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Bond markets are in their infancy in Asia. In Malaysia, for example, only M$25 billion ($10.9 billion) was raised through the local debt markets between 1991 and 1994, a tiny sum compared with the Kuala Lumpur Stock Exchange’s market capitalization of M$518 billion and banking-sector assets that exceed M$300 billion. All that is about to change. With growing affluence, a big pool of pension and insurance funds throughout Asia will become available for investment in debt. |
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