 August 2007
Date
Amount on Offer : HK$1,200 million
(up to HK$200 million for non-
competitive tenders open to
Retail Exchange Fund Notes
Distributors under the Retail
Exchange Fund Notes
Programme; and up to HK$5
million for non-competitive
tenders open to Hong Kong
Securities Clearing Company
Limited)
Maturity : Two years
Maturity Date : 17 August 2009
Interest Rate : 4.25% p.a.
Commencement of : 9:00 a.m., 3 August 2007
submission of non-
competitive tender bids
by retail investors
through Retail Exchange
Fund Notes Distributors
Deadline for : 2:00 p.m., 10 August 2007
submission of non-
competitive tender bids
by retail investors
through Retail Exchange
Fund Notes Distributors
Commencement of : Please refer to requirements
/Deadline for as set down by HKSCC
submission of non-
competitive tender
bids by retail
investors through
Hong Kong Securities
Clearing Company
Limited (HKSCC)
Interest Payment Dates : 15 Feb 2008
15 Aug 2008
16 Feb 2009
17 Aug 2009
Tender Amount : Each tender must be for an
amount of HK$50,000 or
integral multiples thereof
for both competitive and non-
competitive tender. Members
of the public who wish to
apply for the Notes through
non-competitive tenders that
are open to Retail Exchange
Fund Notes Distributors (the
"Distributors") under the
Retail Exchange Fund Notes
Programme may only do so
through the Distributors.
Members of the public who
wish to apply for the Notes
through non-competitive
tenders that are open to Hong
Kong Securities Clearing
Company Limited (HKSCC) may
do so through the Stock
Exchange Participants/Brokers,
or for those holding Investor
Accounts at HKSCC's CCASS,
directly through HKSCC.
Members of the public who wish
to apply for the Notes through
competitive tender may only do
so through Eligible Market
Makers on the Current
published list.
Other details : Please see Information
Memorandum published or
approach Eligible Market
Makers, 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 : 16 August 2007
date of dealing on
the Stock Exchange
of Hong Kong
Price/Yield Table of the new EFN at tender for reference* only :-
Yield-to-Maturity Price Yield-to-Maturity Price
3.25 101.98 4.25 100.08
3.30 101.88 4.30 99.99
3.35 101.79 4.35 99.90
3.40 101.69 4.40 99.80
3.45 101.60 4.45 99.71
3.50 101.50 4.50 99.62
3.55 101.41 4.55 99.53
3.60 101.31 4.60 99.43
3.65 101.22 4.65 99.34
3.70 101.12 4.70 99.25
3.75 101.03 4.75 99.16
3.80 100.93 4.80 99.06
3.85 100.84 4.85 98.97
3.90 100.74 4.90 98.88
3.95 100.65 4.95 98.79
4.00 100.55 5.00 98.70
4.05 100.46 5.05 98.61
4.10 100.37 5.10 98.51
4.15 100.27 5.15 98.42
4.20 100.18 5.20 98.33
4.25 100.08 5.25 98.24
* 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
2 August 2007
