The Hong Kong Monetary Authority (HKMA) issued today (Friday) a tentative issuance schedule for Exchange Fund Bills and Notes (EFBN) for the coming quarter of October to December 2003. The schedule contains information on the tentative tender dates, tender sizes and issue dates of individual issues.
The quarterly schedule is issued in the second month of each quarter (i.e. February, May, August and November), covering the EFBN tenders in the following quarter.
Since the fourth quarter of 2002, the HKMA has started rolling over all 3-year Exchange Fund Notes (EFN) through the reopening of 5-year EFN with remaining maturity of 38 months. Successful bidders of a reopened issue have to pay to the HKMA the respective bid price plus an amount equal to the interest accrued from the last coupon payment date to the allotment date of the reopened issue.
During the fourth quarter of 2003, up to HK$120 mn of the 3-year and 2-year EFN, tentatively scheduled to be tendered on 15 October 2003 and on 11 November 2003 respectively, will be made available for public subscription through non-competitive tender.
It should be noted that the tender dates, tender sizes and issue dates projected in the advance issuance schedule are tentative. The details of new issues of Exchange Fund Bills are to be confirmed and announced at least 4 business days prior to the respective tender dates. The details of new issues of EFN are to be confirmed and announced 7 business days prior to their respective tender dates. The HKMA may make changes in the light of prevailing market conditions.
For further enquiries, please contact:
Jasmin Fung, Manager (Press), at 2878 8246 or
Thomas Chan, Senior Manager (Press), at 2878 1480
Hong Kong Monetary Authority
15 August 2003