Billboard advertising, press conferences, TV interviews, its own Web site: sounds more like the launch of a Hollywood blockbuster than a securitization deal. But that is exactly how the Hong Kong government's HK$6 billion (US$769.3 million) transaction backed by tunnel revenues is being marketed this week as the arrangers, HSBC Securities and Citigroup Global Markets, seek to broaden the investor base.

The joint-leads are calling Hong Kong Link 2004 the most widely distributed bond deal ever to come out of the SAR, and given the marketing effort, it is difficult to argue with that view. Aside from extensive advertising, the deal - the first Asian simultaneous securitization for retail and institutional investors - is listed on the Hong Kong Stock Exchange, enabling potential retail investors to buy bonds directly from stockbrokers or through online accounts.

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