There are few issuers better placed to generate broad demand for bonds than Japan’s public sector issuers. These borrowers appear to tick all the right boxes: highly rated, well known, and with reputations for the skillful management of their curves. But that does not mean that funding in the global markets is simple for these issuers, especially given the often mammoth size of their funding targets. Funding officials at the top public sector institutions not only need to pay close attention to timing, but they also need to continually work to make sure that their investor base is growing every year.
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