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Press Releases

The Hong Kong Mortgage Corporation Limited
Note Issuance Programme

The Hong Kong Mortgage Corporation Limited (HKMC) announced today the launch of a 2-year issue of HK$500 million under its HK$20 billion Note Issuance Programme (NIP). The new issue will carry a coupon of 6.40% (payable semi-annually). It will be tendered on 12 April 2000. The key terms and conditions and timetable for the issue are set out in Annex 1.

The issue will be divided into two portions for allocation in the primary market. The bigger portion, with a size of HK$400 million, will be restricted to competitive bidding by the Recognised Dealers under the tendering mechanism administered by the HKMA for Exchange Fund paper and Specified Instruments (including NIP notes). A separate portion of HK$100 million will be set aside for non-competitive bidding by retail investors.

The HKMC has taken further steps to promote its NIP notes to retail investors. In addition to applying through banks, brokers or the Central Clearing and Settlement System (CCASS) under the Electronic Initial Public Offer method, retail investors may now submit their applications for the new issue direct, using the Application Form. The HKMC has appointed Hang Seng Bank as the receiving bank for the application forms. The HKMC has also appointed HSBC as underwriter for the retail portion of the NIP notes.

The commencement date for applications for the NIP notes is 3 April 2000. Applicants are required to return the application forms to the eleven designated branches of the receiving bank (see Annex 2) by 12:00 noon on 10 April 2000 or to give electronic instructions through Hongkong Clearing by 3:45 p.m. on 10 April 2000.

Retail investors need only 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 in the competitive tender. 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 CCASS.

Retail investors who are interested in subscribing for the NIP notes may obtain the prospectus, the supplemental prospectus and an application form from the offices of the HKMC and Hong Kong Securities Clearing Company, the designated branches of Hang Seng Bank (see Annex 2), and the HKMC's website at www.hkmc.com.hk. A technical brief on the NIP notes is attached at Annex 3. 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

3 April 2000

Last revision date: 1 August 2011
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