Year of the note
The retail investor market for credit-linked notes has taken off in Hong Kong over the past year. Andrew Malcolm of law firm Linklaters looks at the legal implications of launching structured notes for retail investors
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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