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Speech on the listing of the Retail Bonds and Institutional Notes of Hong Kong Link 2004 Limited


Following is the speech by the Permanent Secretary for Financial Services and the Treasury (Treasury) and Chairman of Hong Kong Link 2004 Limited, Mr Alan Lai, on the Listing of Retail Bonds and Institutional Notes on the Stock Exchange of Hong Kong today (May 10) (English only):

Ladies and Gentlemen,

It gives me great pleasure to be here today on the occasion of the debut trading of the Retail Bonds and Institutional Notes of Hong Kong Link 2004 Limited. This HK$6 billion securitisation of net toll revenues of government owned tunnels and bridges in the territory is a landmark transaction.

This transaction marks a new phase in the government's fund raising activities and is a new stage in the development of the Hong Kong capital market.

This has been a momentous transaction, involving many parties.

I would like to thank the investors, the Global Co-ordinator HSBC, the joint arrangers HSBC and Citigroup, the syndicate banks, the placing banks, the Hong Kong Exchanges and Clearing Limited and the participating brokers, particularly Hong Kong Stockbrokers Association, HK Institute of Securities Dealers and Hong Kong Securities Professionals Association.

The Hong Kong Link 2004 Limited transaction was ground-breaking in many ways. It marks the first ever securitisation sponsored by the Hong Kong SAR Government; the first Asian securitisation of toll facilities and the largest securitisation in Hong Kong to date. It is also the first securitisation to be listed on the Hong Kong Stock Exchange and the first simultaneous offer of bonds to both retail and institutional investors by any single issuer in Hong Kong.

Thanks to the brokers who supported this transaction and the placing banks this was the most widely distributed bond issue ever.

I would like to use this opportunity to pay tribute to the Hong Kong Stock Exchange. It is an institution Hong Kong people can be proud of and you, the brokers, make the Hong Kong exchange what it is today. The Hong Kong Government fully supports the development of the exchange as a place to list a wide variety of securities and investment bonds thus reinforcing the territory's role as Asia's premier international financial centre.

Thank you for your attention.

Ends/Monday, May 10, 2004


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