Hong Kong Mortgage Corp's (HKMC) first tender of notes open to retail investors has received an average response, according to officials. There were 57 bids from retail investors applying for a total of $107.55 million, exceeding the allocation amount of $100 million by 7.55 per cent. HKMC vice-president for marketing and research Lau Ka-shi believed many investors would buy the notes as an investment. Despite yesterday's uninspired buying by retail investors, the notes were heavily sought by institutional buyers. Bids from institutions amounted to $3.9 billion, 8.75 times over the allocation amount of $400 million. The average accepted price in the tender was 99.64 per cent, equivalent to an annualised yield of 6.96 per cent. CAPITAL MARKETS
