Sompo powers into dollar subordinated with Asian backing

Sompo Insurance Japan raked in $13bn of orders for a long-dated subordinated bond this week, while the euro market lay dormant — save a €300m 30 non-call 10 year trade from Norway’s Storebrand Livsforsikring. Both deals underscored the strength of demand for high yielding subordinated paper, but Sompo in particular proved that the Asian private bank bid was back with a bang.