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The Hong Kong Monetary Authority (HKMA) announces that a tender of 2-year Exchange Fund Notes will be held on Friday May 12 2006 for settlement on Monday, May 15 2006.
A total of HK$1,200 million 2-year Notes will be on offer, of which HK$200 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$1,000 million). The Notes will mature on 15 May 2008 and will carry interest at the rate of 4.30% per annum payable semi-annually in arrears.
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 Hong Kong Securities Clearing Company Limited (HKSCC) or, for those who hold Investor Accounts at HKSCC, directly through HKSCC. HKSCC will collect tender applications from its participants and submit them to the HKMA for processing. While an applicant can apply for the Notes through both competitive and non-competitive tenders, an applicant may submit only one non-competitive tender application through the same 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) 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.
The tender results will be published on the HKMA¡¦s website, the Reuters screen (HKMAOOE), Bloomberg, the Telerate screen (9913) and CCASS terminal for CCASS Broker/Custodian/Participants. CCASS Investor Participants can 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.
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HONG KONG MONETARY AUTHORITY
EXCHANGE FUND NOTE PROGRAMME
TENDER INFORMATION
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Tender information of 2-Year Exchange Fund Notes :-
Issue Number : 2805
Stock code : 4150 (EFN 4.30 0805)
Tender Date : Friday, May 12 2006
and Time 9:30 a.m. to 10:30 a.m.
Issue and Settlement : Monday, May 15 2006
Date
Amount on Offer : HK$1,200 million
(up to HK$200 million for
for non-competitive tender)
Maturity : Two years
Maturity Date : May 15 2008
Interest Rate : 4.30% p.a.
Commencement of : 9:00 a.m., May 2 2006
submission of non-
competitive tender bids
by retail investors
Deadline for : 2:00 p.m., May 10 2006
submission of non-
competitive tender bids
by retail investors
Interest Payment Dates : Nov 15 2006
May 15 2007
Nov 15 2007
May 15 2008
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 : 16 May 2006
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
3.30 101.97 4.30 100.09
3.35 101.88 4.35 99.99
3.40 101.78 4.40 99.90
3.45 101.69 4.45 99.81
3.50 101.59 4.50 99.72
3.55 101.50 4.55 99.62
3.60 101.40 4.60 99.53
3.65 101.31 4.65 99.44
3.70 101.21 4.70 99.35
3.75 101.12 4.75 99.25
3.80 101.02 4.80 99.16
3.85 100.93 4.85 99.07
3.90 100.83 4.90 98.98
3.95 100.74 4.95 98.89
4.00 100.65 5.00 98.80
4.05 100.55 5.05 98.71
4.10 100.46 5.10 98.62
4.15 100.37 5.15 98.52
4.20 100.27 5.20 98.43
4.25 100.18 5.25 98.34
4.30 100.09 5.30 98.25
* 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/Friday, April 28, 2006
Issued at HKT 16:59
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