Japan awards: best local currency bond
US corporate Wal-Mart became the first retailer to tap the Samurai bond market in almost 30 years last July. With its AA credit rating it provided much-needed high-grade corporate diversification in a difficult environment. Local investor interest was strong, pricing was tight and coupons on the tranches were appealing.
BEST LOCAL CURRENCY BOND
Wal-Mart Stores ¥100 billion three tranche Samurai bond issue
Joint-bookrunners: MUFG, Mizuho, Nikko Citi
The Samurai bond market saw a deluge of financial borrowers during 2008, as banks from Australia, the US and Europe all desperately raised funds to help plug their balance sheets and give themselves
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