Tender for the re-opening of 15-year Government Bonds under the Institutional Bond Issuance Programme to be held on March 7, 2018


Hong Kong (HKSAR) - The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA), as representative of the Hong Kong Special Administrative Region Government (HKSAR Government), announces today (February 27) that a tender of 15-year Government Bonds (Bonds) through the re-opening of existing 15-year Government Bond issue 15GB3203 under the Institutional Bond Issuance Programme will be held on March 7, 2018 (Wednesday) for settlement on March 8, 2018 (Thursday).

     An additional amount of HK$0.6 billion of the outstanding 15-year Bonds (issue no. 15GB3203) will be on offer.  The Bonds will mature on March 2, 2032 and will carry interest at the rate of 1.89% per annum payable semi-annually in arrears. The Indicative Pricings of the Bonds on February 27, 2018 is 97.50 with an annualised yield of 2.109%.

     Under the Institutional Bond Issuance Programme, tender is open only to Recognized Dealers which are appointed as Primary Dealers.  Anyone wishing to apply for the Bonds on offer can do so through any of the Primary Dealers on the current published list, which can be obtained from the Government Bond Programme's website at http://www.hkgb.gov.hk">www.hkgb.gov.hk; Each tender must be for an amount of HK$50,000 or integral multiples thereof.

     Tender results will be published on the HKMA's website, Government Bond Programme's website, the Reuters screen (HKGBINDEX), and Bloomberg (GBHK <GO>) not later than 3pm on the tender day.
 
HKSAR Government Institutional Bond Issuance Programme Tender Information
****************************************************************

     Tender information of re-opening of 15-year Government Bonds under the Institutional Bond Issuance Programme:
 
Issue Number : 15GB3203 (Re-open)
 
Stock code : 4232 (HKGB 1.89 3203)
 
Tender Date and Time : March 7, 2018 (Wednesday)
9.30am to 10.30am
 
Issue and Settlement Date
 
: March 8, 2018 (Thursday)
 
Amount on Offer
 
: HK$0.6 billion
Maturity              
 
: Fifteen years
Remaining Maturity : Approximately 13.99 years
 
Maturity Date : March 2, 2032
 
Interest Rate     : 1.89% p.a ., payable semi-annually in arrears
 
Interest Payment Dates  : September 3, 2018
March 4, 2019
September 2, 2019
March 2, 2020
September 2, 2020
March 2, 2021
September 2, 2021
March 2, 2022
September 2, 2022
March 2, 2023
September 4, 2023
March 4, 2024
September 2, 2024
March 3, 2025
September 2, 2025
March 2, 2026
September 2, 2026
March 2, 2027
September 2, 2027
March 2, 2028
September 4, 2028
March 2, 2029
September 3, 2029
March 4, 2030
September 2, 2030
March 3, 2031
September 2, 2031
March 2, 2032
 
Method of Tender : Competitive tender
 
Tender Amount : Each competitive tender must be for an amount of HK$50,000 or integral multiples thereof.  Any tender applications for the Bonds must be submitted through a Primary Dealer on the current published list.
 
The accrued interest to be paid by successful bidders on the issue date (March 8, 2018) for the tender amount is HK$15.53 per minimum denomination of HK$50,000.

(The accrued interest to be paid for tender amount exceeding HK$50,000 may not be exactly equal to the figures calculated from the accrued interest per minimum denomination of HK$50,000 due to rounding).
 
Other details  : Please see Information Memorandum available on the Government Bond Programme's website at http://www.hkgb.gov.hk" target="_blank">www.hkgb.gov.hk or approach Primary Dealers.
 
Expected commencement date of dealing on
the Stock Exchange
of Hong Kong Limited
: The tender amount is fully fungible with the existing 15GB3203 (Stock code: 4232) listed on the Stock Exchange of Hong Kong.
 
 
Price/Yield Table of the new Government Bonds at tender for reference* only:
 
Yield-to-Maturity Price Yield-to-Maturity Price
1.109 110.13 2.109 97.49
1.159 109.46 2.159 96.90
1.209 108.79 2.209 96.32
1.259 108.12 2.259 95.74
1.309 107.46 2.309 95.17
1.359 106.80 2.359 94.60
1.409 106.15 2.409 94.03
1.459 105.50 2.459 93.47
1.509 104.86 2.509 92.91
1.559 104.22 2.559 92.36
1.609 103.59 2.609 91.81
1.659 102.96 2.659 91.26
1.709 102.33 2.709 90.72
1.759 101.71 2.759 90.18
1.809 101.10 2.809 89.64
1.859 100.49 2.859 89.11
1.909 99.88 2.909 88.58
1.959 99.27 2.959 88.06
2.009 98.68 3.009 87.54
2.059 98.08 3.059 87.02
2.109 97.49 3.109 86.51
  
*Disclaimer

     The information provided here is for reference only.

Although extreme care has been taken to ensure that the information provided is accurate and up-to-date, the HKMA does not warrant that all, or any part of, the information provided is accurate in all respects. You are encouraged to conduct your own enquiries to verify any particular piece of information provided on it.  The HKMA shall not be liable for any loss or damage suffered as a result of any use or reliance on any of the information provided here.



Published on: 2018-02-27

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