Cashed-up Asian banks are in no hurry to invest in bank debt or securitised assets, preferring good corporate names and alternatives such as foreign exchange and interest rate hedges.HSBC Asia Pacific's treasurer Anita Fung said the view within the bank was that "we have seen the bottom" of the global liquidity crunch but there is no likelihood of a rapid recovery.Fung said: "Banks have recapitalised but price discovery of assets is still going on. Some banks have still got problems."HSBC and other Asian banks have an excess of deposits. Fung's job is quite different to that of her Australian counterparts; instead of arranging funding lines she is investing surplus funds. "Investors like good corporates better than banks," said Fung."We are not going to see structured credit products coming back. Our clients are telling us they want much more transparency and simpler products. Given the questions about ratings agencies they want to be in a position to make their own assessments."The momentum now is in forex and interest rates. These are simple products and there have been some big flows going into them."The bank's foreign exchange income jumped 40 per cent in 2007.Disclosure: John Kavanagh visited HSBC operations in Hong Kong last week along with a number of banking writers from Australia and Singapore, and with the trip funded by the bank.