MONDAY, SEPTEMBER 19, 1994
PURPOSE
THROUGH
BANKS CAN ALSO USE THE NOTES FOR DISCOUNTING THE LIQUIDITY ADJUSTMENT FACILITY OPERATED BY THE HKMA, THUS ENHANCING THE LIQUIDITY OF THE BANKING SYSTEM.
+
PREPARATION FOR THE LAUNCH OF THE FIVE-YEAR NOTES HAS GEARED UP
LATEST FOLLOWING
THREE-YEAR FÁVOURABLE MARKET RECEPTION TO THE THE EXCHANGE FUND NOTES ISSUE, THE FIRST WITH A MATURITY STRADDLING 1, 1997.
JULY
THAT ISSUE WAS 4.7 TIMES OVER-SUBSCRIBED AND BOTH THE YIELD
HAS NOT ISSUE AND CURRENT MARKET YIELD DEMONSTRATE THAT THE MARKET
IF ANY, DEMANDED ANY ADDITIONAL PREMIUM TO COMPENSATE FOR THE RISK, ASSOCIATED WITH THE CHANGE OF SOVEREIGNTY,
AT
THE CHINESE SIDE HAS EXPRESSED FULL SUPPORT FOR THE ISSUANCE OF
GIVEN ITS NOTES, FUND
TO IMPORTANCE FIVE-YEAR EXCHANGE
MARKET
DEVELOPMENT.
WITH BONDS.
1993.
THE EXCHANGE FUND NOTE PROGRAMME WAS INTRODUCED IN THE LAUNCH OF TWO-YEAR NOTES TO REPLACE THE TWO-YEAR
MAY 1993, GOVERNMENT
THIS WAS FOLLOWED BY THE ISSUE OF THREE-YEAR NOTES IN
OCTOBER
BILLION,
SO FAR SIX ISSUES OF TWO-YEAR NOTES AND FOUR ISSUES OF YEAR NOTES, AMOUNTING TO A TOTAL OUTSTANDING OF HK$6 BEEN ARRANGED.
THE
THREE- HAVE
MARKET FOR EXCHANGE FUND NOTES SECONDARY ACTIVE, REFLECTING THEIR POPULARITY.
IS LIQUID AND
IN
THE FIRST HALF OF THIS YEAR, THE AVERAGE DAILY TURNOVER THREE-YEAR NOTES WAS 109 PER CENT OF THE TOTAL AMOUNT OF WHILE THAT FOR TWO-YEAR NOTES WAS 53 PER CENT,
IN
OUTSTANDING
MEMBERS
OF
PUBLIC
ΤΟ THE
WHO WISH
TENDER FOR QUARTERLY FIVE-YEAR NOTES MAY DO SO THROUGH ANY OF THE MARKET OR RECOGNISED DEALERS ON THE PUBLISHED LIST WHICH CAN BE OBTAINED FROM THE HONG KONG MONETARY AUTHORITY ON 30TH FLOOR, 3 GARDEN KONG, OR TELEPHONE 878 8150.
ROAD, HONG
THE
FIRST MAKERS
BACH TENDER
MULTIPLES THEREOF.
BE MUST
AN AMOUNT
OF
HK$50,000
OR
INTEGRAL
19