Date*: The Ministry of Finance of the People s Republic of China Issue of RMB5,500,000,000 2.38 per cent. Fixed Rate Bonds due July 2014 Important Risk Warning: This is an investment product. The investment decision is yours but you should not invest in this product unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation, investment experience and investment objectives. This Bond is NOT equivalent to a time deposit. Issuer's risk - This Bond is subject to both the actual and perceived measures of credit worthiness of the Ministry of Finance of the People s Republic of China. There is no assurance of protection against a default by the issuer in respect of the repayment obligations. In the worst case scenario, you might not be able to recover the principal and any coupon if the issuer defaults on the Bond. Additional risks are disclosed in the section of Risk Factor below. Please refer to it for details. WARNING The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. IMPORTANT If you are in doubt as to any aspect of this offer, you should consult a licensed securities dealer, bank manager, solicitor, certified public accountant or other professional adviser. * If you receive this termsheet via email, the date of the termsheet is the date as stated on the email to which it is attached. If you receive this termsheet via fax, the date of the termsheet is the date as stated on the document header or on the cover letter which accompanies the termsheet. If you are viewing this termsheet over the internet, the date of the termsheet is the date as stated on the webpage to which it is shown.
Issuer: Guarantor: Type: Rating (Moody s / S&P): A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, change or withdrawal at any time by the assigning rating agency Termsheet The Ministry of Finance of the People s Republic of China Series No: N/A None Tranche No: N/A CMU Code: BCMKFB12030 Fixed Rate Senior Unsecured Bond Note s rating: Aa3/- (as of 30 Aug 2012) The Bonds will rank equally with all other direct, unconditional, unsubordinated and unsecured obligations of the Central People s Government. The Central People s Status of the Bond: Government will pledge its full faith and credit for the due and punctual payment of the Bonds and for the due and timely performance of all obligations of the Central People s Government with respect to the Bonds. Issue Date & Interest 19/07/2012 (DD/MM/YYYY) Commencement Date The interest payment date falling on or nearest to July 2014, currently expected to be 19 July 2014. This is the date the Maturity Date: Ministry of Finance will repay 100% of the principal amount of the Bonds. The Ministry of Finance will not repay the principal amount of the Bonds before the maturity date. Coupon: 2.38 per cent. per annum Coupon frequency: Semi-Annual Structure: Plain vanilla Currency & Amount of the RMB5,500,000,000 issue: RMB10,000 and integral multiples of RMB10,000 in excess Denomination: thereof Minimum Investment Per investor: RMB10,000 Amount: Redemption at maturity: At par (100%) Semi-annually in arrear on 19 January and 19 July of each Interest Payment Dates(s): year, beginning on 19 January 2013. Business Day Convention If any of the dates on which the Ministry of Finance should (applicable to Interest pay interest is not a business day in Hong Kong or Beijing, Payment Date and Maturity the relevant interest payment date will be postponed to the Date): next day which is a business day in both Hong Kong and Beijing unless the next business day would thereby fall into the next calendar month, in which event the relevant interest payment date will be brought forward to the immediately
