Answer: Hong Kong
Notes: Dim sum bonds are RMB-denominated debt instruments issued in Hong Kong, allowing firms to bypass China's securities laws. Samurai bonds are Yen-denominated debt instruments issued by non-Japanese entities in Tokyo. Kangaroo bonds, also known as Matilda bonds, are Australian currency-denominated debt instruments issued by non-Australian entities in Australia. Masala bonds are INR-denominated debt instruments used to raise funds in INR, with Kerala being the first state to issue them.
