The Airport Authority today will launch its first $500 million note issue under a $5 billion note issuance programme sponsored by the Hong Kong Monetary Authority.
The issue will be tendered through the monetary authority's extended network of eligible market makers or recognised dealers in the Exchange Fund Bills issuance programme launched in 1991.
The five-year note, maturing on May 21, 2003, will pay a coupon rate of 8.5 per cent a year payable semi-annually.
The notes will be cleared through the Central Moneymarkets Unit managed by the monetary authority.
They will qualify as eligible securities for repurchase transactions through the Liquidity Adjustment Facility, the emergency facility of overnight funds for banks provided by the monetary authority.
The authority has also set up similar note issuance programmes with two public utility organisations, the Mass Transit Railway Corp and the Hong Kong Mortgage Corp.
