First, understand the circumstances of local markets. As the issuer, the ADB has watched the People’s Bank of China‘s monetary policy and the opportunities to issue yuan-denominated debt. Second, identify potential clients who want to take advantage of the local markets, or cross-border opportunities. The ADB has targeted several client types: (a) overseas firms who need a financing mechanism to expand into China via joint venture or foreign direct investment; and (b) institutional investors who want to hedge, arbitrage or speculate on foreign exchange markets. Third, develop a ‘bespoke’ or tailored financial instrument that enables you as issuer to act as a liquid market-maker for clients, raise the dollar value of assets under management, and that exploits the information asymmetries, inefficiencies, and circumstances of either local markets or inter-market movements.