Fourth silver bonds snapped up

Business | Kevin Xu 26 Jul 2019

The fourth batch of Silver Bond has been 1.6 times oversubscribed and will be issued this Monday. The batch received 56,564 applications worth a total of HK$7.92 billion and the final issued amount was HK$3 billion.

The applications received have been allocated different amounts of bonds up to a maximum of six units.

The new batch has a tenor of three years. Interest will be paid once every six months at a rate linked to inflation, subject to a fixed rate of 3 percent. There will be no secondary market but holders can sell their bonds before maturity back to the government at par together with accrued but unpaid interest.

Holders can only transfer the bonds from a placing bank or designated securities broker to an account under the same name with the same or another placing bank or designated securities broker.

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