Exchange Fund Bills Tender Results

Tender date                 :   21 September 2004

Paper on offer              :   EF Bills

Issue number                :   Q438

Issue date                  :   22 September 2004

Maturity date               :   22 December 2004

Amount applied              :   HK$12,090 MN

Amount allotted             :   HK$2,966 MN

Average yield accepted      :   0.88 PCT

Highest yield accepted      :   0.88 PCT

Pro rata ratio              :   About 47 PCT

Average tender yield        :   0.90 PCT

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Tender date                 :   21 September 2004

Paper on offer              :   EF Bills

Issue number                :   Y494

Issue date                  :   22 September 2004

Maturity date               :   21 September 2005

Amount applied              :   HK$4,420 MN

Amount allotted             :   HK$1,300 MN

Average yield accepted      :   1.31 PCT

Highest yield accepted      :   1.32 PCT

Pro rata ratio              :   About 46 PCT

Average tender yield        :   1.33 PCT

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Hong Kong Monetary Authority
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Tender to be held in the week beginning - 27 Sept 04 :-

Tender date                 :   28 September 2004

Paper on offer              :   EF Bills

Issue number                :   Q439

Issue date                  :   30 September 2004

Maturity date               :   29 December 2004

Tenor                       :   90 Days

Amount on offer             :   HK$2,302 MN

* * * * * * * * * *

Tender date                 :   28 September 2004

Paper on offer              :   EF Bills

Issue number                :   H474

Issue date                  :   30 September 2004

Maturity date               :   30 March 2005

Tenor                       :   181 Days

Amount on offer             :   HK$1,300 MN

End/Tuesday, September 21, 2004
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