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515.5995

Press Releases

Non-competitive Tender for 2-Year Retail Exchange Fund Notes No. 2708

The Hong Kong Monetary Authority (HKMA) announced today (Monday) the issue of a 2-year Exchange Fund Notes (EFNs) for retail investors, the second under a refined Retail Exchange Fund Notes Programme.

Retail subscription is invited for the 2-year Exchange Fund Notes (EFN 2708) scheduled for issuance on 15 August 2005. Up to HK$200 million of the issue (which has a total issue size of HK$1,200 million) will be on offer for non-competitive tender. Each tender must be for an amount of HK$50,000 or integral multiples thereof. 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.

The Retail EFN Programme was launched to help promote the development of the retail bond market in Hong Kong and to provide an additional channel of investment for retail investors. Refinements to the Programme were introduced in May 2005, under which:

  1. retail bids are now allotted at the lowest price, or the highest yield, accepted at the competitive-bid tenders;
  2. distribution is made through a wide network of seven distributors; and
  3. there is more flexible selection of EFN issues for offer to retail investors, taking account of market conditions.

Investors wishing to participate in the non-competitive tender may apply for the issue between 2 August 2005 and 10 August 2005 (cut-off time at 2 pm) through the retail EFN distributors appointed by the HKMA, which include the Bank of China (HK) Limited, Hongkong and Shanghai Banking Corporation Limited, Hang Seng Bank Limited, Standard Chartered Bank (HK) Limited, Bank of East Asia Limited, DBS Bank (HK) Limited and Wing Lung Bank Limited.

The subscription price of the issue will be fixed and announced on 12 August 2005. Allotment will be made on 15 August 2005.

Further information on the scheme and the EFNs can be found at “Exchange Fund Notes: Information for investors” on the HKMA website (http://www.hkma.gov.hk).

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or
Kevin Ip, Manager (Press), at 2878 1687

Hong Kong Monetary Authority
1 August 2005

Last revision date: 1 August 2011
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