He says there is not enough liquidity in the local markets for big institutional buyers.

Unless the big institutional buyers return to the market, their own portfolios will continue to shrink in value.

Big institutional buyers also returned to the market, providing an additional shot in the arm.

It is being offered in a private placement only to institutional buyers.

"They've excluded everyone but the institutional buyers," said one information technology manager.

"You can pay a lot of people in an offering like this," said one institutional buyer.

To some institutional buyers, tobacco bonds are simply a good deal.

"But the major sticking point with institutional buyers is the very high debt."

However, why not have an auction for qualified institutional buyers rather than mom and pop.

The auctions are likely to be confined to institutional buyers.