29.     In addition to our regulatory work, we will continue to promote our bond market.  Most fund-raising activities in Hong Kong are now carried out through banking facilities and the stock market.  This means that our bond market has ample room to develop.  Last May, we issued a $6 billion securitisation bond for the government tolled tunnels and bridges.  This is the largest-ever securitisation bond offering in Hong Kong , and the first made available to retail investors.  It also ranks among the largest in the region and has received 17 financial services awards, including those from Asiamoney, FinanceAsia and IFR.  In July last year, the Government launched its $20 billion global bond offering.  This was the largest dual-currency and multi-tranche offering from the region, available to both retail and institutional investors.  It also generated the largest subscription and issue amounts for a retail bond offering in Hong Kong .  The offering was oversubscribed by local and international investors alike, and opened a new chapter for Hong Kong in the international capital markets.  It too was the recipient of a number of awards.  We will consider whether to issue additional bonds in future, having regard to our objective of promoting the local bond market and the financial position of the Government.  I hope that, as our bond market develops further, more corporations and investors from the Mainland and overseas will make use of our market to meet their funding and investment needs.  I also look forward to the issuance in Hong Kong of more bonds denominated in various currencies.

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