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The recently established Hong Kong Mortgage Corporation will bring liquidity and innovation to the local capital markets and a new Hong Kong borrower to the international markets.

Once retail dominated, the Swiss bond market is changing fast, as investment pools are increasingly managed by professionals demanding to buy - and trade - in size.

The Hong Kong dollar bond market has stood tall amid the carnage in Asian financial markets of the last few months.

DEFINING the HKMA's role at the forefront of the development of Hong Kong's increasingly sophisticated bond market, executive director Peter Pang outlines a five pronged approach.

In this issue, Johan G.B. Beumée, a partner in Riskcare Limited, and Paul Wilmott, professor of mathematics from Imperial College London, present some approximations of the warrant pricing method introduced in a previous Learning Curve (DW 1/12).

ROADSHOWS for the Republic of Korea's keenly watched global bond began in Hong Kong and Frankfurt yesterday (Thursday), with bankers reporting unprecedented attendance levels as over 200 investors crammed into the key Asian presentation. Price talk and the likely tranche structure for the $4bn+ issue have been kept deliberately sketchy, reflecting the government's determination to embark on a true price discovery process with investors.

THE Republic of the Philippines has embarked on only its fourth foray into the international debt markets this decade, launching the roadshow campaign for its $500m global bond on Wednesday. Throughout the run-up to the JP Morgan and Morgan Stanley led deal, the government has assiduously sought to avoid clashing with Korea's jumbo global bond -- maintaining a slight lead in both its roadshow schedule and provisional pricing date.

* Crédit Lyonnais Securities Asia will sell the first ever red chip style 'B' share offering for Shanghai Electric Corporation in May. The company is the fund raising entity of the Ministry of Machinery and Manufacturing. It has four asset injection candidates already lined up and a stated strategy of growth through acquisition. The listed company will be called Shanghai Consolidated Electric Co. It hopes to raise up to $150m from the issue. A roadshow for the deal should start imminently.

THE expected upsurge of issuance in Taiwan's domestic bond market gathered pace this week with two new supranational offerings and a sizeable offering from one of the republic's blue chip credits, China Steel. The European Investment Bank (EIB) led the week's activity with the pricing of its debut issue via Citicorp Taipei.

THE Hong Kong equity new issue market showed further signs of revival this week with convertible bonds from China-backed Guangdong Investment and New World Infrastructure and a placing for red chip China Resources Beijing Land. Guangdong Investment raised $125m in a sale of redeemable cumulative convertible preference shares, which generated little enthusiasm from bankers despite performing reasonably well in the aftermarket.

THE first project bond of the year from China is to be priced next Thursday, with infrastructure developer Cathay International Ltd hoping to raise $350m via a 10/non call five year issue led by JP Morgan. Although the structure has been deemed aggressive by some observers, bankers pointed out that compared to recent issues from the sector, Cathay has a more diversified pool of assets -- embracing water, power, tunnels, bridges and roads and also a series of projects with established track records and cashflows.