Mizuho nets $4bn with triple-trancher TLAC bond

japan tokyo px230
By Narae Kim
06 Apr 2016

Mizuho Financial Group has raised $4bn from a triple-tranche bond to meet its total loss-absorbing capacity (TLAC) requirements. All three Japanese global systemically important banks have now issued such notes this year and market participants said investors and issuers are warming up to the product.

As one of three Japanese G-SIBs alongside Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group, A1/A- rated Mizuho needed to ramp up its capital to meet TLAC requirements.

It has not been the only one to do so this year. In Asia, the first TLAC-compliant bond arrived on ...

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