How do you expect the Asian loans business to develop in 2002
I am reasonably optimistic. The main volumes will be in North Asia, with the exception of Singapore and Australia. In Australia it will be pretty diversified again, while in Singapore we'll see more real estate and government-linked companies coming to market. Hong Kong will also be dominated by real estate.
With spreads getting tighter, there will be an increasing tendency to lengthen maturity and relax covenants, of which we saw some last year. I hope that lenders will be less willing to do so in 2002.
Some of your competitors are getting excited about future opportunities in China How difficult it is...