Japan

◆ Japanese agency squeezes out concession on $1.5bn 10 year ◆ Zero new issue concession ◆ Flat curve, longer duration

◆ Issuer taps euros, sterling and dollars across 13 tranches ◆ Second deal for NTT this year ◆ Premiums needed to sweeten the size

◆ Euro market stays open for companies despite UK political noise ◆ Issuer prints pair of sustainable bonds ◆ Shorter leg sees sharper attrition as spreads tighten harder

◆ Simultaneous execution with Alphabet's record deal bodes well for others ◆ More FIG names likely to print in near future ◆ Other European banks diversify funding in Singaporean and Australian dollars

High-yield Japanese corporate bond issuers are set to step up their offshore bond issuance plans in 2026 amid a push to diversify their funding sources. They are likely to see success in dollars and euros provided market conditions hold up, writes Rashmi Kumar

◆ Issuer finds solid demand at four year tenor ◆ Reoffer tighter than a €750m 4.25 year placed last year ◆ Single digit new issue premium paid

◆ Japanese telco brings deal after two day roadshow ◆ Shorter tranche leads demand ◆ Italgas pushes through with €750m six year

Foreign bank issuers secure tight pricings

◆ Second deal after last year's re-entry is bigger ◆ Nomura wants to extend its euro curve after debut TLAC last May ◆ Higher concession seven year tranche lands at same level as last year's fives

◆ Japanese agency had two day execution ◆ Spread not tightened ◆ Final order book falls short

Tranches in dollars and yen attract 12 banks

◆ Japanese insurer had almost no attrition in its senior preferred trade ◆ Some NIP left for investors ◆ Busy week for Japanese issuers in euros