DEBT - Asia binges on private bonds

Rapidly expanding firms in the region have taken to issuing high-yield private paper, which offers minimal regulation, low levels of disclosure and, in response to rising demand, fewer restrictions. These high-risk investments make hedge funds happy, and investment banks also feast on the fees. But the trend is a symptom of a bull market at its peak, and a downturn will be sure to sort the big boys out from the small. Rupert Walker reports.