Year of the note

Retail products


Hong Kong’s retail bond market finally took off last year – although not quite in the direction that had been expected. For a number of years now, it has been stated government policy to promote a public bond market in Hong Kong, and a succession of state-owned companies, beginning with the Hong Kong Mortgage Corporation and now including the Airport Authority, Mass Transit Railway Corporation and Kowloon-Canton Railway Corporation, have tapped the retail market with sizeable vanilla bond issues

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