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Tender for the Fourth Issue of the Airport Authority Notes

The Hong Kong Monetary Authority (HKMA) announced today that the tender for the fourth issue of the Airport Authority (AA) Notes will be held on 18 March 1999 (Thursday).

An amount of HK$500 million in AA Notes will be offered for settlement on 19 March 1999 (Friday). The 5-year Notes, which mature on 19 March 2004, will carry interest at the fixed rate of 8.0% per annum payable semi-annually in arrears. Terms and conditions of the issue are described fully in the Information Memorandum.

The HK$500 million AA Notes issue is the fourth tranche of the HK$5 billion AA Note Issuance Programme in which the HKMA acts as the arranger, custodian, agent and operator. The AA Notes, which are denominated in HK$50,000, will be cleared through the Central Moneymarkets Unit (CMU).

The AA Notes will be covered by the existing market-making arrangements for the Exchange Fund Bills and Notes. Under the Programme, the AA Notes will be sold from time to time by tender to a group of Market Makers and Recognized Dealers appointed by the HKMA.

Under the short selling arrangement, Market Makers of Exchange Fund, MTRC, HKMC and AA papers can go short in any issues of such papers provided they hold sufficient amount of other Exchange Fund, MTRC, HKMC or AA papers in the system to cover their short positions by entering into a repo transaction with the HKMA at the end of the day. In return the market makers are obliged to quote two-way (bid-ask) prices during normal money market hours.

Members of the public who wish to tender for the Notes may do so through any of the Market Makers or Recognized Dealers on the published list which can be obtained from the HKMA at 30/F, 3 Garden Road, Hong Kong (or telephone 2878 8150). Each tender must be for an amount of HK$50,000 or integral multiples thereof.

Hong Kong Monetary Authority
12 March 1999

AIRPORT AUTHORITY NOTE ISSUANCE PROGRAMME TENDER INFORMATION

Tender information for the fourth issue of Airport Authority Note Issuance Programme :-

Issue Number A502
Tender Date and Time Thursday 18 March 1999 9:30 a.m. to 10:30 a.m.
Issue and Settlement Date Friday 19 March 1999
Amount on Offer HK$500 million
Maturity Five years
Maturity Date 19 March 2004
Interest Rate 8.0 per cent. per annum
Interest Payment Dates 20 September 1999
20 March 2000
19 September 2000
19 March 2001
19 September 2001
19 March 2002
19 September 2002
19 March 2003
19 September 2003
19 March 2004
Tender Amount Each tender must be for an amount of HK$50,000 or integral multiples thereof. Members of the public who wish to tender for the Notes may approach Market Makers or Recognized Dealers on the published list
Other details Please see Information Memorandum published or approach Market Makers or Recognized Dealers

Hong Kong Monetary Authority
12 March 1999



Last revision date: 1 August 2011
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