Day Count Fraction: Business Days: Listing and Pricing preceding business day. Actual number of days/365 Hong Kong, Beijing This Bond is listed on The Stock Exchange of Hong Kong Limited ( the Exchange ). The information with regards to the last closing price and historical prices of this Bond, which is required by Securities and Futures Ordinance Schedule 7 Part 2 Section 1 (b), (c), (d) and (e), are not included in the document because: there is no record of any trading activity of this Bond on the Exchange; and the historical prices including but not limited to the closing price on the last trading day immediately preceding (a) this offer, (b) the public announcement in relation to this offer, and (c) each of the 6 months immediately preceding this offer, as well as the highest and the lowest closing prices during the period of last 6 months, are not available publicly through the Exchange and/or other public sources. Use of Proceeds: Fiscal Agent The net proceeds from the sale of the Bonds, after deduction of underwriting commissions and other offering expenses, will be used by the Ministry of Finance for general governmental purposes. Bank of Communications Co., Ltd. Hong Kong Branch Clearing: Central Moneymakets Unit Law: Hong Kong law Description of Issuer The People s Republic of China was founded on October 1, 1949, and is the third largest country in the world in terms of land mass. The Constitution of the People s Republic of China provides for the structure of the state. The National People s Congress is the highest organ of state power. The State Council, as the Central People s Government, is the executive body of the highest organ of state power and the highest organ of state administration. Contact Information of The Ministry of Finance of the People s Republic of China Issuer Nansanxiang, Sanlihe, Xicheng District, Beijing 100820 Fees & Charges Safe Custody Waived Interest Collection Waived Redemption at Maturity Waived Stamp Duty No Hong Kong stamp duty is payable on the purchase of the
Bonds Risk Factors There are investment risks involved in buying the Bond. Before applying for any of the Bond, you should consider whether the Bond is suitable for you in light of your own financial circumstances and investment objectives. If you are in any doubt, get independent professional advice. The Bond is mainly for medium to long term investment, not for short term speculation. You should be prepared to invest your funds in the Bond for the full investment tenor; you could lose part or all of your investment if you choose to sell the Bond prior to maturity. It is the issuer to pay interest and repay principal of the Bond. If the issuer defaults, the holder of the Bond may not be able to receive back the interest and principal. The holder of the Bond bears the credit risk of the issuer and has no recourse to HSBC unless HSBC is the issuer itself. Indicative price of the Bond is available and the Bond s price does fluctuate when market changes. Factors affecting market price of the Bond include, and are not limited to, fluctuations in interest rates, credit spreads, and liquidity premiums. The fluctuation in yield generally has a greater effect on prices of longer tenor bonds. There is an inherent risk that losses may be incurred rather than profit made as a result of buying