Roadshows for a split $500 million and S$100 million transaction began in London last Wednesday, with pricing tentatively scheduled for Thursday in New York. Backed by lead managers DBS, Goldman Sachs and Morgan Stanley Dean Witter, the Aa2A rated credit looks likely to further enhance its reputation as Asia's most innovative and adventurous issuer of bank capital. Each of its previous transactions have been viewed by the bank as a means of optimizing a strong balance sheet and funding an acquisition trail that now spans the length of Asia. Many observers, however, remain curious why the bank has opted for a tier 1 issue...