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Press Releases

Tender of 2-Year Exchange Fund Notes to be held on Tuesday, 14 August 2007

The Hong Kong Monetary Authority (HKMA) announces that a tender of 2-year Exchange Fund Notes will be held on Tuesday, 14 August 2007 for settlement on Wednesday, 15 August 2007.

A total of HK$1,200 million 2-year Notes will be on offer, of which HK$200 million will be made available for offer to members of the public who wish to submit non-competitive tender bids through Retail Exchange Fund Notes Distributors (the "Distributors") under the Retail Exchange Fund Notes Programme, and HK$5 million will be made available for offer to members of the public who wish to submit non-competitive tender bids through Hong Kong Securities Clearing Company Limited (HKSCC). 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$995 million). The Notes will mature on 17 August 2009 and will carry interest at the rate of 4.25% per annum payable semi-annually in arrears.

Members of the public who wish to submit non-competitive tender applications for Notes that are open to the Distributors under the Retail Exchange Fund Notes Programme may do so through the Distributors. Members of the public who wish to submit non-competitive tender applications for Notes that are open to HKSCC may do so through Stock Exchange Participants/Brokers or, for those who hold Investor Accounts of the Central Clearing and Settlement System (CCASS) at HKSCC, directly through HKSCC, for submission to the HKMA for processing. Competitive tender applications for the Notes must be submitted through Eligible Market Makers. 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 Distributor under the Retail Exchange Fund Notes Programme. Each tender must be for an amount of HK$50,000 or integral multiples thereof for both competitive and non-competitive tender.

The current published list of Eligible Market Makers and 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) and Bloomberg. Applicants who submitted non-competitive tender bids through the Distributors under the Retail Exchange Fund Notes Programme may obtain the tender results from the Distributors. For those who submitted through HKSCC may obtain the results from Stock Exchange Participants/Brokers, or for applicants holding Investor Accounts at HKSCC's CCASS from the CCASS terminal for CCASS Broker/Custodian/ Participants and CCASS Phone System.

Hong Kong Monetary Authority
2 August 2007

 

HONG KONG MONETARY AUTHORITY
EXCHANGE FUND NOTE PROGRAMME
TENDER INFORMATION

______________________________________________________

Tender information of 2-Year Exchange Fund Notes :- 

Issue Number           : 02Y0908

Stock code             : 4168 (EFN 4.25 0908)

Tender Date            : Tuesday, 14 August 2007
and Time                 9:30 a.m. to 10:30 a.m.

Issue and Settlement   : Wednesday, 15 August 2007
Date

Amount on Offer        : HK$1,200 million
                         (up to HK$200 million for non-
                         competitive tenders open to
                         Retail Exchange Fund Notes
                         Distributors under the Retail
                         Exchange Fund Notes
                         Programme; and up to HK$5
                         million for non-competitive
                         tenders open to Hong Kong
                         Securities Clearing Company
                         Limited)

Maturity               : Two years

Maturity Date          : 17 August 2009

Interest Rate          : 4.25% p.a.

Commencement of        : 9:00 a.m., 3 August 2007
submission of non-
competitive tender bids
by retail investors
through Retail Exchange
Fund Notes Distributors

Deadline for           : 2:00 p.m., 10 August 2007
submission of non-
competitive tender bids
by retail investors
through Retail Exchange
Fund Notes Distributors

Commencement of        : Please refer to requirements
/Deadline for            as set down by HKSCC
submission of non-
competitive tender
bids by retail
investors through
Hong Kong Securities
Clearing Company
Limited (HKSCC)

Interest Payment Dates : 15 Feb 2008
                         15 Aug 2008
                         16 Feb 2009
                         17 Aug 2009

Tender Amount          : Each tender must be for an
                         amount of HK$50,000 or
                         integral multiples thereof
                         for both competitive and non-
                         competitive tender.  Members
                         of the public who wish to
                         apply for the Notes through
                         non-competitive tenders that
                         are open to Retail Exchange
                         Fund Notes Distributors (the
                         "Distributors") under the
                         Retail Exchange Fund Notes
                         Programme may only do so
                         through the Distributors.
                         Members of the public who
                         wish to apply for the Notes
                         through non-competitive
                         tenders that are open to Hong
                         Kong Securities Clearing
                         Company Limited (HKSCC) may
                         do so through the Stock
                         Exchange Participants/Brokers,
                         or for those holding Investor
                         Accounts at HKSCC's CCASS,
                         directly through HKSCC.
                         Members of the public who wish
                         to apply for the Notes through
                         competitive tender may only do
                         so through Eligible Market
                         Makers on the Current
                         published list.

Other details          : Please see Information
                         Memorandum published or
                         approach Eligible Market
                         Makers, 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 2007
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 3.25 101.98 4.25 100.08 3.30 101.88 4.30 99.99 3.35 101.79 4.35 99.90 3.40 101.69 4.40 99.80 3.45 101.60 4.45 99.71 3.50 101.50 4.50 99.62 3.55 101.41 4.55 99.53 3.60 101.31 4.60 99.43 3.65 101.22 4.65 99.34 3.70 101.12 4.70 99.25 3.75 101.03 4.75 99.16 3.80 100.93 4.80 99.06 3.85 100.84 4.85 98.97 3.90 100.74 4.90 98.88 3.95 100.65 4.95 98.79 4.00 100.55 5.00 98.70 4.05 100.46 5.05 98.61 4.10 100.37 5.10 98.51 4.15 100.27 5.15 98.42 4.20 100.18 5.20 98.33 4.25 100.08 5.25 98.24
* 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 2 August 2007




Last revision date: 1 August 2011
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