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Sub debt breakthrough to maintain Samurai momentum

Samurai swords 230x150

New mandates from France’s BPCE and National Australia Bank — including only the second tier two deal in the format — are set to carry the Samurai market’s strong 2014 primary performance on into the new year. Despite a risk of buyer fatigue in senior debt, international issuers see scope to diversify their investor bases and undercut their cost of euro funding by tapping Japanese funds.

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