Tentative issuance schedule for Exchange Fund Bills and Notes

Press Releases

15 Feb 2008

Tentative issuance schedule for Exchange Fund Bills and Notes

The Hong Kong Monetary Authority (HKMA) issued today (Friday) a tentative issuance schedule for Exchange Fund Bills and Notes (EFBNs) for the coming quarter of April to June 2008.  The schedule contains information on the tentative tender dates, tender sizes and issue dates of individual issues.

The quarterly schedule is issued in the second month of each quarter (i.e. February, May, August and November), covering the EFBNs tenders in the following quarter.

Since the fourth quarter of 2002, the HKMA has started rolling over all 3-year Exchange Fund Notes (EFNs) through the reopening of 5-year EFNs with remaining maturity of around 3 years.  Successful bidders of a reopened issue have 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.

It should be noted that the tender dates, tender sizes and issue dates projected in the advance issuance schedule are tentative.  The details of new issues of Exchange Fund Bills are to be confirmed and announced at least 4 business days prior to the respective tender dates.  The details of new issues of EFNs are to be confirmed and announced 7 business days prior to their respective tender dates.  The HKMA may make changes in the light of prevailing market conditions.

Annex

For further enquiries, please contact:

Thomas Chan, Senior Manager (Press), at 2878 1480 or
Peggy Lo, Manager (Press), at 2878 1687

Hong Kong Monetary Authority
15 February 2008

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Last revision date : 15 February 2008