ASIA'S dragon bond market is coming of age, offering Asian issuers better terms and pricing than they get in other markets, says Lehman Brothers. Lehman Brothers Asia managing director Howard Pollack said: ''There has been a lot said about whether or not the dragon bond market really exists or not. It is real, it does exist.'' He said Asia was expected to spend from US$1 trillion upwards during the next 10 years on infrastructure projects. ''Asia has traditionally looked to the West for project financing, but with liquid assets having grown to over $1 trillion today, Asia now has the financial resources to finance its infrastructure growth,'' said Mr Pollack. Bond markets offered an efficient medium to transfer growing pools of capital. ''Asia needs its own bond markets to facilitate future growth; a place where Asia's borrowers can meet lenders and transact during Asian time,'' he said. The demand for Asian debt was growing and there was also expected to be a growth in Asian currency note issuance. ''Issuing in Asia is a historic opportunity: historic in the sense that Asian bond markets are developing now, and historic in that governments are keen to grow bond markets to facilitate growth,'' he said. Lehman arranged China's first dragon bond issue, making the country the first Asian sovereign borrower to use the market. The brokerage is also sponsoring the Asia Pacific Issuers and Investors Forum at the Grand Hyatt.