Tender for the Third Issue of 10-Year Exchange Fund Notes to be held on Monday, 28 April 1997

The Hong Kong Monetary Authority announces that the tender for the third issue of 10-year Exchange Fund Notes will be held on Monday, 28 April 1997 for settlement on Tuesday, 29 April 1997.

An amount of HK$500 million 10-year Notes will be offered.  Another HK$100 million will be held as reserve by the Hong Kong Monetary Authority for supply to Market Makers in the secondary market.  The Notes will mature on 30 April 2007 and will carry interest at the rate of 7.45% per annum payable semi-annually in arrears.  Terms and conditions of the issue are described fully in the Information Memorandum.

Members of the public who wish to tender for the Notes may do so through any of the Market Makers or Recognized Dealers on the published list which can be obtained from the Hong Kong Monetary Authority at 30/F, 3 Garden Road, Hong Kong (or telephone 2878 8150).  Each tender must be for an amount of HK$50,000 or integral multiples thereof.

Hong Kong Monetary Authority
21 April 1997

HONG KONG MONETARY AUTHORITY
EXCHANGE FUND NOTE PROGRAMME
TENDER INFORMATION
___________________________________________________________

Tender information for the third issue of 10-Year Exchange Fund Notes :-

Issue Number              : 1704

Tender Date and Time      : Monday 28 April 1997,
                            9:30 a.m. to 10:30 a.m.

Issue and Settlement Date : Tuesday 29 April 1997

Amount on Offer           : HK$500 million plus an
                            additional HK$100 million
                            as reserve stock for the
                            Monetary Authority

Maturity                  : Ten years

Maturity Date             : 30 April 2007

Interest Rate             : 7.45% per annum payable
                            semi annually in arrears

Interest Payment Dates    : 29 Oct 1997, 29 Apr 1998,
                            29 Oct 1998, 29 Apr 1999,
                            29 Oct 1999, 28 Apr 2000,
                            30 Oct 2000, 30 Apr 2001,
                            29 Oct 2001, 29 Apr 2002,
                            29 Oct 2002, 29 Apr 2003,
                            29 Oct 2003, 29 Apr 2004,
                            29 Oct 2004, 29 Apr 2005,
                            31 Oct 2005, 28 Apr 2006,
                            30 Oct 2006, 30 Apr 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 tender for the Notes
                            may approach Market Makers or
                            Recognized Dealers on the
                            published list

Other details             : Please see Information
                            Memorandum published or 
                            approach Market Makers or 
                            Recognized Dealers

Hong Kong Monetary Authority
21 April 1997