How to Invest
Choosing the Securities you Want to Buy
A. Exchange Fund Bills

Issuer Hong Kong Special Administrative Region Government for the account of the Exchange Fund.
Tenor 91, 182, and 364 days
Currency Hong Kong dollar
Interest Payment Bills are issued on a discount basis.
Minimum Amount of Tender HKD500,000. Each tender bid must be for an integral multiple of the minimum denomination of the Bills.
Method of Sale in the Primary Market By competitive tender on a bid-price basis or noncompetitive tender.
Who may bid Open to individual and institutional investors through Recognised Dealers only.
Redemption Bills are redeemed at par upon maturity.
Taxation Bills are exempt from profits tax and stamp duty.
Secondary Market Trading Market makers quote bid and offer prices during money market hours.
Prospectus Information'>http://www.info.gov.hk/hkma/eng/debt/ex_fund_bill/im_efb_eng_9805.pdf">Information Memorandum: Exchange Fund Bills Programme

B. Exchange Fund Notes

Issuer Hong Kong Special Administrative Region Government for the account of the Exchange Fund.
Tenor 2, 3, 5, 7, and 10 years
Currency Hong Kong dollar
Interest Payment Fixed interest rate paid semiannually in arrears.  Day count convention for EFN computations is on an Actual/365 basis
Minimum Amount of Tender HKD50,000. Each tender bid must be for an integral multiple of the minimum denomination of the Notes.
Method of Sale in the Primary Market By competitive and noncompetitive tender.
Who may bid Competitive bids accepted from individual and institutional investors through Recognised Dealers, Stock Exchange Participants, or through the Central Clearing and Settlement System.

Noncompetitve bids submitted to Recognised Dealers designated as Retail Exchange Fund Notes Distributors.
Redemption Notes are redeemed at par upon maturity.
Taxation Notes are exempt from profits tax and stamp duty.
Secondary Market Trading HKMA lists the Notes on the HKEx. Market makers quote bid and offer prices during money market hours.
Prospectus Information'>http://www.info.gov.hk/hkma/eng/efn/EFN_program_eng.pdf">Information Memorandum: Exchange Fund Notes Programme