Publication of tentative issuance schedule for Exchange Fund Bills and Notes

Following consultation with the Hong Kong Capital Markets Association, the Hong Kong Monetary Authority (HKMA) has made some adjustments to the maturity spectrum of the Exchange Fund Bills and Notes so that more longer-term paper will be issued in place of short-dated paper. The HKMA issued today (30 November) a tentative issuance schedule, incorporating these changes, for the coming four-month period from December 2000 to March 2001. The schedule contains information on the tentative tender date, tender size and issue date of individual issues of Exchange Fund Bills and Notes.

Such a quarterly schedule will be issued in the second month of each quarter (i.e. February, May, August and November), covering the Exchange Fund Bills and Notes tenders in the following quarter.

It should be noted that the tender dates, tender sizes and issue dates projected in the advance issuance schedule are tentative. As before, the details of new issues are to be confirmed and announced one week prior to the respective tender dates. The HKMA may adjust the detail of the schedule in the light of prevailing market conditions.

Mr Tony Latter, Deputy Chief Executive of the HKMA said : "The publication of an advance issuance schedule will further enhance the transparency of the Exchange Fund Bills and Notes programme and is in line with international practice".

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or

Caitlin Wong, Manager (Press), at 2878 1687

Hong Kong Monetary Authority

30 November 2000