Market conditions is certainly one such challenge, as we all just witnessed some roller coaster rides of yield volatility in the past months. And securitising a pool of highly bespoke infrastructure loan asset pool presents a vastly different proposition to traditional investors who are more used to investing in a highly homogeneous asset pool such as mortgage loans. For this reason, there are limited successful precedents in the market globally, presenting additional challenges for investor to benchmark a relevant issue. 22. Notwithstanding these challenges, we do see that it is a meaningful market development opportunity. If successful, it will help mobilise capital market liquidity into an attractive alternative asset class and help fill the market gaps in infrastructure financing. 23. Ladies and gentlemen, I notice from the agenda of this conference that there will be a lot more interesting discussions in the important subject of fixed income market generally and structure credit products specifically. Such discussions are very important to further enhance the understanding of regulators and market practitioners alike about the opportunities and impediments relating to further development of these products. 24. We in Hong Kong are eager to work with you all to further enhance our financial services platform in order to offer more exciting opportunities for all. This is clearly demonstrated by our continuous efforts in making legislative and regulatory changes in the past few years relating to open ended fund companies, corporate treasury centres, aircraft leasing, limited partnership regime, and many more.

For example, it is the most active corporate issuer in Hong Kong dollar debt market in 2020, issuing $ billion corporate debts under a multi-currency medium-term note programme. 18. In terms of securitisation, the HKMC has issued a total of $ billion mortgage-backed securities since 1999, and has helped develop the local secondary mortgage market through purchasing mortgage loans from banks, and packaging the loans into mortgage-backed securities for investors with standardisation of product structure and documentation. 19. The HKMC also launched an Infrastructure Financing and Securitisation business in 2019. It is now in the process of warehousing global infrastructure loans from banks with a view to packaging and securitising them at an appropriate time in future. The initiative is welcomed by market players such as multilateral development institutions, commercial banks and insurance agencies. It is demonstrated by the fact that the HKMC has successively signed cooperation framework agreements with International Finance Corporation, Sinosure and MUFG. We expect that more will be forthcoming. 20. Within a short 2 years timeframe, the HKMC has managed to make great progress in acquiring and warehousing many infrastructure loan assets, across various sectors and geographies. The business momentum is strong, leading to further opportunities for the Corporation to continue accumulating a well-diversified portfolio and the necessary track record in managing this asset class, which are two essential requirements for future securitisation. 21. With respect to securitisation of infrastructure loan assets, it is not without its challenges.