Retail Bond Issuance Programme - Programme Circular

The programme circular describes the features of the retail bond programme and the terms which in
general apply to retail bonds issued under the retail bond programme (retail bonds). HKSAR
Government may update or supplement the programme circular. You should read the programme circular
together with all updates and supplements which HKSAR Government has published. HKSAR Government will
publish an issue circular to specify the terms for each series of retail bonds. The issue circular for a particular
series of retail bonds may vary and/or supplement the terms described in the programme circular for those
retail bonds. In that case, the variations and/or supplements described in the issue circular apply, but only to
that series of retail bonds.