The first issuers were Asian banks. Then Wall Street got in on the act, legitimizing the overleveraged company for investors

UNDERWRITER ISSUE* AMOUNT (MILLIONS DATE OF DOLLARS)

HSBC, INDOSUEZ 2/9/96 100.0 YAMAICHI 2/22/96 349.9 PEREGRINE 6/11/96 200.0 UBS-ASIA 9/10/96 600.0 MORGAN STANLEY DEAN WITTER 6/26/97 600.0 MORGAN STANLEY 6/27/97 600.0 GOLDMAN SACHS ASIA 7/18/97 245.0 MERRILL LYNCH 11/12/97 1,250.0 MERRILL LYNCH 11/12/97 1,437.0 GOLDMAN SACHS 4/23/98 500.0 GOLDMAN SACHS 4/23/98 500.0 MORGAN STANLEY 3/9/00 403.0 J.P. MORGAN 6/29/00 100.0

* Major debt issues by APP units

Data: Thomson Financial Securities Data, BusinessWeek

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