The Hong Kong Mortgage Corporation has launched a new retail bond issue with four series of notes which are open for subscription from March 6 to March 13.
The issue includes two series of Hong Kong-dollar notes of two-year and one-year maturity extendable semi-annually until March 21 2011, and two series of US-dollar notes of two-year and six-year maturity.
The corporation has signed an agreement with the three underwriting banks - the Bank of China, HSBC and the Standard Chartered Bank - for a total underwriting amount of $600 million in respect of the two-year Hong Kong-dollar notes of the issue. It has also appointed 17 banks from its dealer group as placing banks to distribute the issue to retail investors.
The placing banks will also perform the role of market makers for the issue to facilitate transactions in the secondary market.
As applicants need to have a bank account and an investment account with any one of the placing banks whom they intend to instruct, they should submit applications early and not to wait until the closing date of the offer period. The subscription money will only be deducted from the applicant's account on the closing date.
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