The Hong Kong Link deal, the government's securitization of toll revenues generated by five tunnels and a bridge, is unparalleled in Asia .
This is the first Asian securitization of sovereign assets, the first public Asian securitization of infrastructure, the region's first securitization to be offered to retail investors, the first asset-backed transaction to be listed on the Stock Exchange of Hong Kong Limited SEHK for some years, and the first public debt offering in Hong Kong to be distributed through placing banks, the Hong Kong Securities Clearing Company Limited CCASS and securities brokers .
The structure of the transaction, which closed on May 7, could only...
