The Hong Kong Monetary Authority (HKMA) announces that a tender of 15-year Exchange Fund Notes will be held on Thursday 25 August 2011 for settlement on Friday 26 August 2011.
A total of HK$600 million 15-year Notes will be on offer, of which HK$5 million will be made available for offer to members of the Public who wish to submit non-competitive tender bids through Hong Kong Securities Clearing Company Limited (HKSCC). 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$595 million). The Notes will mature on 26 August 2026 and will carry interest at the rate of 2.07% per annum payable semi-annually in arrears.
Members of the public who wish to submit non-competitive tender applications for Notes that are open to HKSCC may do so through Stock Exchange Participants/Brokers, or for those who hold Investor Accounts of the Central Clearing and Settlement System (CCASS) at the HKSCC, directly through HKSCC, for submission to the HKMA for processing. Competitive tender applications for the Notes must be submitted through any of the Eligible Market Makers on the current published list, which can be obtained from the HKMA at 55/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong (telephone 2878 1465), or from the HKMA's website at http://www.hkma.gov.hk. Each tender must be for an amount of HK$50,000 or integral multiples thereof for both competitive and non-competitive tender.
The tender results will be published on the HKMA’s website, the Reuters screen (HKMAOOE), and Bloomberg. Applicants who submitted non-competitive tender bids through HKSCC may also obtain the tender results from Stock Exchange Participants/Brokers, or for applicants who hold Investor Accounts at HKSCC’s CCASS from the CCASS terminal for CCASS Broker/Custodian/Participants and CCASS Phone System.
Hong Kong Monetary Authority
16 August 2011
HONG KONG MONETARY AUTHORITY
EXCHANGE FUND NOTE PROGRAMME
TENDER INFORMATION
___________________________________________
Tender information of 15-Year Exchange Fund Notes :-
Issue Number : 15Y2608
Stock code : 4018 (EFN 2.07 2608)
Tender Date : Thursday, 25 August 2011
and Time 9:30 a.m. to 10:30 a.m.
Issue and Settlement : Friday, 26 August 2011
Date
Amount on Offer : HK$600 million
(up to HK$5 million for
non-competitive tender)
Commencement of/ : Please refer to requirements
Deadline for as set down by HKSCC
submission of non-
competitive tender bids
by retail investors
through HKSCC
Maturity : Fifteen years
Maturity Date : 26 August 2026
Interest Rate : 2.07% p.a.
Interest Payment Dates : 27 Feb 2012
27 Aug 2012
26 Feb 2013
26 Aug 2013
26 Feb 2014
26 Aug 2014
26 Feb 2015
26 Aug 2015
26 Feb 2016
26 Aug 2016
27 Feb 2017
28 Aug 2017
26 Feb 2018
27 Aug 2018
26 Feb 2019
26 Aug 2019
26 Feb 2020
26 Aug 2020
26 Feb 2021
26 Aug 2021
28 Feb 2022
26 Aug 2022
27 Feb 2023
28 Aug 2023
26 Feb 2024
26 Aug 2024
26 Feb 2025
26 Aug 2025
26 Feb 2026
26 Aug 2026
Tender Amount : Each tender must be for an
amount of HK$50,000 or
integral multiples thereof
for both competitive and non-
competitive tender. Members
of the public who wish to
apply for the Notes through
non-competitive tenders that
are open to HKSCC may do so
through Stock Exchange
Participants/Brokers, or for
those who hold Investor
Accounts at HKSCC’s CCASS
directly through HKSCC
Members of the public who
wish to apply for the Notes
through competitive tender
may only do so through any of
the Eligible Market Makers on
the current published list.
Other details : Please see Information
Memorandum published or
approach Eligible Market
Makers, HKSCC, or brokers who
are Exchange Participants of
the Stock Exchange of Hong
Kong
Expected commencement : 29 August 2011
date of dealing on
the Stock Exchange
of Hong Kong
Price/Yield Table of the new EFN at tender for reference* only :-
Yield-to-Maturity Price Yield-to-Maturity Price
1.07 113.87 2.07 100.14
1.12 113.13 2.12 99.50
1.17 112.40 2.17 98.87
1.22 111.67 2.22 98.25
1.27 110.95 2.27 97.63
1.32 110.24 2.32 97.01
1.37 109.53 2.37 96.40
1.42 108.82 2.42 95.80
1.47 108.13 2.47 95.19
1.52 107.43 2.52 94.60
1.57 106.74 2.57 94.00
1.62 106.06 2.62 93.42
1.67 105.38 2.67 92.83
1.72 104.71 2.72 92.25
1.77 104.04 2.77 91.68
1.82 103.38 2.82 91.10
1.87 102.72 2.87 90.54
1.92 102.07 2.92 89.97
1.97 101.42 2.97 89.42
2.02 100.77 3.02 88.86
2.07 100.14 3.07 88.31
* 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
16 August 2011
