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Tender for the reopening of 5-Year Exchange Fund Notes to be held on December 18

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) announces that the tender of Exchange Fund Notes with a maturity of 36 months through the reopening of existing 5-year Exchange Fund Notes (issue no. 05Y1612) will be held on December 18 (Wednesday) for settlement on December 19 (Thursday).

     An additional amount of HK$1,200 million of the outstanding 5-year Notes (issue no. 05Y1612) 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$1,195 million).  The Notes will mature on December 19, 2016 and carry interest at the rate of 0.82% per annum payable semi-annually in arrears.  The Notes Fixings on December 5, 2013 was 100.91 with an annualised yield of 0.52%.

     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 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  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 submit non-competitive tender bids through HKSCC may also obtain the tender results from Stock Exchange Participants/Brokers, or for applicants holding 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 the reopening of 5-Year Exchange Fund Notes :-

Issue Number          : 05Y1612

Stock code            : 4022 (EFN 0.82 1612)

Tender Date           : December 18, 2013 (Wednesday)
and Time                 9.30am to 10.30am

Issue and Settlement  : December 19, 2013 (Thursday)
Date for tender amount

Amount on Offer       : HK$1,200 million
                         (up to HK$5 million for non-
                          competitive tender)

Commencement of/      :  Please refer to requirements
Deadline for submission  as set down by HKSCC
of non-competitive
tender bids by retail
investor through HKSCC

Maturity              : 36 months

Maturity Date         : December 19, 2016

Interest Rate         : 0.82% per annum

Interest Payment Dates: June 19, 2014
                        December 19, 2014
                        June 19, 2015
                        December 21, 2015
                        June 20, 2016
                        December 19, 2016

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 holding Investor
                        Accounts at HKSCC's CCASS,
                        directly through HKSCC.
                        Members of the public who
                        wish to apply for the Notes
                        through competitive tender
                        may do so through any of the
                        Eligible Market Makers on the
                        current published list.
                        No accrued interest is
                        payable for the reopening of
                        5-Year Exchange Fund Notes

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

Expected commencement : The tender amount is fully
date of dealing on      fungible with the existing
the Stock Exchange      05Y1612 listed on the Stock
of Hong Kong            Exchange of Hong Kong

Price/Yield Table of the reopening of EFN at tender for reference* only :-

Yield-to-Maturity   Price   Yield-to-Maturity   Price

     -0.48        103.93        0.52        100.89
     -0.43        103.78        0.57        100.74
     -0.38        103.63        0.62        100.60
     -0.33        103.47        0.67        100.45
     -0.28        103.32        0.72        100.30
     -0.23        103.16        0.77        100.15
     -0.18        103.01        0.82        100.00
     -0.13        102.86        0.87         99.86
     -0.08        102.70        0.92         99.71
     -0.03        102.55        0.97         99.56
      0.02        102.40        1.02         99.42
      0.07        102.25        1.07         99.27
      0.12        102.10        1.12         99.13
      0.17        101.94        1.17         98.98
      0.22        101.79        1.22         98.84
      0.27        101.64        1.27         98.69
      0.32        101.49        1.32         98.55
      0.37        101.34        1.37         98.40
      0.42        101.19        1.42         98.26
      0.47        101.04        1.47         98.11
      0.52        100.89        1.52         97.97

* 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/Monday, December 9, 2013
Issued at HKT 17:51


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