Despite being long established as a regional powerhouse in the ex-Japan Asian debt capital market, HSBC did not establish a specialist securitization team until June 2001. That was when Sarwar Ahmad came onboard with the task of building up a franchise, effectively from scratch.

Three years on, HSBC has undeniably established itself as the top player in the Hong Kong securitization market. Aside from confidential private deals, three public transactions have been completed in the territory in the past year - the recent HK$6 billion (US$769 million) government tunnels deal, a HK$3 billion MBS deal for Hong Kong Mortgage Corp. last November and the self-led HK$3 billion taxi loan issue in October 2003

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