Japan’s top credits adapt to new market challenges

Japanese public sector borrowers are well known among global investors for their willingness to search far and wide for the cheapest available funding costs. This has made them frequent borrowers not just in the global public bond market, but also in the private placement markets and in domestic currency markets that are often not open to any but the highest credits. But although these issuers have become used to stable funding costs, constant debate about Abenomics has changed the investor relations landscape greatly — raising new questions, but also opening up new opportunities. GlobalCapital sat down with some of the top funding officials in Tokyo, as well as two prominent debt bankers, to discuss what the future holds for Japan’s public sector bond issuers.