1.   The main unknown feature is the nature of the investor base.

2.   Because eurobonds are bearer instruments, data are not available on the investor base.

3.   In contrast, trading in London of straight Swiss franc issues is minimal, partly due to the limited investor base outside Switzerland.

4.   The expertise and capitalisation of the dealing desk, and the ability to innovate are also important factors though these may stem from the knowledge of the investor base.

5.   Strong and timely market analysis may enable a firm to retain its investor base.

6.   Similarly, the investor base of the market has tended to change from private account holders to institutional investors.

7.   Firms thus benefit from a solid investor base, and of course there is not the problem of high levels of gearing as with the LGS.

8.   B shares, because their potential investor base is the world and not just Filipinos, have traditionally traded at a premium to A shares.