Hong Kong to securitize toll revenues

The government will shore up its finances by borrowing against toll fees from territory''s bridges and tunnels.

The Hong Kong government plans to raise HK$6 billion $778 million from the sale of bonds backed by toll revenues. Investment banks bidding for the deal, which is expected to close before the end of Hong Kong's financial year, are rumoured to include Deutsche Bank, Goldman Sachs, HSBC, Merrill Lynch and UBS.

The plan is in line with the government's commitments to inject new cash into its coffers. The government announced inĀ its 2003 budget that it would securitize or sell HK$112 billion of assets in the next five years to make up for the territory's revenue shortage. The budget projections reckoned the sales could raise HK$21...

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