Hong Kong Monetary Authority Announces Tender of 2-Year Exchange Fund Notes

General


Rongchai
Wang

Aug
13,
2024
03:04

The
Hong
Kong
Monetary
Authority
(HKMA)
will
hold
a
tender
for
2-year
Exchange
Fund
Notes
on
21
August
2024,
with
a
settlement
date
on
22
August
2024.

Hong Kong Monetary Authority Announces Tender of 2-Year Exchange Fund Notes

The
Hong
Kong
Monetary
Authority
(HKMA)
has
announced
that
a
tender
for
2-year
Exchange
Fund
Notes
will
be
held
on
21
August
2024,
with
settlement
scheduled
for
22
August
2024.
This
issuance
aims
to
roll
over
a
maturing
issue
of
2-year
Exchange
Fund
Notes
on
the
same
day,
according
to
the

HKMA.

Details
of
the
Tender

A
total
of
HK$1,200
million
in
2-year
Notes
will
be
on
offer.
Of
this,
HK$5
million
is
reserved
for
non-competitive
tender
bids,
which
can
be
submitted
through
the
Hong
Kong
Securities
Clearing
Company
Limited
(HKSCC).
If
the
non-competitive
tender
is
under-subscribed,
the
remaining
amount
will
be
added
to
the
competitive
tender
portion,
initially
set
at
HK$1,195
million.
The
Notes
will
mature
on
24
August
2026
and
carry
an
interest
rate
of
2.77%
per
annum,
payable
semi-annually
in
arrears.

Participation
Guidelines

Members
of
the
public
interested
in
submitting
non-competitive
tender
applications
through
HKSCC
can
do
so
via
Stock
Exchange
Participants/Brokers
or
directly
through
HKSCC
if
they
hold
Investor
Accounts
in
the
Central
Clearing
and
Settlement
System
(CCASS).
Competitive
tender
applications
must
be
submitted
through
any
of
the
Eligible
Market
Makers
appointed
by
the
HKMA.
Each
tender
must
be
for
an
amount
of
HK$50,000
or
integral
multiples
thereof
for
both
competitive
and
non-competitive
tenders.

Publication
of
Results

The
results
of
the
tender
will
be
published
on
the
HKMA’s
website,
the
Refinitiv
screen
(HKMAOOE),
and
Bloomberg.
Applicants
who
submitted
non-competitive
tender
bids
through
HKSCC
can
also
obtain
results
from
Stock
Exchange
Participants/Brokers
or
directly
from
the
CCASS
terminal
for
CCASS
Broker/Custodian/Participants
and
the
CCASS
Phone
System.

Tender
Information
Summary

Issue
Number		 02Y2608
Stock
Code		 4100
(EFN
2.77
2608)
Tender
Date
and
Time		 Wednesday,
21
August
2024,
9:30
a.m.
to
10:30
a.m.
Issue
and
Settlement
Date		 Thursday,
22
August
2024
Amount
on
Offer		 HK$1,200
million
(up
to
HK$5
million
for
non-competitive
tender)
Commencement/Deadline
for
Submission
of
Non-Competitive
Tender
Bids		 Please
refer
to
HKSCC
requirements
Maturity Two
years
Maturity
Date		 Monday,
24
August
2026
Interest
Rate		 2.77%
p.a.
Interest
Payment
Dates		 24
February
2025,
22
August
2025,
23
February
2026,
24
August
2026
Tender
Amount		 Each
tender
must
be
for
an
amount
of
HK$50,000
or
integral
multiples
thereof.
Other
Details		 Please
see
Information
Memorandum
or
approach
Eligible
Market
Makers,
HKSCC,
or
brokers
who
are
Exchange
Participants
of
the
Stock
Exchange
of
Hong
Kong.
Expected
Commencement
Date
of
Dealing
on
the
Stock
Exchange
of
Hong
Kong		 Friday,
23
August
2024

Price/Yield
Table

Yield-to-Maturity Price Yield-to-Maturity Price
1.77 101.97 2.77 100.04
1.82 101.87 2.82 99.94
1.87 101.78 2.87 99.85
1.92 101.68 2.92 99.75
1.97 101.58 2.97 99.66
2.02 101.48 3.02 99.56
2.07 101.39 3.07 99.47
2.12 101.29 3.12 99.37
2.17 101.19 3.17 99.28
2.22 101.09 3.22 99.18
2.27 101.00 3.27 99.09
2.32 100.90 3.32 99.00
2.37 100.80 3.37 98.90
2.42 100.71 3.42 98.81
2.47 100.61 3.47 98.71
2.52 100.52 3.52 98.62
2.57 100.42 3.57 98.53
2.62 100.32 3.62 98.44
2.67 100.23 3.67 98.34
2.72 100.13 3.72 98.25
2.77 100.04 3.77 98.16


Disclaimer:
The
information
provided
here
is
for
reference
only.
Although
extreme
care
has
been
taken
to
ensure
accuracy,
the
HKMA
does
not
warrant
that
all
information
is
accurate
in
all
respects.
Users
are
encouraged
to
conduct
their
own
enquiries.
The
HKMA
shall
not
be
liable
for
any
loss
or
damage
suffered
as
a
result
of
any
use
or
reliance
on
this
information.

Image
source:
Shutterstock

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