HSBC has been appointed to advise the government on its plan to sell bonds backed by toll revenues. The securitization is expected to raise HK$6 billion $778 million as part of the territory's asset disposal programme.
The choice of HSBC is hardly suprising given its dominance in Hong Kong and number one position in the Asian bond league tables. However, some rival banks believe they offered better experience from working on similar deals in other markets and argue the new deal will do little more than tap into local liquidity.
As such they grumbled that the government is putting the development of Hong Kong's bond market ahead of its need...