and selling the Bond. If you wish to sell the Bond, HSBC may repurchase it based on the prevailing market price under normal market circumstances, but the buying price may differ from the original selling price due to changes in market conditions. There may be exchange rate risks if you choose to convert payments made on the Bond to your home currency. The secondary market for the Bond may not provide significant liquidity or may trade at prices based on the prevailing market conditions and may not be in line with the expectations of the Bond holders. If the Bond is early redeemed, you may not be able to enjoy the same rates of return when you re-invest the funds in other investments Please note the following risks associated with RMB products : RMB currency risk - RMB is currently not freely convertible and is subject to certain conversion restrictions. - Conversion of RMB is subject to a daily limit and time should be allowed if the conversion amount exceeds daily limit. For personal customers, conversions conducted through RMB deposit accounts with banks in Hong Kong are subject to the limit of up to RMB20,000 per person per day. Interest rate risk - The value of RMB denominated Bonds are subject to interest rate fluctuations, which may adversely affect the return and performance of the RMB products.
Liquidity risk - The secondary market for the RMB denominated Bonds may not provide significant liquidity or trade at prices based on the prevailing market conditions, which may cause the Bonds holders to suffer significant loss especially where their prices have large bid/offer spreads, and may not be in line with the expectations of the Bonds holders. Limited availability of underlying investments denominated in RMB - The RMB denominated Bonds may not have access to invest directly in Mainland China, which means that its choice of underlying investments denominated in RMB outside Mainland China may be limited. As such, there may be adverse effects on the return and performance of RMB denominated Bonds. Possibility of not receiving RMB upon redemption - The RMB denominated Bonds may have a significant portion of non-rmb denominated underlying investments. There is a possibility that you will not receive the full amount in RMB upon redemption. This may be the case if the issuer is not able to obtain sufficient amount of RMB in a timely manner due to the exchange controls and restrictions applicable to the currency. Investor s Commitment and Acknowledgements When you place your order for the Bond, you are deemed to make a series of confirmations and acknowledgements, including that you: (i) (ii) (iii) (iv) have read and understood this Termsheet, including the risks of investing in the Bond as explained in the section Risk Factors ; understand that you should refer to the Selling Manual, which is available upon request, for further details on the terms of the Bond and risks involved; confirm that you are prepared to invest your funds in the Bond for the full investment tenor; you could also lose part or all of your investment if you choose to sell your Bond prior to maturity. understand that this document is not intended to provide and should not be relied upon for tax, legal or accounting advice, investment recommendations or credit worthiness or other evaluation of the Issuer; prospective investors should consult their tax, legal, accounting and/or other advisors. How to find out the current market value of your investment after purchase? The current