The Hong Kong Monetary Authority (HKMA) announced today (12 August 2005) that the portion of the 2-year Exchange Fund Note (Issue Number 2708) available for non-competitive tender has been over-subscribed. The subscription price of the non-competitive tender has been set at 99.38 (annualised yield of 3.64%), which was the lowest accepted price for the portion of the Notes reserved for competitive tender by Recognized Dealers.
Public subscription for the portion of the Notes available for non-competitive tender closed at 2:00 p.m. on 10 August 2005. Over 1,564 investors have submitted applications through the seven Distributors appointed by the HKMA. The total application amount was HK$238.3 million, exceeding the amount available for non-competitive tender.
Since the amount of the Notes available for non-competitive tender has been oversubscribed, according to the allotment rules specified in the Information Memorandum of the Exchange Fund Note Programme, each application will be allotted at least a minimum of HK$50,000 of the Notes. Notes remaining will be allocated to each application on a pro rata basis to the remaining quantity of Notes applied for by each application, rounded down to the nearest whole Note and in the case of Notes remaining after rounding, by ballot. Retail investors can check with the Retail Exchange Fund Note Distributors through which they applied for the Notes the amount of Notes allotted to them.
For further enquiries, please contact:
Kevin Ip, Manager (Press), at 2878 1687 or
Thomas Chan, Senior Manager (Press), at 2878 1480
Hong Kong Monetary Authority
12 August 2005