As the euro-zone sovereign debt crisis and the faltering US economy cast a pall over global markets, the initial public offering (IPO) market is drying up, forcing European companies to be more inventive about raising money.
Charles Cryer, chief executive of Capita Registrars, Britain's biggest provider of share registration services, said retail bonds were becoming more popular in an environment of low interest rates and high inflation expectations.
Retail bonds are usually targeted at the issuer's staff and customers but offer higher returns.
'We see that trend moving to Asia,' Cryer said.
'John Lewis raised GBP50 million (HK$609 million) back in 2011, and some other retailer is trying to raise more now.
'If the trend continues and if the UK public get used to the idea of retail bonds, you will see the number involved going up.'