By Angela McDaniels
Tacoma, Wash., May 14 - Hong Kong will issue HK$800 million of 1.1% government bonds due 2023 in exchange for an equal amount of government bond issue 10GB2001 in a switch tender, according to a news release from the Hong Kong Monetary Authority.
The bonds to be issued in the exchange are a reopening of government bond issue 10GB2301.
The switch tender was held May 14 and will settle May 15.
A total of HK$2.26 billion tender applications were received. The bid-to-cover ratio was 2.83.
The average price accepted is 89.85, implying an annualized yield of 2.418%.
The lowest price accepted is 89.45 for a yield of 2.473%.
The average tender price is 89.26 for a yield of 2.499%.
| Issuer: | Hong Kong
|
| Issue: | Reopening of government bond issue 10GB2301
|
| Amount: | HK$800 million
|
| Maturity: | Jan. 17, 2023
|
| Coupon: | 1.1%
|
| Average price accepted: | 89.85
|
| Average yield accepted: | 2.418%
|
| Tender date: | May 14
|
| Settlement date: | May 15
|
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