THE amount of capital that can be raised through convertible bond and preference share issues should not be regarded as limitless, investment bankers in Hong Kong warn. Euro-convertible cash-raising needs to be allowed to develop in a steady, orderly manner, says Jardine Fleming Securities director Colin Hermon. Bankers believe that aggressive issues involving low-quality debt, multiple issue pile-ups and placement difficulties could badly damage the market for years to come. It should learn from the example of Indonesia, where the supply of paper has proved indigestible. But they also regard the conditions for issuing convertible paper as excellent.