market value of your investment will be available upon request. Please contact our staff at any HSBC branch in Hong Kong. Note: If you have any feedback or complaint about any aspect of the service you have received, please contact our Hong Kong branches, call us on (852) 2233 3000, or write to the Quality Service Management Department, P.O. Box No. 71169, Kowloon Central Post Office, or send an email to feedback@hsbc.com.hk. We will respond to a complaint within a reasonable period of time normally not exceeding 30 days in general circumstances. If you are not satisfied with the outcome of your complaint, you have the right to refer the
matter to the Banking Services Complaints Unit of Hong Kong Monetary Authority at 55th Floor Two International Finance Centre, 8 Finance Street, Central, and Hong Kong. References to websites References to the websites stated in this document where further information may be obtained are intended as guides for you to access further public information on the listed securities. Information appearing on such websites is not part of the offering documents. HSBC accept no responsibility whatsoever that such other information, if available, is accurate and/or up-to-date, and no responsibility is accepted in relation to any such information by us and our respective affiliates. Disclaimer The Hongkong and Shanghai Banking Corporation Limited ( HSBC ) has issued this document. Any opinions expressed therein are given in good faith, but are subject to change without notice. No liability is accepted whatsoever for any direct or consequential loss arising from the use of this document. Please note that the above rates or prices are for indicative purposes only and may vary in accordance with changes in market condition. Distribution of this document may be restricted by law in certain jurisdictions and the information contained herein is to the recipients and may not be reproduced or otherwise disseminated. HSBC and its affiliates and/or officers, directors and employees may have positions in any instruments or currencies mentioned in this document and may from time to time add to or dispose of such instruments or currencies. User of the information is advised to make independent judgment with respect to any matter contained herein. Issued by The Hongkong and Shanghai Banking Corporation Limited ( HSBC ) registered at 1 Queen s Road Central, Hong Kong The Hongkong and Shanghai Banking Corporation Limited is the distributor which is a wholly owned subsidiary of HSBC Holdings plc, the holding company of the HSBC Group. The Hongkong and Shanghai Banking Corporation Limited Authorised and Regulated by Hong Kong Monetary Authority A registered institution under the Securities and Futures Ordinance, with Central Entity Identity Number AAA523 Registered Office: 1 Queen s Road Central, Hong Kong Tel: +852 2996 6730, Member HSBC Group
日期 * : 中華人民共和國財政部發行 5,500,000,000 人民幣 2.38% 定息債券 2014 年 7 月到期 重要風險通知 : 此乃投資產品 投資決定是由閣下自行作出的, 但閣下不應投資在該產品, 除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況 投資經驗及目標後, 該產品是適合閣下的 本債券並不相等於定期存款 發行人風險 本債券表現受太平洋恩利資源發展有限公司的實際和預計借貸能力所影響 就償債責任而言, 本債券不保證發行人不會拖欠債務 在最壞情況下, 如果發行者不履行契約本債券持有人可能無法取回本債券的利息和本金 以下 風險因素 部份將列出其他風險因素, 詳情請參閱有關部份 警告 本文件的內容未經在香港的規管當局審核 你應就有關要約謹慎行事 如你對本文件的任何內容有任何疑問, 你應尋求獨立專業意見 重要提示 如你對此要約的任何方面有疑問, 應諮詢持牌證券交易商 銀行經理 律師 會計師或其他專業顧問 * 如你透過電郵收取本條款表, 則條款表的日期為條款表的郵件所載日期 如你透過傳真收到本條款表, 條款表日期即文件頁首或條款表附函所示的日期 如你透過互聯網閱讀本條款表, 則條款表的日期為網頁所示日期
