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THE HONG KONG MORTGAGE CORPORATION LIMITED
LISTING OF HKMC'S NOTE ISSUANCE PROGRAMME
ON THE STOCK EXCHANGE OF HONG KONG

The Hong Kong Mortgage Corporation Limited (HKMC) signed the Programme, Agency and Operations Agreement in respect of its HK$20 billion Note Issuance Programme (NIP) with the Hong Kong Monetary Authority (HKMA) and Bermuda Trust (Far East) Ltd. today. The signing marked the completion of the legal documentation for the listing of HKMC's NIP on the Stock Exchange of Hong Kong (SEHK). The NIP and its seven outstanding issues (with an aggregate issue amount of HK$3.5 billion) will be listed and traded on the SEHK on 22 October 1999. Trading a new issue of HK$500 million to be tendered on 27 October, on the SEHK will commence on 29 October 1999.

The HKMC is the first corporation in Hong Kong to list and trade its debt securities on the SEHK by public tender since the listing of the Government's Exchange Fund Notes (EFN) on 16 August 1999. The listing will further enhance the HKMC's fund-raising capabilities by extending its investor base, which already covers financial institutions and institutional investors, to include retail investors. The SEHK will provide an efficient and convenient platform for retail investors to invest and trade the NIP notes. Ready access to the HKMC's high-quality fixed-income securities will help them to diversify and balance their investment portfolios.

The HKMC also issued today the tender notice for a 2-year NIP issue of HK$500 million. The key terms and conditions and timetable for the issue are as follows :

Issue Size : HK$500 million

(a) Retail portion : Up to HK$100 million

(b) Professional Portion: At least HK$400 million

Coupon : 6.65% p.a. payable semi-annually
Maturity : 29 October 2001
Open subscription date : 19 October 1999
Close subscription date : 25 October 1999
Tender date : 27 October 1999
Issue date : 28 October 1999
First trade date on SEHK: 29 October 1999

 

The issue will be divided into two portions for allocation in the primary market. The bigger portion, with a minimum size of HK$400 million, will be restricted for competitive bidding by the Recognised Dealers under the existing tendering mechanism administered by the HKMA for Exchange Fund paper and Specified Instruments (including NIP notes). A separate portion of up to HK$100 million will be set aside for allocation to retail investors. Retail investors need only to specify the amount they apply for in their application. The application amount for each retail investor is subject to a minimum denomination of HK$50,000 and a maximum limit of HK$10 million. The NIP notes will be allocated to them at the Average Accepted Price of the successful bids of the Recognised Dealers. Surplus amount in the portion reserved for retailed investors due to under-subscription will be re-allocated to the Recognised Dealers. If there is an over-subscription, allocation will be done through a combination of pro-rata allocation and balloting.

The trading of NIP notes is in scripless form. Transactions traded on the SEHK will be settled through the Central Clearing and Settlement System (CCASS). CCASS is also the channel through which retail investors subscribe for new issues of NIP notes, either directly if they are Investor Participants of the system or through brokers and banks which are CCASS Participants.

Retail investors who are interested in subscribing for the NIP notes to be tendered on 27 October 1999 can obtain the prospectus and the supplemental prospectus from the offices of the HKMC and Hong Kong Securities Clearing Company, the designated branches of HSBC, Hang Seng Bank, Dao Heng Bank (see Annex1), and the HKMC's website at www.hkmc.com.hk. Details of the application procedures and the allocation arrangements are set out in the brief at the Annex2. Investors are also welcome to make enquiries through the HKMC Telephone Hotline at 2536 0104 or through the HKMC's email address at "bonds@hkmc.com.hk".

 

The Hong Kong Mortgage Corporation Limited

15 October 1999

Last revision date: 1 August 2011
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