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Airport Authority HK$5 billion Note Issuance Programme

The Airport Authority announced today the signing of a HK$5 billion Note Issuance Programme arranged by the Hong Kong Monetary Authority (HKMA).

The Programme will allow the Airport Authority to issue notes with a denomination of HK$50,000 and maturities of up to 10 years. The first issue of HK$500 million is likely to be launched later this year or in early 1998, subject to favourable market conditions. This is the second note issuance programme for which the HKMA acts as the arranger, agent and operator for the issuer. The Programme will be covered by the existing market-making arrangements for Exchange Fund Bills and Notes.

At today's signing ceremony, Mr Wong Po-yan, Chairman of the Airport Authority, reiterated the strength of the new airport business.

"The new airport will open next April, on time and within budget," Mr Wong said. "As we get closer to airport opening, we find ourselves heading into a very exciting, dynamic phase in the aviation business.

"The overall strength of our business has been widely acknowledged. Apart from a substantial capital injection from our sole shareholder, the Government, we will be inheriting from Kai Tak a fairly solid and flourishing business. Our strength is also built upon our ability to create diversified, nicely balanced and relatively stable streams of revenue comprising airport charges, retail operations and aviation franchises and terminal office rentals.

"Of equal significance is our unwavering commitment to running our business on prudent commercial principles and applying stringent measures of cost control. By putting out all our works, service and commercial contracts through open tender on the basis of a level playing field, we have been able to hold costs down without compromising the quality of service to be provided.

"The new airport at Chek Lap Kok is being developed innovatively to meet market demands. I am sure the success of our new airport, to which each of you in the financial community has contributed in no small measure, will both mirror and support that of the SAR well into the next century."

Mr Joseph C K Yam, Chief Executive of the HKMA, said, "The Note Issuance Programme should enable the Airport Authority to borrow Hong Kong dollar funds at a lower cost. This is achieved through the market making arrangements and the eligibility for LAF which together ensure a high degree of liquidity and therefore enhance the attractiveness of the paper in the secondary market, enabling the paper to be more finely priced."

The Mass Transit Railway Corporation (MTRC) launched a similar note issuance programme in 1995 which enabled the Corporation to raise funds at below the interbank interest rates. Under the Airport Authority Note Issuance Programme, notes will be sold from time to time by tender to a group of appointed recognised dealers and market-makers. By extending the existing market-making arrangement of the Exchange Fund Paper Programme to these Airport Authority notes, market-makers are obliged to quote two-way prices for the Airport Authority notes during money market hours. In return the market-makers can go short in any issues of the Exchange Fund paper or Airport Authority or MTRC notes provided they hold sufficient amount of other Exchange Fund paper or Airport Authority or MTRC notes in the system to square off their short positions by entering into a repo transaction with the HKMA at the end of the day.

Notes issued under the Airport Authority Note Issuance Programme will be cleared through the Central Moneymarkets Unit and will be eligible for discounting under the Liquidity Adjustment Facility operated by the HKMA.


Joint Press Statement issued by :
Hong Kong Monetary Authority & Airport Authority

16 October 1997


Mr Albert Chan Tel: 2878 8246

Senior Manager (Press & Publications)

Hong Kong Monetary Authority

Miss Terri Lai Tel: 2824 7705

Media Relations Manager

Airport Authority

Hong Kong


Market Maker

  • ABN-AMRO Bank N.V.
  • BA Asia Limited
  • Bank of China
  • Bank of East Asia, Limited (The)
  • Banque Nationale de Paris
  • Banque Paribas
  • Chase Manhattan Asia Limited
  • Citicorp International Limited
  • Credit Agricole Indosuez
  • Crédit Lyonnais
  • Dah Sing Bank, Limited
  • Daiwa Securities (HK) Ltd
  • Dao Heng Bank Limited
  • DKB Asia Ltd.
  • Dresdner Bank AG
  • Hang Seng Bank Ltd
  • Hong Kong Monetary Authority
  • Hongkong & Shanghai Banking Corporation Ltd.
  • IBJ Asia Limited
  • Jardine Fleming Bank Limited
  • Kwangtung Provincial Bank (The)
  • Nanyang Commercial Bank Limited
  • National Westminster Bank PLC
  • Nomura International (Hong Kong) Limited
  • Sakura Finance Asia Limited
  • Sanwa International Finance Limited
  • Schroders Asia Limited
  • Sociét Générale Asia Limited
  • Standard Chartered Bank
  • Tokyo-Mitsubishi International (HK) Limited
  • Union Bank of Switzerland
  • Wing Lung Bank Limited


