Cheung Kong (Holdings) is to become the first leading Hong Kong corporate to tap Singapore's fast-emerging Singapore dollar debt capital market. Its finance arm Cheung Kong Finance will raise S$100 million (about HK$451.44 million) through a seven-year note issue as part of a wider US$1 billion fund-raising exercise. 'This issue marks a milestone in the development of the Singapore debt capital market,' said a spokesman for Development Bank of Singapore, which will co-lead the issue with Goldman Sachs. Foreigners were forbidden from issuing Singapore dollar liabilities until last year, when tough regulations concerning Singapore dollar usage were partially relaxed as part of the republic's on-going financial reforms. Cheung Kong's inaugural issue will be sold at par with a coupon of 4.55 per cent. The issue will be guaranteed by Cheung Kong (Holdings) and listed on the Singapore stock exchange.