41.   He also proposed tax concessions on debt instruments and a broader role for the Trade Development Council to emphasise service trades.

42.   Gruffat said the bank had set up a group in Honkong and Singapore to look after origination, distribution and trading in debt instruments.

43.   But analysts remained sceptical Thursday, insisting that credit agencies do in fact see such convertible bonds as debt instruments.

44.   She said the package would benefit the debt market as the government had removed tax on foreign investment in long-term term debt instruments.