Tentative issuance schedule for Exchange Fund Bills and Notes

Press Releases

13 May 2005

Tentative issuance schedule for Exchange Fund Bills and Notes

The Hong Kong Monetary Authority (HKMA) issued today (Friday) a tentative issuance schedule for Exchange Fund Bills and Notes (EFBNs) for the coming quarter of July to September 2005. The schedule contains information on the tentative tender dates, tender sizes and issue dates of individual issues.

The quarterly schedule is issued in the second month of each quarter (i.e. February, May, August and November), covering the EFBNs tenders in the following quarter.

Since the fourth quarter of 2002, the HKMA has started rolling over all 3-year Exchange Fund Notes (EFNs) through the reopening of 5-year EFNs with remaining maturity of 38 months. Successful bidders for a reopened issue have to pay to the HKMA the respective bid price plus an amount equal to the interest accrued from the last coupon payment date to the allotment date of the reopened issue.

It should be noted that the tender dates, tender sizes and issue dates projected in the advance issuance schedule are tentative. The details of new issues of Exchange Fund Bills are to be confirmed and announced at least four business days prior to the respective tender dates. The details of new issues of EFNs are to be confirmed and announced seven business days prior to their respective tender dates. The HKMA may make changes in the light of prevailing market conditions.

For further enquiries, please contact:

Thomas Chan, Senior Manager (Press), at 2878 1480 or
Hing-Fung Wong, Resource Co-ordinator, at 2878 1802

Hong Kong Monetary Authority
13 May 2005

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Last revision date : 13 May 2005