The Hong Kong Monetary Authority (HKMA) announced today (Friday) that tender of 2-year Exchange Fund Notes will be held on Tuesday 10 February 2004 for settlement on Wednesday 11 February 2004.
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 13 February 2006 and will carry interest at the rate of 1.14% 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, direct through the HKSCC. The HKSCC will collect tender applications from its participants and submit them to the HKMA for processing. While an applicant may 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) may be obtained from the HKMA at 55/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong, 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
30 January 2004
Schedule of interest
payments and redemption payment of
Exchange Fund Notes Issue Number 2602
For per nominal HK$50,000 of Exchange Fund Notes Issue No. 2602
|Payment dates*||Payment types||Amount* to be received by Notes holder|
|11 August 2004||Interest Payments @1.14% per annum on nominal value of the Notes payable semi-annually||HK$284.22|
|14 February 2005||HK$292.03|
|11 August 2005||HK$277.97|
|13 February 2006||HK$290.47|
|Redemption of nominal value of the Notes||HK$50,000.00|
|Total interest payments and redemption payment||HK$51,144.69|
*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 of 2-Year Exchange Fund Notes :- Issue Number : 2602 Stock code : 4119 (EFN 1.14 0602) Tender Date : Tuesday, 10 February 2004 and Time 9:30 a.m. to 10:30 a.m. Issue and Settlement : Wednesday, 11 February 2004 date Amount on Offer : HK$1,200 million (up to HK$120 million for non-competitive tender) Maturity : Two years Maturity Date : 13 February 2006 Interest Rate : 1.14% per annum payable semi-annually in arrears Commencement of : 9:00 a.m., 30 January 2004 submission of non- competitive tender bids by retail investors Deadline for : 12:00 noon, 6 February 2004 submission of non- competitive tender by retail investors Interest Payment Dates : 11 Aug 2004 14 Feb 2005 11 Aug 2005 13 Feb 2006 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 : 12 February 2004 date of dealing on the Stock Exchange of Hong Kong Price/Yield Conversion Table of EFN 2602 at tender for reference* only :- Yield-to-Maturity Price Yield-to-Maturity Price 0.14 102.01 1.14 100.01 0.19 101.90 1.19 99.91 0.24 101.80 1.24 99.81 0.29 101.70 1.29 99.71 0.34 101.60 1.34 99.62 0.39 101.50 1.39 99.52 0.44 101.40 1.44 99.42 0.49 101.30 1.49 99.32 0.54 101.20 1.54 99.23 0.59 101.10 1.59 99.13 0.64 101.00 1.64 99.03 0.69 100.90 1.69 98.94 0.74 100.80 1.74 98.84 0.79 100.70 1.79 98.74 0.84 100.60 1.84 98.65 0.89 100.50 1.89 98.55 0.94 100.40 1.94 98.46 0.99 100.30 1.99 98.36 1.04 100.20 2.04 98.26 1.09 100.10 2.09 98.17 1.14 100.01 2.14 98.07 * 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 30 January 2004