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Government announces subscription and allocation results of Silver Bond
     The Government announced today (September 9) the subscription and allocation results of the seventh Silver Bond, issued under the retail part of the Government Bond Programme.
     According to the subscription information submitted by the placing banks and the designated securities brokers, as at the close of the subscription period at 2pm on September 2, 2022, a total of 289 640 valid applications were received for subscribing a total of around HK$62.5 billion (HK$62,462,990,000) in principal amount of bonds.
     The final issuance amount of the Silver Bond will be HK$45 billion, which is higher than the target issuance amount of HK$35 billion. Allocation is made in accordance with the mechanism set out in the Issue Circular dated August 9, 2022. The valid applications received have been allocated different amounts of bonds up to a maximum of 21 units (with each unit being HK$10,000). For the 197 884 applications seeking 20 or fewer units, they will be allocated the full amounts applied for. The remaining 91 756 applications (i.e. those applying for more than 20 units) will be allocated 20 units each and then entered into a ballot. Of these applications, 24 295 will be allocated one additional unit.
     The Silver Bond will be issued on September 14, 2022. Notifications on individual allocation results, applicable subscription moneys and amounts of any refund of application moneys will be sent to applicants in accordance with the schedule set out in the Issue Circular.
     The Financial Secretary, Mr Paul Chan, said, "Both the issuance size and interest rate floor of the latest batch of Silver Bond are higher than those of our previous issuances. We are pleased to note that Silver Bonds have gained more support from our residents. The issuance of Silver Bond can provide a safe and reliable investment option with steady returns for senior citizens. It would further promote financial inclusion and encourage financial institutions to tap into the immense potential of the silver market. Going forward, we will keep the effectiveness of the scheme arrangements under review having regard to market response, prevailing market conditions and other relevant considerations."
Ends/Friday, September 9, 2022
Issued at HKT 16:30
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