XN000022-1996-07-15 — Page 13

12.

-

Issue of 3-Year Exchange Fund Notes

The Hong Kong Monetary Authority announced today (Monday) that the tender for the twelfth issue of 3-year Exchange Fund Notes will be held on July 22 (Monday) for settlement on July 23 (Tuesday).

Similar to the previous issue, an amount of HK$500 million 3-year Notes will be on offer. In addition to that, another HK$100 million will be held as reserve by the Hong Kong Monetary Authority for supply to Market Makers in the secondary market. The Notes will mature on July 23, 1999 and will carry interest at the rate of 6.80% per annum payable semi-annually in arrears.

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 Hong Kong Monetary Authority at 30th floor, 3 Garden Road, Hong Kong (or telephone 2878 8150). Each tender must be for an amount of HK$50,000 or integral multiples thereof.

Following are details of tender information for the twelfth issue of 3-Year Exchange Fund Notes:

Issue Number

:

3907

Tender Date and Time

:

Monday July 22, 1996,

9.30 a.m. to 10.30 a.m.

Issue and Settlement Date

:

Tuesday July 23, 1996

Amount on Offer

:

HK$500 million plus an additional HK$100 million

as reserve stock for the Monetary Authority

Maturity

:

Three years

Maturity Date

:

July 23, 1999

Interest Rate

Interest Payment Dates

: 6.80% per annum payable semi-annually in arrears

23 Jan 1997, 23 Jul 1997,

23 Jan 1998, 23 Jul 1998,

25 Jan 1999, 23 Jul 1999.