Japan
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◆ Spread tightened through fair value ◆ Dollar investors shrug off yen swings ◆ JFM endures dollar-yen basis move
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Issuer weighs up currency costs and sentiment
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◆ JGB yields rose sharply ahead of elections ◆ Impact of JGBs on euro market sentiment ◆ Illiquidity hits SSA secondary trading
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◆ NTT kicks off major transatlantic fundraise ◆ Investors pump €24bn into the books ◆ Bevy of banks on mandate enjoy the spoils
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◆ Fair value debated ◆ Some question RV attractiveness to global investors ◆ Dollars main funding market ‘for now’
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◆ Japanese bank returns to euro market after many years ◆ Global asset managers reducing US dollar exposure ◆ Euro issuers facing increased competition
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◆ Japanese issuer back with usual benchmark ◆ Difficult backdrop, ‘good for them to get this away’ ◆ Tier one issuer needed
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◆ Quick into market after Trump pauses tariffs ◆ Lands close to fair value ◆ Defensive tactics in bookbuilding
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Half a dozen syndicated deals in euros and dollars to kickstart new week
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Tightening Japanese monetary conditions could shock markets worldwide
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◆ Lack of comps making finding fair value tricky ◆ Leads spot the deal flat ◆ Demand strong despite contractual structure
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Structured covered bond expected to offer pick up over legislative peers