Tender Result of the 2-Year Exchange Fund Notes

Press Releases

12 May 2004

Tender Result of the 2-Year Exchange Fund Notes

Tender date                      :   12 May 2004

Paper on offer                   :   EF Notes

Issue number                     :   2605

Issue date                       :   13 May 2004

Maturity date                    :   15 May 2006

Coupon                           :   1.76%

Competitive Tender Results

Amount applied                   :   HK$4,280 MN

Amount allotted                  :   HK$1,195 MN

Average price accepted (yield)   :   98.78 (2.40 PCT)

Lowest price accepted (yield)    :   98.72 (2.43 PCT)

Pro rata ratio                   :   About 28 PCT

Average tender price (yield)     :   98.71 (2.44 PCT)

Non-competitive Tender Results

Amount applied                   :   HK$4.55 MN

Amount allotted                  :   HK$4.55 MN

Allotment price (yield)          :   98.78 (2.40%)

Pro rata ratio                   :   N.A.

End/Wednesday, 12 May, 2004
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Last revision date : 12 May 2004