Barclays has prepared new issuance in Japan while it waits out this week’s Brexit drama. The yen market is proving popular among European banks, which are taking advantage of favourable conditions to make total loss-absorbing capacity (TLAC) issuance.
Barclays said on Monday that it picked its own bank, Mizuho, MUFG and SMBC Nikko to arrange the sale of a “Japanese yen-denominated Reg S bond offering”. It did not give details about the possible tenor, product type or pricing.
A banker on the mandate said