Tender of 15-Year Exchange Fund Notes to be held on Tuesday, 23 February 2010

Press Releases

10 Feb 2010

Tender of 15-Year Exchange Fund Notes to be held on Tuesday, 23 February 2010

The Hong Kong Monetary Authority (HKMA) announces that a tender of 15-year Exchange Fund Notes will be held on Tuesday 23 February 2010 for settlement on Wednesday 24 February 2010.

A total of HK$600 million 15-year Notes will be on offer, of which 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 Notes reserved for non-competitive tender are under-subscribed, the non-subscribed amount will be added to the portion of notes for competitive tender (initially set at HK$595 million). The Notes will mature on 24 February 2025 and will carry interest at the rate of 2.95% 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 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 the HKSCC, directly through HKSCC, for submission to the HKMA for processing. Competitive tender applications for the Notes must be submitted through any of the Eligible Market Makers on the current published list, which 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. Each tender must be for an amount of HK$50,000 or integral multiples thereof for both competitive and non-competitive tender.

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 HKSCC may also obtain the tender results from Stock Exchange Participants/Brokers, or for applicants who hold Investor Accounts at HKSCC's CCASS from the CCASS terminal for CCASS Broker/Custodian/Participants and CCASS Phone System.

 

Hong Kong Monetary Authority
10 February 2010

HONG KONG MONETARY AUTHORITY
EXCHANGE FUND NOTE PROGRAMME
TENDER INFORMATION

______________________________________________________

Tender information of 15-Year Exchange Fund Notes :-

Issue Number           : 15Y2502

Stock code             : 4199 (EFN 2.95 2502)

Tender Date            : Tuesday, 23 February 2010

and Time                 9:30 a.m. to 10:30 a.m.

Issue and Settlement   : Wednesday, 24 February 2010
Date

Amount on Offer        : HK$600 million
                         (up to HK$5 million for
                          non-competitive tender)

Commencement of/       : Please refer to requirements
Deadline for             as set down by HKSCC
submission of non-
competitive tender bids
by retail investors
through HKSCC

Maturity               : Fifteen years

Maturity Date          : 24 February 2025

Interest Rate          : 2.95% p.a.

Interest Payment Dates : 24 Aug 2010
                         24 Feb 2011
                         24 Aug 2011
                         24 Feb 2012
                         24 Aug 2012
                         25 Feb 2013
                         26 Aug 2013
                         24 Feb 2014
                         25 Aug 2014
                         24 Feb 2015
                         24 Aug 2015
                         24 Feb 2016
                         24 Aug 2016
                         24 Feb 2017
                         24 Aug 2017
                         26 Feb 2018
                         24 Aug 2018
                         25 Feb 2019
                         26 Aug 2019
                         24 Feb 2020
                         24 Aug 2020
                         24 Feb 2021
                         24 Aug 2021
                         24 Feb 2022
                         24 Aug 2022
                         24 Feb 2023
                         24 Aug 2023
                         26 Feb 2024
                         26 Aug 2024
                         24 Feb 2025

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 HKSCC may do so
                         through Stock Exchange
                         Participants/Brokers, or for
                         those who hold 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 any of
                         the Eligible Market Makers on
                         the current published list.

Other details          : Please see Information
                         Memorandum published or
                         approach Eligible Market
                         Makers, HKSCC, or brokers who
                         are Exchange Participants of
                         the Stock Exchange of Hong
                         Kong

Expected commencement  : 25 February 2010
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

      1.95        113.08        2.95        100.26
      2.00        112.40        3.00         99.67
      2.05        111.71        3.05         99.08
      2.10        111.04        3.10         98.49
      2.15        110.37        3.15         97.91
      2.20        109.70        3.20         97.33
      2.25        109.04        3.25         96.76
      2.30        108.38        3.30         96.19
      2.35        107.73        3.35         95.63
      2.40        107.08        3.40         95.07
      2.45        106.44        3.45         94.51
      2.50        105.80        3.50         93.96
      2.55        105.16        3.55         93.41
      2.60        104.54        3.60         92.87
      2.65        103.91        3.65         92.33
      2.70        103.29        3.70         91.79
      2.75        102.68        3.75         91.26
      2.80        102.07        3.80         90.73
      2.85        101.46        3.85         90.20
      2.90        100.86        3.90         89.68
      2.95        100.26        3.95         89.16 

* 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
10 February 2010
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Last revision date : 10 February 2010