Exchange Fund Notes Tender Results

On May 22, 2024, the Hong Kong Monetary Authority (HKMA) announced the tender details for EF Notes, Issue number 02Y2605. The tender date is set for May 22, 2024, with the issue date scheduled for May 23, 2024, and the maturity date on May 26, 2026. The coupon rate is set at 3.77% per annum. In the competitive tender, the total amount applied for was HK$2,850 million, with HK$1,200 million allotted. The average price accepted (yield) was 99.76 (3.93%), and the lowest price accepted (yield) was 99.60 (4.02%). The pro-rata ratio was approximately 4%. The average tender price (yield) was 99.59 (4.03%). For the non-competitive tender, no applications were submitted through the Hong Kong Securities Clearing Company Limited, and therefore, no amount was allotted. Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/05/20240522-6/