All material subject to strictly enforced copyright laws. © 2022 Euromoney Institutional Investor PLC group
Derivatives

BNP Readies Yen CDO

BNP Paribas is finalizing a yen-denominated global synthetic collateralized debt obligation for Japanese clients.

BNP Paribas is finalizing a yen-denominated global synthetic collateralized debt obligation for Japanese clients. The transaction, dubbed M1, will total JPY10 billion (USD91 million) and is referenced to a mixture of U.S., European and Australian names.

"Even though spreads are tighter globally, U.S. and European markets offer relatively better value than in Japan," said Shun Cajot Yoshida, credit structurer in Tokyo. Yoshida also partly attributed the interest in overseas credits to a lack of debt issuance in Japan: "There's been a scarcity of new paper," he noted.

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree