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Press Releases

THE HONG KONG MORTGAGE CORPORATION LIMITED NOTE ISSUANCE PROGRAMME

The Hong Kong Mortgage Corporation Limited (HKMC) is pleased to announce the launch of 3-year notes of HK$500 million under its HK$20 Billion Note Issuance Programme (NIP). The new issue will carry a coupon of 4.28% (payable semi-annually) and the tender date will be 28 August 2001 (Tuesday). 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. A portion with a size of between HK$250 million and HK$400 million, will be restricted for competitive bidding by the Recognized Dealers under the tendering mechanism administered by the Hong Kong Monetary Authority for Exchange Fund paper and Specified Instruments (including NIP notes). A separate portion of between HK$100 million and HK$250 million will be set aside for non-competitive bidding by retail investors.

This is the fourth NIP issue with a retail tranche. The objective of this initiative is to further enhance the HKMC's fund-raising capabilities by broadening its investor base to include retail investors. It is also aimed at promoting the development of an active retail bond market in Hong Kong through providing an efficient platform for the public to invest in and trade the NIP notes. Retail investors may submit their applications for the new issue by using Application Form or through banks, brokers or the Central Clearing and Settlement System (CCASS) under the Electronic Initial Public Offer method. The HKMC has appointed Dao Heng Bank and Hang Seng Bank as the receiving banks for the application forms and has appointed Dao Heng Bank as the underwriter to underwrite up to HK$100 million in principal amount of the retail portion of the NIP notes.

The commencement date for retail investors to apply for the NIP notes is 21 August 2001. Applicants are required to return the application forms to the 13 designated branches of Dao Heng Bank and 12 designated branches of Hang Seng Bank (see Annex 2) by 12:00 noon on 24 August 2001 or to give electronic instructions through the CCASS by 3:45 p.m. on 24 August 2001.

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, in multiples of HK$50,000. 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 Stock Exchange of Hong Kong will be settled through the CCASS.

Retail investors who are interested in subscribing for the NIP notes can obtain the prospectus, the supplemental prospectus and an application form from the offices of the HKMC, specified offices of Hong Kong Securities Clearing Company Limited, the designated branches of Dao Heng Bank and 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 0103 or through the HKMC's e-mail address at "bonds@hkmc.com.hk".

The Hong Kong Mortgage Corporation Limited
20 August 2001

Related Speech: Opening Remarks by Mr. Tony Latter at the Signing Ceremony for the Appointment of Dao Heng Bank as Underwriter for the Retail Portion of the HKMC's NIP Note S310 20 August 2001

Last revision date: 1 August 2011
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