Next, authorities want to encourage more long-dated government paper to create a benchmark against which companies can price their own bonds. In addition, the commission reportedly is planning measures that would help create a more liquid secondary market. This is crucial. And the less the interest there is, the less the reason to issue. The only problem, and it isn't to do with the bond plans, is Malaysia's larger capital-market revamp.
Bonds are only part of it.
Such a revamp isn't without virtue, except for the fact that Kuala Lumpur apparently intends for this to unfold over 10 years. For example, its decision to allow in more skilled workers from abroad isn't likely to bear fruit until next year. By then, many Bangalore programmers will have comfortably settled in California. Especially with market reforms, sometimes you need prudent haste. Review Publishing Company Limited, Hong Kong.