Tender for the Seventh Issue of 7-Year Exchange Fund Notes to be held on Monday, 26 May 1997

The Hong Kong Monetary Authority announces that the tender for the seventh issue of 7-year Exchange Fund Notes will be held on Monday, 26 May 1997 for settlement on Tuesday, 27 May 1997.

An amount of HK$500 million 7-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 27 May 2004 and will carry interest at the rate of 6.94% 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
19 May 1997

HONG KONG MONETARY AUTHORITY
EXCHANGE FUND NOTE PROGRAMME
TENDER INFORMATION

Tender information for the seventh issue of 7-Year Exchange Fund Notes :-

Issue Number              : 7405

Tender Date and Time      : Monday 26 May 1997,
                            9:30 a.m. to 10:30 a.m.

Issue and Settlement Date : Tuesday 27 May 1997

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

Maturity                  : Seven years

Maturity Date             : 27 May 2004

Interest Rate             : 6.94% per annum payable
                            semi annually in arrears

Interest Payment Dates    : 27 Nov 1997, 27 May 1998,
                            27 Nov 1998, 27 May 1999,
                            29 Nov 1999, 29 May 2000,
                            27 Nov 2000, 28 May 2001,
                            27 Nov 2001, 27 May 2002,
                            27 Nov 2002, 27 May 2003,
                            27 Nov 2003, 27 May 2004

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
19 May 1997