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Tender of 10-Year Exchange Fund Notes to be held on Monday, 8 June 2009

The Hong Kong Monetary Authority (HKMA) announces that a tender of 10-year Exchange Fund Notes will be held on Monday 8 June 2009 for settlement on Tuesday 9 June 2009.

A total of HK$800 million 10-year Notes will be on offer, of which 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$795 million). The Notes will mature on 10 June 2019 and will carry interest at the rate of 2.64% 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 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 the HKSCC, directly through HKSCC, for submission to the HKMA for processing. Competitive tender applications for the Notes must be submitted through any of the Eligible Market Makers on the current published list, which 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. Each tender must be for an amount of HK$50,000 or integral multiples thereof for both competitive and non-competitive tender.

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 HKSCC may also obtain the tender results from Stock Exchange Participants/Brokers, or for applicants who hold Investor Accounts at HKSCC's CCASS from the CCASS terminal for CCASS Broker/Custodian/Participants and CCASS Phone System.

Hong Kong Monetary Authority
27 May 2009

HONG KONG MONETARY AUTHORITY
EXCHANGE FUND NOTE PROGRAMME
TENDER INFORMATION

______________________________________________________

Tender information of 10-Year Exchange Fund Notes :-


Issue Number           : 10Y1906

Stock code             : 4190 (EFN 2.64 1906)  

Tender Date            : Monday, 8 June 2009
and Time                 9:30 a.m. to 10:30 a.m.

Issue and Settlement   : Tuesday, 9 June 2009
Date                               

Amount on Offer        : HK$800 million
                         (up to HK$5 million for 
                          non-competitive tender)  

Commencement of/       : Please refer to requirements
Deadline for             as set down by HKSCC 
submission of non-   
competitive tender bids 
by retail investors     
through HKSCC          

Maturity               : Ten years  

Maturity Date          : 10 June 2019  

Interest Rate          : 2.64% p.a.   

Interest Payment Dates : 9 Dec 2009 
                         9 Jun 2010 
                         9 Dec 2010  
                         9 Jun 2011  
                         9 Dec 2011  
                         11 Jun 2012 
                         10 Dec 2012  
                         10 Jun 2013  
                         9 Dec 2013  
                         9 Jun 2014  
                         9 Dec 2014  
                         9 Jun 2015  
                         9 Dec 2015  
                         9 Jun 2016  
                         9 Dec 2016  
                         9 Jun 2017  
                         11 Dec 2017 
                         11 Jun 2018 
                         10 Dec 2018  
                         10 Jun 2019   

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 HKSCC may do so  
                         through Stock Exchange     
                         Participants/Brokers, or for
                         those who hold 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 any of 
                         the Eligible Market Makers on 
                         the current published list.   

Other details          : Please see Information 
                         Memorandum published or
                         approach Eligible Market 
                         Makers, HKSCC, or brokers who 
                         are Exchange Participants of  
                         the Stock Exchange of Hong                                                         
                         Kong         

Expected commencement  : 10 June 2009 
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  

      1.64         109.26        2.64        100.15  
      1.69         108.78        2.69         99.72  
      1.74         108.30        2.74         99.29   
      1.79         107.83        2.79         98.86   
      1.84         107.36        2.84         98.44   
      1.89         106.89        2.89         98.02   
      1.94         106.42        2.94         97.60  
      1.99         105.96        2.99         97.18 
      2.04         105.50        3.04         96.76  
      2.09         105.04        3.09         96.35 
      2.14         104.59        3.14         95.94   
      2.19         104.13        3.19         95.53   
      2.24         103.68        3.24         95.12  
      2.29         103.23        3.29         94.72   
      2.34         102.78        3.34         94.31  
      2.39         102.34        3.39         93.91 
      2.44         101.90        3.44         93.51 
      2.49         101.46        3.49         93.11 
      2.54         101.02        3.54         92.72 
      2.59         100.58        3.59         92.33 
      2.64         100.15        3.64         91.94  

* 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 
27 May 2009
Last revision date: 1 August 2011
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