Tender for the Ninth Issue of 10-Year Exchange Fund Notes to be held on Tuesday 8 June 1999

The Hong Kong Monetary Authority announces that the tender for the ninth issue of 10-year Exchange Fund Notes will be held on Tuesday 8 June 1999 for settlement on Wednesday 9 June 1999.

An amount of HK$500 million 10-year Notes will be offered. The Notes will mature on 9 June 2009 and will carry interest at the rate of 7.21% per annum payable semi-annually in arrears. The 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 Recognised 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
1 June 1999

HONG KONG MONETARY AUTHORITY
EXCHANGE FUND NOTE PROGRAMME
TENDER INFORMATION

_______________________________________________________________

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

Issue Number              : 1906

Tender Date and Time      : Tuesday 8 June 1999,
                            9:30 a.m. to 10:30 a.m.

Issue and Settlement Date : Wednesday 9 June 1999

Amount on Offer           : HK$500 million

Maturity                  : Ten Years

Maturity Date             : 9 June 2009

Interest Rate             : 7.21% per annum payable
                            semi annually in arrears

Interest Payment Dates    : 9 Dec 1999, 9 Jun 2000,
                            11 Dec 2000, 11 Jun 2001,
                            10 Dec 2001, 10 Jun 2002,
                            9 Dec 2002, 9 Jun 2003,
                            9 Dec 2003, 9 Jun 2004,
                            9 Dec 2004, 9 Jun 2005,
                            9 Dec 2005, 9 Jun 2006,
                            11 Dec 2006, 11 Jun 2007,
                            10 Dec 2007, 9 Jun 2008,
                            9 Dec 2008, 9 Jun 2009

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
1 June 1999