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Press Releases

Tender of 2-Year Exchange Fund Notes to be held on Friday, 12 August 2005

The Hong Kong Monetary Authority (HKMA) announces that tender of 2-year Exchange Fund Notes will be held on Friday 12 August 2005 for settlement on Monday, 15 August 2005.

A total amount of HK$1,200 million 2-year Notes will be on offer, of which HK$200 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$1,000 million). The Notes will mature on 15 August  2007 and will carry interest at the rate of 3.28% per annum payable semi-annually in arrears.

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 Hong Kong Securities Clearing Company Limited (HKSCC) or, for those who hold Investor Accounts at HKSCC, directly through HKSCC. 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 the same 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 55/F, Two International Finance Centre, 8 Finance Street, Central, 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) and CCASS terminal for CCASS Broker/Custodian/Participants. CCASS Investor Participants can 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
1 August 2005

HONG KONG MONETARY AUTHORITY
EXCHANGE FUND NOTE PROGRAMME
TENDER INFORMATION

________________________________________

Tender information of 2-Year Exchange Fund Notes :-

Issue Number           : 2708

Stock code             : 4140 (EFN 3.28 0708)

Tender Date            : Friday, 12 August 2005
and Time                 9:30 a.m. to 10:30 a.m.

Issue and Settlement   : Monday, 15 August 2005
Date

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

Maturity               : Two years

Maturity Date          : 15 August 2007

Interest Rate          : 3.28% p.a.

Commencement of        : 9:00 a.m., 2 August 2005
submission of non-
competitive tender bids
by retail investors

Deadline for           : 2:00 p.m., 10 August 2005
submission of non-
competitive tender bids
by retail investors

Interest Payment Dates : 15 Feb 2006
                         15 Aug 2006
                         15 Feb 2007
                         15 Aug 2007

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  : 16 August 2005
date of dealing on
the Stock Exchange
of Hong Kong


Price/Yield Table of the new EFN at tender for reference* only :-

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

      2.28         101.97         3.28          100.05
      2.33         101.87         3.33           99.96
      2.38         101.78         3.38           99.86
      2.43         101.68         3.43           99.77
      2.48         101.58         3.48           99.67
      2.53         101.48         3.53           99.58
      2.58         101.39         3.58           99.49
      2.63         101.29         3.63           99.39
      2.68         101.20         3.68           99.30
      2.73         101.10         3.73           99.21
      2.78         101.00         3.78           99.11
      2.83         100.91         3.83           99.02
      2.88         100.81         3.88           98.93
      2.93         100.72         3.93           98.83
      2.98         100.62         3.98           98.74
      3.03         100.53         4.03           98.65
      3.08         100.43         4.08           98.56
      3.13         100.34         4.13           98.46
      3.18         100.24         4.18           98.37
      3.23         100.15         4.23           98.28
      3.28         100.05         4.28           98.19
        
        
* 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
1 August 2005
Last revision date: 1 August 2011
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