Borrower of the Week: KCRC

Jeffrey Cheung, finance director for Kowloon & Canton Railway Corporation, discusses the company''s borrowing strategies.

You last raised funding in June 2003, what was the objective

Cheung Yes, we raised HK$1 billion in retail bonds in June. Basically the goal was to take advantage of the very liquid Hong Kong bond market and also to respond to the government's wishes to promote the Hong Kong debt market. We issued a 10-year maturity retail bond, which hadn't been done before. The offer was part of our general funding for our current prime projects such as the East Rail extension and the Kowloon Southern Link, the extension connecting the West Rail and East Rail projects.

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