Tender Result of the reopening of 5-Year Exchange Fund Notes

Tender Result of the reopening of 5-Year Exchange Fund Notes :-

Tender date                      :   9 January 2004

Paper on offer                   :   EF Notes

Issue number                     :   5703

Issue date (reopen)              :   12 January 2004

Maturity date                    :   19 March 2007

Coupon                           :   5.16%

Competitive Tender Results

Amount applied                   :   HK$8,591.15 MN

Amount allotted                  :   HK$1,177.5 MN

Average price accepted (yield)   :   110.21 (1.85 PCT)

Lowest price accepted (yield)    :   110.20 (1.85 PCT)

Pro rata ratio                   :   About 44 PCT

Average tender price (yield)     :   110.11 (1.88 PCT)

Non-competitive Tender Results

Amount applied                   :   HK$22.5 MN

Amount allotted                  :   HK$22.5 MN

Allotment price (yield)          :   110.21 (1.85%)

Pro rata ratio                   :   N.A.

End/Friday, 9 January, 2004
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