Tender for the Twenty-Fifth Issue of 2-Year Exchange Fund Notes

The Hong Kong Monetary Authority announces that the tender for the twenty-fifth issue of 2-year Exchange Fund Notes will be held on Wednesday, 12 May 1999 for settlement on Thursday, 13 May 1999.

An amount of HK$600 million 2-year Notes will be on offer. The Notes will mature on 14 May 2001 and will carry interest at the rate of 5.97% per annum payable semi-annually in arrears.

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
5 May 1999

HONG KONG MONETARY AUTHORITY
EXCHANGE FUND NOTE PROGRAMME
TENDER INFORMATION

_______________________________________________________________

Tender information for the Twenty-Fifth issue of 2-Year Exchange Fund Notes :-

Issue Number              : 2105

Tender Date and Time      : Wednesday 12 May 1999,
                            9:30 a.m. to 10:30 a.m.

Issue and Settlement Date : Thursday, 13 May 1999

Amount on Offer           : HK$600 million

Maturity                  : Two years

Maturity Date             : 14 May 2001

Interest Rate             : 5.97% per annum payable
                            semi-annually in arrears

Interest Payment Dates    : 15 Nov 1999, 15 May 2000,
                            13 Nov 2000, 14 May 2001

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
5 May 1999