Sumitomo Mitsui Banking Corporation has set a strong precedent for Japan’s nascent covered bond market by attracting a comfortably oversubscribed, diverse, high quality order book for its first deal, the first from Japan.
Despite challenging market conditions of late, SMBC had little difficulty selling its first structured covered bond — one that is secured on RMBS assets, as opposed to vanilla mortgages.
After completing a two team European roadshow on Thursday last week, joint leads Goldman Sachs
, SMBC Nikko
, BNP Paribas