The Hong Kong Monetary Authority (HKMA) announced today the
tender for the third issue of the Airport Authority (AA) Notes to
be held on 24 February 1999 (Wednesday).
An amount of HK$500 million in AA Notes will be offered for
settlement on Thursday 25 February 1999. The 3-year Notes, which
mature on 25 February 2002, will carry interest at the fixed rate
of 7.8% per annum payable semi-annually in arrears. Terms and
conditions of the issue are described fully in the Information
Memorandum.
The HK$500 million AA Notes issue is the third tranche of the
HK$5 billion AA Note Issuance Programme in which the HKMA acts as
the arranger, custodian, agent and operator. The AA Notes, which
are denominated in HK$50,000, will be cleared through the Central
Moneymarkets unit (CMU).
The AA Notes will be covered by the existing market-making
arrangements for the Exchange Fund Bills and Notes. Under the
Programme, the AA Notes will be sold from time to time by tender to
a group of Market Makers and Recognized Dealers appointed by the
HKMA.
Under the short selling arrangement, Market Makers of Exchange
Fund, MTRC, HKMC and AA papers can go short in any issues of such
papers provided they hold sufficient amount of other Exchange Fund,
MTRC, HKMC or AA papers in the system to cover their short
positions by entering into a repo transaction with the HKMA at the
end of the day. In return the market makers are obliged to quote
two-way (bid-ask) prices during normal money market hours.
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 HKMA 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
15 February 1999
AIRPORT AUTHORITY NOTE
ISSUANCE PROGRAMME TENDER INFORMATION
Tender information for the third issue of Airport
Authority Note Issuance Programme :-
| Issue Number |
A301 |
| Tender Date and Time |
Wednesday 24 February 1999,
9:30 a.m. to 10:30 a.m. |
| Issue and Settlement Date |
Thursday, 25 February 1999 |
| Amount on Offer |
HK$500 million |
| Maturity |
Three years |
| Maturity Date |
25 February 2002 |
| Interest Rate |
7.8% per annum |
| Interest Payment Dates |
25 August 1999, 25 February 2000,
25 August 2000, 26 February 2001,
27 August 2001, 25 February 2002 |
| 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
15 February 1999
