Yields revealed on notes
Successful applicants for the first retail bonds issued by the Airport Authority were yesterday advised they will earn all-in yields of 3.94 per cent on their two-year notes, and 4.71 per cent on three-year notes. The prices of the two notes - oversubscribed 13 times at their issue last month - are to be determined based on equivalent Exchange Fund notes yields at 11.30am yesterday. Since the notes already carried coupon rates of 3.5 per cent and 4.5 per cent, the all-in yield will be achieved by adjusting the price of the notes. They will be sold to investors at a 99.23 per cent discount on the two-year tranches, and a 99.57 per cent discount on the three-year tranches.