Tender of 2-Year Exchange Fund Notes to be held on August 22
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announces that a tender of 2-year Exchange Fund Notes will be held on August 22, 2025 (Friday) for settlement on August 25, 2025 (Monday), as set out in the published tentative issuance schedule. This is to roll over an issue of 2-year Exchange Fund Notes maturing on the same day.
A total of HK$1,200 million 2-year Notes will be on offer, of which HK$5 million will be made available for offer to members of the public who wish to submit non-competitive tender bids through Hong Kong Securities Clearing Company Limited (HKSCC). If the Notes reserved for non-competitive tender are under-subscribed, the non-subscribed amount will be added to the portion of notes for competitive tender (initially set at HK$1,195 million). The Notes will mature on August 25, 2027 and will carry interest at the rate of 1.85 per cent per annum payable semi-annually in arrears.
Members of the public who wish to submit non-competitive tender applications for Notes that are open to HKSCC may do so through Stock Exchange Participants/Brokers, or for those who hold Investor Accounts of the Central Clearing and Settlement System (CCASS) at the HKSCC, directly through HKSCC, for submission to the HKMA for processing. Competitive tender applications for the Notes must be submitted through any of the Eligible Market Makers appointed by the HKMA, with the current published list available on the HKMA's website at www.hkma.gov.hk. Each tender must be for an amount of HK$50,000 or integral multiples thereof for both competitive and non-competitive tender.
The tender results will be published on the HKMA's website, the Refinitiv screen (HKMAOOE), and Bloomberg. Applicants who submitted non-competitive tender bids through HKSCC may also obtain the tender results from Stock Exchange Participants/Brokers, or for applicants who hold Investor Accounts at HKSCC's CCASS from the CCASS terminal for CCASS Broker/Custodian/Participants and CCASS Phone System.
HKMAExchange Fund Note ProgrammeTender Information
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Tender information of 2-Year Exchange Fund Notes:
Issue Number |
: |
02Y2708 |
Stock code |
: |
4106 (EFN 1.85 2708) |
Tender date and time |
: |
Friday, August 22, 2025
9.30am to 10.30am |
Issue and Settlement Date |
: |
Monday, August 25, 2025 |
Amount on offer |
: |
HK$1,200 million
(up to HK$5 million for non-competitive tender) |
Commencement of/
Deadline for
submission of non-competitive tender bids by retail investors through HKSCC |
: |
Please refer to requirements as set down by HKSCC |
Maturity |
: |
Two years |
Maturity Date |
: |
Wednesday, August 25, 2027 |
Interest Rate |
: |
1.85 per cent p.a. |
Interest Payment Dates |
: |
February 25, 2026
August 25, 2026
February 25, 2027
August 25, 2027 |
Tender amount |
: |
Each tender must be for an amount of HK$50,000 or integral multiples thereof for both competitive and non-competitive tender. Members of the public who wish to apply for the Notes through non-competitive tenders that are open to HKSCC may do so through Stock Exchange Participants/Brokers, or for those who hold Investors Accounts at HKSCC's CCASS, directly through HKSCC. Members of the public who wish to apply for the Notes through competitive tender may only do so through any of the Eligible Market Makers on the current published list. |
Other details |
: |
Please see Information Memorandum published or approach Eligible Market Makers, HKSCC, or brokers who are Exchange Participants of the Stock Exchange of Hong Kong. |
Expected commencement date of dealing on the Stock Exchange of Hong Kong |
: |
Tuesday, August 26, 2025 |
Price/Yield Table of the new EFN at tender for reference* only:
Yield-to- Maturity |
Price |
Yield-to-Maturity |
Price |
0.85 |
101.98 |
1.85 |
100.02 |
0.90 |
101.88 |
1.90 |
99.92 |
0.95 |
101.78 |
1.95 |
99.82 |
1.00 |
101.68 |
2.00 |
99.73 |
1.05 |
101.58 |
2.05 |
99.63 |
1.10 |
101.49 |
2.10 |
99.53 |
1.15 |
101.39 |
2.15 |
99.44 |
1.20 |
101.29 |
2.20 |
99.34 |
1.25 |
101.19 |
2.25 |
99.25 |
1.30 |
101.09 |
2.30 |
99.15 |
1.35 |
100.99 |
2.35 |
99.06 |
1.40 |
100.89 |
2.40 |
98.96 |
1.45 |
100.80 |
2.45 |
98.86 |
1.50 |
100.70 |
2.50 |
98.77 |
1.55 |
100.60 |
2.55 |
98.67 |
1.60 |
100.50 |
2.60 |
98.58 |
1.65 |
100.41 |
2.65 |
98.48 |
1.70 |
100.31 |
2.70 |
98.39 |
1.75 |
100.21 |
2.75 |
98.30 |
1.80 |
100.11 |
2.80 |
98.20 |
1.85 |
100.02 |
2.85 |
98.11 |
*Disclaimer:The information provided here is for reference only. Although extreme care has been taken to ensure that the information provided is accurate and up-to-date, the HKMA does not warrant that all, or any part of, the information provided is accurate in all respects. You are encouraged to conduct your own enquiries to verify any particular piece of information provided on it. The HKMA shall not be liable for any loss or damage suffered as a result of any use or reliance on any of the information provided here.
