Tender for the Fifth Issue of the
Airport Authority Notes
The Hong Kong Monetary Authority (HKMA) announced today the tender for the fifth issue of the Airport Authority (AA) Notes to be held on 24 November 1999 (Wednesday).
An amount of HK$500 million in AA Notes will be offered for settlement on Thursday 25 November 1999. The 3-year Notes, which mature on 25 November 2002, will carry interest at the fixed rate of 6.90% per annum payable semi-annually in arrears. Terms and conditions of the issue are described fully in the Information Memorandum.
The HK$500 million AA Notes issue is the fifth tranche of the HK$5 billion AA Note Issuance Programme in which the HKMA acts as the arranger, custodian, agent and operator. The AA Notes, which are denominated in HK$50,000, will be cleared through the Central Moneymarkets Unit (CMU).
The AA Notes will be covered by the existing market-making arrangements for the Exchange Fund Bills and Notes. Under the Programme, the AA Notes will be sold from time to time by tender to a group of Market Makers and Recognized Dealers appointed by the HKMA.
Under the short selling arrangement, Market Makers of Exchange Fund, MTRC, HKMC and AA papers can go short in any issues of such papers provided they hold sufficient amount of other Exchange Fund, MTRC, HKMC or AA papers in the system to cover their short positions by entering into a repo transaction with the HKMA at the end of the day. In return the Market Makers are obliged to quote two-way (bid-ask) prices during normal money market hours.
Members of the public who wish to tender for the Notes may do so through any of the Market Makers or Recognized Dealers on the published list which can be obtained from the HKMA at 30/F, 3 Garden Road, Hong Kong (or telephone 2878 8150). Each tender must be for an amount of HK$50,000 or integral multiples thereof.
Hong Kong Monetary Authority
18 November 1999
Tender information for the fifth issue of Airport Authority Note Issuance Programme :-
| Issue Number : | A302 |
| Tender Date and Time : | Wednesday 24 November 1999 9:30 a.m. to 10:30 a.m. |
| Issue and Settlement Date : | Thursday 25 November 1999 |
| Amount on Offer : | HK$500 million |
| Maturity : | Three years |
| Maturity Date : | 25 November 2002 |
| Interest Rate : | 6.90 per cent. per annum |
| Interest Payment Dates : | 25 May 2000 27 November 2000
25 May 2001 26 November 2001 27 May 2002 25 November 2002 |
| Tender Amount : | Each tender must be for an amount of HK$50,000 or integral multiples thereof. Members of the public who wish to tender for the Notes may approach Market Makers or Recognized Dealers on the published list |
| Other details : | Please see Information Memorandum published or approach Market Makers or Recognized Dealers |
Hong Kong Monetary Authority
18 November 1999
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