Summary of Terms

Important notice: This Summary should be read in conjunction with Circular dated 22 April 2020 and subsequent relevant announcements.

Total amount US$10 billion
Tenor 7 days1
Target participants Licensed Banks in Hong Kong2
Transaction type Repurchase transactions
Method Competitive tenders (one valid bid by each participant)
Tender hours 09:00 to 12:00 noon Hong Kong Time (both times inclusive)
Submission SWIFT MT599
Tender amount Minimum US$100 million, in integral multiples of US$100 million
Interest rate

Minimum 0.25%

Allotment Based on competitiveness (i.e. in descending order from the highest to the lowest accepted interest rate), subject to limits to be imposed on HKMA’s sole and absolute discretion to facilitate wide distribution of allotment among participants
Collateral Exchange Fund Bills and Notes

Exchange Fund Bills: minimum 2.5%

Exchange Fund Notes: minimum 5% plus 1% per year of remaining maturity
Settlement Date Business day immediately following Tender Date (T+1)
Collateral submission By 14:00 Hong Kong Time on Settlement Date
USD payment Within business hours US Eastern Standard Time on Settlement Date
Interest payable Referenced to tendered interest rate based on actual/360 convention
USD Repayment Principal plus Interest by 10:00 US Eastern Standard Time on Repayment Date
Collateral return By 17:00 Hong Kong Time on business day immediately following Repayment Date
Penalty HKMA has sole and absolute discretion to impose penalty on failed transfer of collateral or failed repayment

General issues: +852 2878 8104 /

Settlement issues: +852 2878 8237 or 2878 1778 /

Tender submission issues: +852 2878 8146-8149 /

(Updated on 30 July 2021)



1 May vary due to intervening general holidays in Hong Kong or the US.

2 Must have entered into Master Sale and Repurchase Agreement for Provision of Liquidity Assistance with HKMA.

Last revision date : 30 July 2021