Light at the end of the tunnel

HK appoints Citi and HSBC to lead HK$6bn tunnels securitization.

The Hong Kong government has opted for a decidedly touchy-feely team to handle its first securitization. With its emphasis on enticing retail punters into the local bond markets the territory's government has opted for HSBC and Citibank to act as arrangers on the much-hyped tunnels deal.

Legislators passed a resolution authorizing the deal just over a week ago and on Friday Frederick Ma, the secretary for financial services and the treasury, hired the two banks to handle the deal, saying that he expected them to widen the distribution of the bonds as much as possible.

Having advised the government on the structure of the transaction HSBC's appointment comes as no...

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