Thermodynamic properties, enthalpy relaxation and fragility of a Pd43Ni10Cu27P20 bulk metallic glass-forming liquid have been investigated and the thermodynamic functions been calculated. The enthalpy relaxation from the amorphous state into the equilibrium supercooled liquid state was found to follow a stretched exponential function with the relaxation time obeying an Arrhenius law. The fragility index, calculated from the heating rate dependence of T-g, yields a value of 65. The excellent glass-forming ability of this alloy is attributed to a smaller thermodynamic driving force and larger diffusion length for crystallization than in other bulk metallic glass-forming alloys. (C) 2003 Acta Materialia Inc. Published by Elsevier Ltd. All rights reserved.