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Press Releases

Tender for 2-Year Exchange Fund Notes to be held on Tuesday, 11 November 2003

The Hong Kong Monetary Authority (HKMA) announces that tender of 2-year Exchange Fund Notes will be held on Tuesday 11 November 2003 for settlement on Wednesday 12 November 2003.

A total amount of HK$1,200 million 2-year Notes will be on offer, of which HK$120 million will be made available for offer to the public through non-competitive tender. If the amount of Notes reserved for non-competitive tender is under-subscribed, the non-subscribed amount will be added to the portion of notes for competitive tender (initially set at HK$1,080 million). The Notes will mature on 14 November 2005 and will carry interest at the rate of 1.47% per annum payable semi-annually in arrears. Interest payments and redemption payment on the issue are shown in the schedule attached as Appendix 1.

Members of the public who wish to submit non-competitive tender applications for the Notes may do so through Recognised Dealers which are also appointed by the HKMA as Retail Exchange Fund Notes Distributors. Competitive tender applications for the Notes may be made through any of the Market Makers or Recognised Dealers. Competitive tender applications may also be submitted through brokers who are Exchange Participants of the Stock Exchange of Hong Kong via the Hong Kong Securities Clearing Company Limited (HKSCC) or, for those who hold Investor Accounts at the HKSCC, directly through the HKSCC. The HKSCC will collect tender applications from its participants and submit them to the HKMA for processing. While an applicant can apply for the Notes through both competitive and non-competitive tenders, an applicant may submit only one non-competitive tender application through a Retail Exchange Fund Notes Distributor. Each tender must be for an amount of HK$50,000 or integral multiples thereof for both competitive and non-competitive tender.

The list of Market Makers or Recognised Dealers (including Retail Exchange Fund Notes Distributors) can be obtained from the HKMA at 30/F, 3 Garden Road, Hong Kong (telephone 2878 1465), or from the HKMA's website at http://www.hkma.gov.hk.

The tender results will be published on the HKMA's website, the Reuters screen (HKMAOOE), Bloomberg, the Telerate screen (9913), the Bridge News screen and the CCASS terminal for CCASS Broker/Custodian/Participants. CCASS Investor Participants may also enquire about the tender results through the CCASS Phone System. Applicants for non-competitive tender may enquire about the tender results through the Retail Exchange Fund Notes Distributors.

Hong Kong Monetary Authority
31 October 2003

 

Appendix 1

Schedule of interest payments and redemption payment of
Exchange Fund Notes Issue Number 2511

For per nominal HK$50,000 of Exchange Fund Notes Issue No. 2511

Payment*           Payment              Amount* to be
Dates              Types                received by
                                        Notes holder
                                        
12 May 2004                             HK$366.49
                   Interest Payments
12 November 2004   @ 1.47% per annum    HK$370.52
                   on nominal value of
12 May 2005        the Notes payable    HK$364.48
                   semi-annually
14 November 2005                        HK$374.55

                   Redemption of        HK$50,000.00
                   nominal value of
                   the Notes
                   
                   Total interest       HK$51,476.04
                   payments and
                   redemption payment

*If the specified interest payment dates and redemption date 
of the Notes for any reason (e.g. typhoon) is not a business date, 
the relevant interest payments or redemption payment will be postponed 
to the immediately succeeding business day (other than a Saturday).  
The amount of the relevant interest payments will be adjusted to 
include the interest accrued during the deferred period.

HONG KONG MONETARY AUTHORITY
EXCHANGE FUND NOTE PROGRAMME
TENDER INFORMATION

______________________________________________________

Tender information of 2-Year Exchange Fund Notes :-

Issue Number           : 2511

Stock code             : 4115 (EFN 1.47 0511)

Tender Date            : Tuesday, 11 November 2003
and Time                 9:30 a.m. to 10:30 a.m.

Issue and Settlement   : Wednesday, 12 November 2003
date

Amount on Offer        : HK$1,200 million
                         (up to HK$120 million for
                          non-competitive tender)

Maturity               : Two years

Maturity Date          : 14 November 2005

Interest Rate          : 1.47% per annum payable
                         semi-annually in arrears

Commencement of        : 9:00 a.m., 31 October 2003
submission of non-
competitive tender bids
by retail investors

Deadline for           : 12:00 noon, 7 November 2003
submission of non-
competitive tender
by retail investors

Interest Payment Dates : 12 May 2004
                         12 Nov 2004
                         12 May 2005
                         14 Nov 2005

Tender Amount          : Each tender must be for
                         an amount of HK$50,000 or
                         integral multiples thereof.
                         Members of the public who
                         wish to apply for the Notes
                         through non-competitive tender
                         may only do so through a
                         Recognized Dealer which has
                         also been appointed by the HKMA
                         as a Retail Exchange Fund Notes
                         Distributor.  Members of the
                         public who wish to apply for
                         the Notes through competitive
                         tender may approach Market
                         Makers or Recognised Dealers on
                         the published list, Hong Kong
                         Securities Clearing Company
                         Limited, or brokers who are
                         Exchange Participants of the
                         Stock Exchange of Hong Kong

Other details          : Please see Information
                         Memorandum published or
                         approach Market Makers,
                         Recognised Dealers (including
                         Retail Exchange Fund Notes
                         Distributors), Hong Kong
                         Securities Clearing Company
                         Limited, or brokers who are
                         Exchange Participants of the
                         Stock Exchange of Hong Kong

Expected commencement  : 13 November 2003
date of dealing on       
the Stock Exchange       
of Hong Kong             

Price/Yield Conversion Table of EFN 2511 at tender for reference* only :-

Yield-to-Maturity   Price  Yield-to-Maturity    Price

0.47               101.99    1.47               100.01
0.52               101.89    1.52               99.91
0.57               101.79    1.57               99.82
0.62               101.69    1.62               99.72
0.67               101.59    1.67               99.62
0.72               101.49    1.72               99.52
0.77               101.39    1.77               99.43
0.82               101.29    1.82               99.33
0.87               101.19    1.87               99.23
0.92               101.09    1.92               99.14
0.97               100.99    1.97               99.04
1.02               100.89    2.02               98.95
1.07               100.80    2.07               98.85
1.12               100.70    2.12               98.75
1.17               100.60    2.17               98.66
1.22               100.50    2.22               98.56
1.27               100.40    2.27               98.47
1.32               100.30    2.32               98.37
1.37               100.21    2.37               98.28
1.42               100.11    2.42               98.18
1.47               100.01    2.47               98.09

* Disclaimer  
  
  The information provided here is for reference only.
  Although extreme care has been taken to ensure that
  the information provided is accurate and up-to-date,
  the HKMA does not warrant that all, or any part of,
  the information provided is accurate in all
  respects.  You are encouraged to conduct your own
  enquiries to verify any particular piece of
  information provided on it.  The HKMA shall not be
  liable for any loss or damage suffered as a result
  of any use or reliance on any of the information
  provided here.

Hong Kong Monetary Authority
31 October 2003
Last revision date: 1 August 2011
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