The $20-billion in bonds the Government hopes to issue in July may be sold in batches, Financial Secretary Henry Tang says. However, factors like interest rates, the market situation and the demand for the bonds will be taken into account before the issuance goes ahead.

Mr Tang told legislators today that financial consultants are still working out details of the bond issue. There are a number of options under consideration, including the sale of all retail and institutional bonds at one time or in batches.

Meanwhile, Mr Tang said he anticipates this year's unemployment rate to fall below 7%.

On the impact of Hong Kong's political reform discussions on investment, he said rational and constructive discussion will not affect investor confidence. He reiterated that Hong Kong is an open and pluralistic society, and the Basic Law safeguards speech freedom.