Recognized Dealer

  • Agricultural Bank of China (The)
  • Allied Capital Resources Limited
  • American Express Bank Limited
  • Asahi Bank, Ltd.
  • Australia & New Zealand Banking Group Limited
  • Banca Commerciale Italiana S.p.A.
  • Banca Di Roma S.p.A.
  • Banca Nazionale del Lavoro S.p.A.
  • Banco Central Hispanoamericano, S.A.
  • Banco Exterior de Espana S.A.
  • Banco Santander S.A.
  • Bank Austria Aktiengesellschaft
  • Bank Brussels Lambert S.A.
  • Bank Melli Iran
  • Bank of America (Asia) Limited
  • Bank of Bermuda, Limited (The)
  • Bank of Communications
  • Bank of India
  • Bank of New York (The)
  • Bank of Scotland
  • Bank of Taiwan
  • Bank of Tokyo-Mitsubishi, Ltd. (The)
  • Bank of Yokohama, Ltd. (The)
  • Bankboston, N.A.
  • Banque Francaise du Commerce Exterieur
  • Banque Worms
  • Barclays Bank PLC
  • Barclays Bank PLC/Cedel
  • Bayerische Hypotheken-und Wechsel-Bank AG
  • Bayerische Landesbank Girozentrale
  • Bayerische Vereinsbank Aktiengesellschaft
  • BCA Finance Ltd
  • BHF-Bank Aktiengesellschaft
  • BT Asia Limited
  • Canadian Eastern Finance Limited
  • Canadian Imperial Bank of Commerce
  • Cariplo-CDR delle Provincie Lombarde S.p.A.
  • Chang Hwa Commercial Bank, Ltd.
  • Chase Manhattan Bank (The)
  • Chekiang First Bank Ltd.
  • China & South Sea Bank Limited (The)
  • China Construction Bank
  • China Development Finance Co. (H.K.) Ltd.
  • China State Bank Limited (The)
  • Chiyu Banking Corporation Limited
  • Cho Hung Finance Limited
  • Chung Khiaw Bank Limited
  • Chuo Trust & Banking Co., Ltd. (The)
  • Chuo Trust Asia Ltd.
  • Commerzbank AG
  • Commonwealth Bank of Australia
  • Coutts & Co AG
  • Credit Commercial de France
  • Credit Suisse First Boston
  • Creditanstalt-Bankverein
  • Dai-Ichi Kangyo Bank, Limited (The)
  • Den Danske Bank Aktieselskab
  • Deutsche Bank Akiengesellschaft
  • Development Bank of Singapore Ltd (The)
  • DG BANK - Deutsche Genossenschaftsbank
  • East Asia Finance Company, Limited
  • Eighteenth Bank, Limited (The)
  • Equitable Banking Corporation
  • First Commercial Bank
  • First National Bank of Chicago (The)
  • Fuji International Finance (HK) Ltd
  • Fukuoka City Bank Limited (The)
  • Belgian Bank
  • Hachijuni Asia Limited
  • Hachijuni Bank, Ltd. (The)
  • Hamburgische Landesbank Girozentrale
  • Hang Seng Finance Limited
  • Hanil Bank
  • Hokkaido Takushoku Bank Limited (The)
  • Hokuriku Bank Ltd. (The)
  • Hokuriku Finance (H.K.) Limited
  • Hongkong Chinese Bank Limited (The)
  • HSBC (Nominees) Limited - Euroclear
  • Hua Chiao Commercial Bank Limited
  • Hua Nan Commercial Bank, Ltd.
  • Indian Overseas Bank
  • Industrial and Commercial Bank of China (The)
  • ING Capital Markets (Hong Kong) Limited
  • Iyo Bank, Ltd. (The)
  • Jian Sing Bank Limited
  • Juroku Bank, Ltd. (The)
  • Ka Wah Bank Limited (The)
  • Keppel Bank of Singapore Limited
  • Kincheng Banking Corporation
  • Korea Exchange Bank
  • Korea First Finance Ltd.
  • Kwong On Bank Limited
  • Lehman Brothers Finance Limited
  • Liu Chong Hing Bank Limited
  • Liu Chong Hing Finance Limited
  • Long-Term Credit Bank of Japan, Limited (The)
  • Malayan Banking Berhad (TDG as Maybank)
  • Mitsubishi Trust and Banking Corp. (The)
  • Mitsubishi Trust Finance (Asia) Limited
  • Mitsui Trust Finance (Hong Kong) Ltd.
  • National Australia Bank Limited
  • National Bank of Pakistan
  • National Commercial Bank Limited (The)
  • Nationsbank, National Association
  • Nedcor Asia Limited
  • Nippon Credit International (Hong Kong) Ltd.
  • Norwest Bank Minnesota N.A.
  • Oakreed Financial Services Limited
  • Ogaki Kyoritsu Bank, Ltd. (The)
  • Oversea-Chinese Banking Corporation Ltd.
  • Overseas Union Bank Ltd.
  • Philippine National Bank
  • Po Sang Bank Ltd.
  • Rabobank Nederland
  • Republic National Bank of New York
  • Sakura Bank, Limited (The)
  • Sanwa Bank, Limited (The)
  • Shanghai Commercial Bank Ltd.
  • Shizuoka Bank, Ltd. (The)
  • Shizuoka Finance (H.K.) Limited
  • Sin Hua Bank Limited
  • Skandinaviska Enskilda Banken AB (Publ)
  • Sociét Générale
  • State Bank of India
  • State Street Bank and Trust Company
  • Sumitomo Bank, Ltd. (The)
  • Sumitomo Finance (Asia) Ltd.
  • Sumitomo Trust & Banking Co. Ltd. (The)
  • Suruga Bank Ltd. (The)
  • Svenska Handelsbanken AB (Publ)
  • Tai Sang Bank Ltd.
  • Tai Yau Bank Ltd.
  • Tokyo Tomin Bank, Ltd. (The)
  • Toyo Trust and Banking Co., Ltd. (The)
  • Toyo Trust Asia Ltd.
  • UCO Bank
  • United Chinese Bank Ltd.
  • United Overseas Bank Ltd.
  • Westdeutsche Landesbank Gikozentrale
  • Westpac Banking Corporation
  • Wing On Bank Ltd.
  • Yamaichi International (H.K.) Limited
  • Yasuda Trust Asia Pacific Limited
  • Yokohama Asia Limited
Last revision date: 1 August 2011
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