iBond Series - Trading arrangements

• Retail bonds can be traded through the Hong Kong Stock Exchange or "over-the-counter".
• A more detailed description of the trading arrangements is available in the programme circular and issue circulars.

Through the Stock Exchange

• You may trade retail bonds through the Stock Exchange if you are trading through HKSCC or a securities broker.
• Although retail bonds are listed and can be traded on the Hong Kong Stock Exchange, you should be aware that this does not guarantee an active secondary trading market for the retail bonds or that you will have access to a firm bid or offer price for your retail bonds.
• Settlement of trades in retail bonds listed on the Hong Kong Stock Exchange is required to take place in CCASS on the second settlement day after the trade date.

Over-the-counter

• You may trade retail bonds "over-the-counter" if you are trading with a market maker, a placing bank, a recognized dealer or any other person who is willing to trade them from you.
• While HKSAR Government may appoint some or all of the placing banks as Market Makers to quote prices for the retail bonds on a best-efforts basis, there may not be an active secondary market. If you try to sell your retail bonds before maturity, you may not be able to find a buyer for your retail bonds or the market value of your retail bonds could be lower than the amount you invested.
• Settlement generally takes place on the first settlement day after the trade date.