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Tender of 5-Year Exchange Fund Notes to be held on December 19

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

     The Hong Kong Monetary Authority (HKMA) announces that a tender of 5-year Exchange Fund Notes will be held on December 19 (Friday) for settlement on December 22 (Monday).

     A total of HK$1,000 million 5-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$995 million).  The Notes will mature on December 23, 2019 and will carry interest at the rate of 1.32% 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  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 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 5-Year Exchange Fund Notes:

Issue Number           : 05Y1912

Stock code             : 4058 (EFN 1.32 1912)

Tender Date            : December 19, 2014 (Friday)
and Time                 9.30am to 10.30am

Issue and Settlement   : December 22, 2014 (Monday)

Amount on Offer        : HK$1,000 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               : Five years

Maturity Date          : December 23, 2019

Interest Rate          : 1.32% p.a.

Interest Payment Dates : June 22, 2015
                         December 22, 2015
                         June 22, 2016
                         December 22, 2016
                         June 22, 2017
                         December 22, 2017
                         June 22, 2018
                         December 24, 2018
                         June 24, 2019
                         December 23, 2019

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 23, 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-Maturity  Price  Yield-to-Maturity  Price

      0.32        104.96        1.32        100.02
      0.37        104.70        1.37         99.78
      0.42        104.45        1.42         99.54
      0.47        104.20        1.47         99.31
      0.52        103.95        1.52         99.07
      0.57        103.70        1.57         98.83
      0.62        103.45        1.62         98.60
      0.67        103.20        1.67         98.36
      0.72        102.95        1.72         98.13
      0.77        102.70        1.77         97.89
      0.82        102.45        1.82         97.66
      0.87        102.21        1.87         97.43
      0.92        101.96        1.92         97.20
      0.97        101.72        1.97         96.96
      1.02        101.47        2.02         96.73
      1.07        101.23        2.07         96.50
      1.12        100.99        2.12         96.28
      1.17        100.74        2.17         96.05
      1.22        100.50        2.22         95.82
      1.27        100.26        2.27         95.59
      1.32        100.02        2.32         95.37

* 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, December 10, 2014
Issued at HKT 16:31


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