Source: AI-found images
Seven persons arrested during anti-illegal worker operation
The Immigration Department (ImmD) mounted an anti-illegal worker operation codenamed "Contribute" today (January 15).During the operation, ImmD Task Force officers raided premises under renovation in a newly built public housing estate in Sheung Shui district.A total of six suspected illegal workers and one suspected employer were arrested. Thearrested suspected illegal workers comprise six men, aged 22 to 41. Furthermore, one man, aged 45, suspected of employing the illegal workers, was also arrested. An investigation into the suspected employers is ongoing, and the possibility of further arrests is not ruled out.
Apart from mounting the enforcement operation, ImmD officers and a promotional vehicle have been deployed to distribute "Don't Employ Illegal Workers" leaflets and convey the message in the estate.
An ImmD spokesman said, "Any person who contravenes a condition of stay in force in respect of him or her shall be guilty of an offence. Also, visitors are not allowed to take employment in Hong Kong, whether paid or unpaid, without the permission of the Director of Immigration. Offenders are liable to prosecution and upon conviction face a maximum fine of $50,000 and up to two years' imprisonment. Aiders and abettors are also liable to prosecution and penalties."
The spokesman stressed that it is a serious offence to employ people who are not lawfully employable. Under the Immigration Ordinance, the maximum penalty for an employer employing a person who is not lawfully employable, i.e. an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land, has been significantly increased from a fine of $350,000 and three years' imprisonment to a fine of $500,000 and 10 years' imprisonment to reflect the gravity of such offences. The director, manager, secretary, partner, etc, of the company concerned may also bear criminal liability. The High Court has laid down sentencing guidelines that the employer of an illegal worker should be given an immediate custodial sentence.
According to the court sentencing, employers must take all practicable steps to determine whether a person is lawfully employable prior to employment. Apart from inspecting a prospective employee's identity card, the employer has the explicit duty to make enquiries regarding the person and ensure that the answers would not cast any reasonable doubt concerning the lawful employability of the person. The court will not accept failure to do so as a defence in proceedings. It is also an offence if an employer fails to inspect the job seeker's valid travel document if the job seeker does not have a Hong Kong permanent identity card. Offenders are liable upon conviction to a maximum fine of $150,000 and to imprisonment for one year. In that connection, the spokesman would like to remind all employers not to defy the law by employing illegal workers. The ImmD will continue to take resolute enforcement action to combat such offences.
Under the existing mechanism, the ImmD will, as a standard procedure, conduct an initial screening of vulnerable persons, including illegal workers, illegal immigrants, sex workers and foreign domestic helpers, who are arrested during any operation with a view to ascertaining whether they are trafficking in persons (TIP) and/or forced labour victims. When any TIP and/or forced labour indicator is revealed in the initial screening, the ImmD officers will conduct a full debriefing and identification by using a standardised checklist to ascertain the presence of TIP and/or forced labour elements. Identified TIP and/or forced labour victims will be provided with various forms of support and assistance, including urgent intervention, medical services, counselling, shelter or temporary accommodation and other supporting services. The ImmD calls on TIP and/or forced labour victims to report crimes to the relevant departments immediately.
For reporting illegal employment activities, please call the dedicated hotline 3861 5000, by fax at 2824 1166, email to anti_crime@immd.gov.hk, or submit "Online Reporting of Immigration Offences" form at www.immd.gov.hk.
Seven persons arrested during anti-illegal worker operation Source: HKSAR Government Press Releases
Seven persons arrested during anti-illegal worker operation Source: HKSAR Government Press Releases
