The Hong Kong Monetary Authority (HKMA) announces that tender of 2-year Exchange Fund Notes will be held on Tuesday 11 November 2003 for settlement on Wednesday 12 November 2003.
A total amount of HK$1,200 million 2-year Notes will be on offer, of which HK$120 million will be made available for offer to the public through non-competitive tender. If the amount of Notes reserved for non-competitive tender is under-subscribed, the non-subscribed amount will be added to the portion of notes for competitive tender (initially set at HK$1,080 million). The Notes will mature on 14 November 2005 and will carry interest at the rate of 1.47% per annum payable semi-annually in arrears. Interest payments and redemption payment on the issue are shown in the schedule attached as Appendix 1.
Members of the public who wish to submit non-competitive tender applications for the Notes may do so through Recognised Dealers which are also appointed by the HKMA as Retail Exchange Fund Notes Distributors. Competitive tender applications for the Notes may be made through any of the Market Makers or Recognised Dealers. Competitive tender applications may also be submitted through brokers who are Exchange Participants of the Stock Exchange of Hong Kong via the Hong Kong Securities Clearing Company Limited (HKSCC) or, for those who hold Investor Accounts at the HKSCC, directly through the HKSCC. The HKSCC will collect tender applications from its participants and submit them to the HKMA for processing. While an applicant can apply for the Notes through both competitive and non-competitive tenders, an applicant may submit only one non-competitive tender application through a Retail Exchange Fund Notes Distributor. Each tender must be for an amount of HK$50,000 or integral multiples thereof for both competitive and non-competitive tender.
The list of Market Makers or Recognised Dealers (including Retail Exchange Fund Notes Distributors) can be obtained from the HKMA at 30/F, 3 Garden Road, Hong Kong (telephone 2878 1465), or from the HKMA's website at http://www.hkma.gov.hk.
The tender results will be published on the HKMA's website, the Reuters screen (HKMAOOE), Bloomberg, the Telerate screen (9913), the Bridge News screen and the CCASS terminal for CCASS Broker/Custodian/Participants. CCASS Investor Participants may also enquire about the tender results through the CCASS Phone System. Applicants for non-competitive tender may enquire about the tender results through the Retail Exchange Fund Notes Distributors.
Hong Kong Monetary Authority
31 October 2003
Appendix 1
Schedule of interest payments and redemption payment of
Exchange Fund Notes Issue Number 2511
For per nominal HK$50,000 of Exchange Fund Notes Issue No. 2511
Payment* Payment Amount* to be
Dates Types received by
Notes holder
12 May 2004 HK$366.49
Interest Payments
12 November 2004 @ 1.47% per annum HK$370.52
on nominal value of
12 May 2005 the Notes payable HK$364.48
semi-annually
14 November 2005 HK$374.55
Redemption of HK$50,000.00
nominal value of
the Notes
Total interest HK$51,476.04
payments and
redemption payment
*If the specified interest payment dates and redemption date
of the Notes for any reason (e.g. typhoon) is not a business date,
the relevant interest payments or redemption payment will be postponed
to the immediately succeeding business day (other than a Saturday).
The amount of the relevant interest payments will be adjusted to
include the interest accrued during the deferred period.
HONG KONG MONETARY AUTHORITY
EXCHANGE FUND NOTE PROGRAMME
TENDER INFORMATION
______________________________________________________
Tender information of 2-Year Exchange Fund Notes :-
Issue Number : 2511
Stock code : 4115 (EFN 1.47 0511)
Tender Date : Tuesday, 11 November 2003
and Time 9:30 a.m. to 10:30 a.m.
Issue and Settlement : Wednesday, 12 November 2003
date
Amount on Offer : HK$1,200 million
(up to HK$120 million for
non-competitive tender)
Maturity : Two years
Maturity Date : 14 November 2005
Interest Rate : 1.47% per annum payable
semi-annually in arrears
Commencement of : 9:00 a.m., 31 October 2003
submission of non-
competitive tender bids
by retail investors
Deadline for : 12:00 noon, 7 November 2003
submission of non-
competitive tender
by retail investors
Interest Payment Dates : 12 May 2004
12 Nov 2004
12 May 2005
14 Nov 2005
Tender Amount : Each tender must be for
an amount of HK$50,000 or
integral multiples thereof.
Members of the public who
wish to apply for the Notes
through non-competitive tender
may only do so through a
Recognized Dealer which has
also been appointed by the HKMA
as a Retail Exchange Fund Notes
Distributor. Members of the
public who wish to apply for
the Notes through competitive
tender may approach Market
Makers or Recognised Dealers on
the published list, Hong Kong
Securities Clearing Company
Limited, or brokers who are
Exchange Participants of the
Stock Exchange of Hong Kong
Other details : Please see Information
Memorandum published or
approach Market Makers,
Recognised Dealers (including
Retail Exchange Fund Notes
Distributors), Hong Kong
Securities Clearing Company
Limited, or brokers who are
Exchange Participants of the
Stock Exchange of Hong Kong
Expected commencement : 13 November 2003
date of dealing on
the Stock Exchange
of Hong Kong
Price/Yield Conversion Table of EFN 2511 at tender for reference* only :-
Yield-to-Maturity Price Yield-to-Maturity Price
0.47 101.99 1.47 100.01
0.52 101.89 1.52 99.91
0.57 101.79 1.57 99.82
0.62 101.69 1.62 99.72
0.67 101.59 1.67 99.62
0.72 101.49 1.72 99.52
0.77 101.39 1.77 99.43
0.82 101.29 1.82 99.33
0.87 101.19 1.87 99.23
0.92 101.09 1.92 99.14
0.97 100.99 1.97 99.04
1.02 100.89 2.02 98.95
1.07 100.80 2.07 98.85
1.12 100.70 2.12 98.75
1.17 100.60 2.17 98.66
1.22 100.50 2.22 98.56
1.27 100.40 2.27 98.47
1.32 100.30 2.32 98.37
1.37 100.21 2.37 98.28
1.42 100.11 2.42 98.18
1.47 100.01 2.47 98.09
* Disclaimer
The information provided here is for reference only.
Although extreme care has been taken to ensure that
the information provided is accurate and up-to-date,
the HKMA does not warrant that all, or any part of,
the information provided is accurate in all
respects. You are encouraged to conduct your own
enquiries to verify any particular piece of
information provided on it. The HKMA shall not be
liable for any loss or damage suffered as a result
of any use or reliance on any of the information
provided here.
Hong Kong Monetary Authority
31 October 2003
