Tender of 10-year Exchange Fund Notes to be held on December 5
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The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) announces that a tender of 10-year Exchange Fund Notes will be held on December 5 (Friday) for settlement on December 8 (Monday).

     A total of HK$800 million 10-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 Notes reserved for non-competitive tender are under-subscribed, the non-subscribed amount will be added to the portion of notes for competitive tender (initially set at HK$795 million). The Notes will mature on December 9, 2024 and will carry interest at the rate of 1.84% 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 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 Exchange Fund Note Programme tender information

     Tender information of 10-year Exchange Fund Notes:

Issue Number          : 10Y2412

Stock code            : 4057 (EFN 1.84 2412)

Tender date           : December 5, 2014 (Friday)
and time                9.30am to 10.30am

Issue and settlement  : December 8, 2014 (Monday)
date

Amount on offer       : HK$800 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              : Ten years

Maturity date         : December 9, 2024

Interest rate         : 1.84% p.a.

Interest payment dates: June 8, 2015
                        December 8, 2015
                        June 8, 2016
                        December 8, 2016
                        June 8, 2017
                        December 8, 2017
                        June 8, 2018
                        December 10, 2018
                        June 10, 2019
                        December 9, 2019
                        June 8, 2020
                        December 8, 2020
                        June 8, 2021
                        December 8, 2021
                        June 8, 2022
                        December 8, 2022
                        June 8, 2023
                        December 8, 2023
                        June 10, 2024
                        December 9, 2024

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 : December 9, 2014
date of dealing on
the Stock Exchange
of Hong Kong
 
Price/Yield Table of the new EFN at tender for reference* only:-

Yield-to-      Price      Yield-to-      Price
Maturity                  Maturity
  0.84        109.59        1.84        100.08
  0.89        109.09        1.89         99.63
  0.94        108.59        1.94         99.18
  0.99        108.10        1.99         98.73
  1.04        107.61        2.04         98.29
  1.09        107.12        2.09         97.85
  1.14        106.63        2.14         97.41
  1.19        106.15        2.19         96.98
  1.24        105.66        2.24         96.54
  1.29        105.18        2.29         96.11
  1.34        104.71        2.34         95.68
  1.39        104.23        2.39         95.26
  1.44        103.76        2.44         94.83
  1.49        103.29        2.49         94.41
  1.54        102.83        2.54         93.99
  1.59        102.36        2.59         93.57
  1.64        101.90        2.64         93.15
  1.69        101.44        2.69         92.74
  1.74        100.98        2.74         92.33
  1.79        100.53        2.79         91.92
  1.84        100.08        2.84         91.51

* 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.

Ends/Wednesday, November 26, 2014
Issued at HKT 16:31

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