Watch out for acquisition risk on SMBC bond
The Japanese mega-bank’s new US$1.5 billion bond has an attractive 10-year tranche due to further supply risk, according to Nomura. But investors are advised to be wary of acquisition risk.
Sumitomo Mitsui Banking Corp (SMBC) launched a US$1.5 billion three tranche senior unsecured bond offering on January 5, the first international Asian bank deal to come to market this year.
Nomura expects around US$4 billion to US$5 billion of US dollar bond issuance by the Japanese mega banks this year, with
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