Calyon has been appointed as one of Primary Dealers and Recognised Dealers for the institutional tranche of the Government Bond Programme (GBP) by Hong Kong Monetary Authority (HKMA). The institutional tranche of GBP is tentatively scheduled to be issued in September 2009.

Primary Dealers, appointed for a term of two years, will provide two-way bid-and-offer quotations to Recognised Dealers with a view to promoting Government Bond trading in the secondary market. The selection of 12 Primary Dealers was based on the accumulative amounts of Exchange Fund Notes allotted to individual financial institutions in 2007 and 2008.

The Government Bond Programme comprises issues for institutional and retail investors, The primary objective is to promote the further and sustainable development of the local bond market.

“Thanks to our continued growing participation in trading and marketing rates products in Hong Kong, we are delighted to be appointed as one of Primary Dealers and Recognised Dealers by HKMA. This mandate underscores our commitment to further penetrating and being a dedicated market participant in the local market,” said Cecil Leung, Global Head of IRD Emerging Markets Trading.

Frédéric Lainé, Head of Fixed Income Markets for Asia ex-Japan, added, “As one of the top market makers for Hong Kong Exchange Fund Notes, Calyon is honored to have been chosen to take part in promoting the Hong Kong Government Bond Programme. We look forward to supporting the ongoing development of the local bond market.”