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The average accepted tender price was 99.55, providing an annualised yield of 7.57%, or about 92 basis points above that for the 10-year US Treasury notes.
"The tender results for our first 10-year Exchange Fund paper are very encouraging. There is certainly a strong market appetite for high quality and long maturity paper," said a HKMA spokesman.
"The narrow spread between the yield of our paper and that of the US treasuries is a clear demonstration of market confidence in the Hong Kong dollar debt market," he said.
HKMA launched the Exchange Fund Bills and Notes Programme in 1990 to help develop Hong Kong's debt market. Today, the outstanding amount of Exchange Fund paper has exceeded $64 billion and the Exchange Fund bills and notes market is one of the most active and liquid government securities markets in the world.
The launch of the 10-year notes marks another milestone in the development of the Exchange Fund Notes Programme.
The programme was introduced in May 1993, with the launch of the 2-year notes to replace the 2-year government bonds. This was followed by the launch of 3- year notes in October 1993, 5-year notes in September 1994 and 7-year notes in November 1995.
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Ten pre-sale consent applications approved for 3rd quarter
The Lands Department has approved a total of 10 applications for consent to pre-sale of residential and non-residential units in uncompleted developments between July and September.
Of the 10 applications, seven are for the pre-sale of a total of 3,421 residential units located in Hong Kong, Kowloon, Sai Kung, Tuen Mun. Tai Po, Tsuen Wan and Yuen Long. They are estimated to be completed between the end of 1996 and June 1997.
The other three applications are for the pre-sale of non-residential units located in Hong Kong and Kowloon districts.
No comments yet.
Private notes are available after approval.