發行人 : 擔保人 : 條款表 中華人民共和國財政部序列號 : 不適用無票據號 : 不適用 CMU 編碼 : BCMKFB12030 類別 : 定息高級無抵押債券 評級 ( 穆迪 / 標準普爾 ): 評級並不建議購買 出售或持有證券, 且可由授予評級之機構隨時終止 更改或撤銷 票據評級 : Aa3/-( 於 2012 年 8 月 30) 國債與中央人民政府的所有其它直接 無條件 非次級 及無抵押的中央人民政府債務享有同等地位 中央人民 債券的地位 : 政府將以其完全誠信及信譽, 擔保妥為準時支付國債的 全部本金及利息, 並擔保適時妥為履行其在國債項下的 所有義務 發行日期及計息開始日期 : 19/07/2012( 日 / 月 / 年 ) 利息到期日期為 2014 年 7 月或最接近者, 目前預期為 到期日期 : 2014 年 7 月 19 日 該日財政部將償還債券 100% 的本金 於到期日之前, 財政部不會償還債券本金 票息 : 每年 2.38% 票息頻率 : 每半年 結構 : 基本型 貨幣及發行金額 : 人民幣 5,500,000,000 元 面額 : 人民幣 10,000 元, 超過人民幣 10,000 元則按人民幣 10,000 元之整數倍計算 最小投資額 : 每位投資者 : 人民幣 10,000 元 到期贖回 : 按面值 (100%) 利息支付日期 : 自 2013 年 1 月 19 日起每年 1 月 19 日及 7 月 19 日 營業日慣例 ( 適用於利息支付日期及到期日期 ): 倘若財政部之任何利息支付日期並非香港或北京的營業日, 則相關的利息支付日期將推遲至下一個香港及北京的營業日, 除非下一個營業日將屬於下一個日曆月, 則在此情況下相關利息支付日期將提前至緊接之前的營業日 計息日期慣例 : 實際天數 /365 營業日 : 香港, 北京 上市及定價 : 本債券於於香港聯交所 ( 聯交所 ) 上市 證券及期貨條例附表 7 第 2 部第 1(b) (c) (d) 及 (e) 條規定, 有關本債券最後收市價及歷史價格的資料並無載入本文件, 原因是 :
所得款項用途 : 財務代理 : 結算 : 法律 : 發行人簡介 : 發行人聯絡資料 : 服務收費印花稅 本債券在聯交所並無任何交易活動記錄 ; 及 歷史價格 ( 包括但不限於最後交易日的收市價緊接 (a) 此項要約前,(b) 有關此項要約刊發公告前, 及 (c) 此項要約前 6 個月每個月的最後交易日的收市價, 以及在過往 6 個月期間內的最高及最低收市價 ) 並無透過聯交所及 或其他公眾渠道提供 出售債券所得款項淨額 ( 經扣除包銷佣金及其他發售開支後 ), 將由財政部用於一般政府用途 交通銀行股份有限公司, 香港分行 債務工具中央結算系統香港法律中華人民共和國於 1949 年 10 月 1 日成立, 是世界上領土面積第三大國家 中華人民共和國憲法規定國家的政體 全國人民代表大會是國家最高權力機關 國務院 ( 即中央人民政府 ) 是國家最高權力機關之執行機構及最高的行政機構 中華人民共和國財政部北京西城區三里河南三巷 ; 郵編 :100820 託管服務豁免代收利息豁免到期贖回豁免購買本債券無須支付香港印花稅 風險因素 本債券涉及投資風險 在投資於本債券之前, 投資者應就本身的財政狀況及投資目標, 考慮是否適合投資於本債券 如有任何疑問, 應諮詢獨立專業顧問的意見 本債券主要提供中長期的投資, 並不是短線投機的工具 你應準備於整段投資期內將資金投資於本債券上 ; 若你選擇在到期日之前提早出售本債券, 可能會損失部份或全部的投資本金額 本債券的利息和本金是由發行者去償還 如果發行者不履行契約, 債券持有人可能無法取回本債券的利息和本金 債券持有人須承擔發行者的信貸風險, 且債券持有人不能向滙豐追討任何賠償, 除非滙豐本身為該債券之發行者 滙豐提供本債券的參考價格, 其價格可能會及確會波動 影響本債券價格的因素包括, 但不限於, 利率 債券息差及流通性溢價的波動 而孳息率的上落對越長年期的債券價格影響一般較大 買賣債券帶有風險, 投資者未必能夠賺取利潤, 可能會招致損失
如你打算出售經滙豐代您購入的債券, 滙豐可在正常市場下, 按市價進行有關交易 但基於市場變動, 買入價與原定的賣出價可能不同 倘若你選擇將債券所支付的付款兌換為本國貨幣, 可能須承受匯率波動的風險 發行人提供的二手市場或不能提供龐大的流通量或按對持有人有利之價格買賣 如本債券被提早贖回, 您轉而投資於其他投資項目, 未必能取得相同回報 請注意以下關於人民幣產品風險 : 人民幣貨幣風險 - 人民幣現時不可自由兌換並受到外匯兌換限制 - 人民幣兌換設有每日兌換上限 投資者需留意倘若兌換金額超過每日的兌換上限, 則需要較長的兌換時間 個人客戶透過香港銀行的人民幣存款戶口來兌換人民幣, 每人每日最高上限為人民幣 20,000 元 利率風險 - 人民幣債券的價值受利率波動影響, 這可能影響產品的回報及表現 流動性風險 - 人民幣債券的二手市場或不能提供龐大的流通量或按當時市場狀況的價格買賣, 特別當債券的價格存在較大的買賣差價, 可能會導致債券持有人蒙受重大損失, 及可能不符合債券持有人的期望 按人民幣計值的相關投資之選擇有限 - 人民幣計值債券可能無法直接投資於中國內地, 這意味著其對中國內地以外按人民幣計值的相關投資之選擇可能受限 因此, 人民幣計值債券之回報及表現可能會受到不利影響 在贖回時可能無法取得人民幣款項 - 人民幣計值債券可能擁有大部份非人民幣計值相關投資 閣下在贖回時可能將無法悉數取得人民幣款項 假如發行人因外匯控制及適用貨幣的限制而無法及時取得充足的人民幣款項, 可能就會出現這種情況 投資者責任及聲明 投資者向分銷商購買本債券時, 投資者將被視為作出一系列承諾及聲明, 包括 : (i) 已閱讀及理解本條款概要內, 包括 風險因素 部分所說明的有關投資本債券的風險 ; (ii) 明白應參閱可向滙豐索取的發售手冊, 以便獲得本債券的進一步資料及所涉及風險
(iii) 確認準備於整段投資期內將資金投資於本債券上 ; 若投資者選擇在到期日之前提早出售本債券, 可能會損失部分或全部的投資本金 (iv) 明白本文不擬提供稅務 法律或會計意見 投資建議或對發行人的誠信或其他方面進行評估, 投資者亦不應依賴本文作上述用途 準投資者應諮詢其稅務 法律 會計及 / 或其他顧問 在投資債券後, 怎樣查詢債券的市值? 您可聯絡滙豐在香港的各分行查詢債券的市值 注意:如您對我們的服務有任何意見或投訴, 請聯絡我們在香港的任何分行 致電 (852)- 2233 3000 致函我們的優質服務管理部 ( 九龍中央郵政局郵政信箱 71169 號 ) 或電郵至 feedback@hsbc.com.hk 我們在一般情況下會於合理的時間 ( 通常 30 日 ) 內回覆客戶的投訴 若您對投訴結果仍有不滿, 可向香港金融管理局的銀行服務投訴組提出書面投訴, 地址為香港中環金融街 8 號國際金融中心 2 期 55 樓 關於網站的提述 本文件有提述若干網站, 其中或可提供進一步資料, 以指引閣下取得有關上市證券的更多公眾資料 該等網站所載的資料並非發售文件的一部份 滙豐對該等其他資料 ( 如有 ) 是否準確及 或最新概不承擔任何責任, 且本集團及本集團相關聯屬公司對任何該等資料概不承擔責任 免責聲明香港上海滙豐銀行有限公司 ( 滙豐 ) 刊發本文件 本文件內發表之意見乃真誠地發表, 惟可未經通知而改變 滙豐概不就使用本文件所導致之任何直接或相應而生之損失接納任何責任 謹請注意, 上述利率及價格乃僅供參考, 並可能根據市況而變動 若干司法管轄區之法律可能限制派發本文件, 而本交件中所載之資料乃僅供收件人閱覽, 不得複製或以其他形式傳佈 滙豐及其聯屬公司及 / 或高級職員 董事及僱員可能就本文件所述之任何金融工具或貨幣持倉, 並可不時增加或出售有關金融工具或貨幣 使用資料之人士務請就其中所載之任何事宜作出獨立判斷 由香港上海滙豐銀行有限公司 ( 滙豐, 註冊地址為香港皇后大道中 1 號 ) 刊發 香港上海滙豐銀行有限公司是分銷商, 為滙豐集團旗下控股公司 滙豐控股有限公司的全資附屬公司 香港上海滙豐銀行有限公司經由香港金融管理局授權及監管根據 << 證券及期貨條例 >> 註冊為註冊機構, 於證券及期貨事務監察委員之中央註冊編號為 AAA523 註冊辦事處 : 香港皇后大道中 1 號電話 :+852 2996 6730, 滙豐集團成員