Japan

Shinzo Abe, Japan’s prime minister, who has decided to retire, will be missed by many bankers.

Nomura has cut jobs in its investment banking business in Europe over the summer, following losses in leveraged finance, as its new chief executive eyes up other regions for growth, writes David Rothnie.

Indian Railway Finance Corp has returned to the Japanese market for a $300m-equivalent Samurai loan.

While bankers in the Northern hemisphere plan well-deserved summer breaks, the Australian and New Zealand dollar markets are set to remain open for business, with some competitive pricing on offer.

A trio of SSA borrowers hit the market for dollar paper this week, testing the waters across the curve and finding investors receptive. Although the top tier names are mostly well funded, demand is still hot for the extra yield offered by the second layer of SSA borrowers.

Caisse des Dépôts et Consignations issued its yearly Samurai bond on Thursday, raising ¥20bn ($190m) with a dual tranche.

Equity investors have welcomed rumours that Japanese conglomerate Softbank is exploring a potential IPO for Arm, the UK semiconductor and software designer, and are hoping that the company might return to the London Stock Exchange.

Following investor calls last Friday, two public sector borrowers hit the market for new dollar bonds on Monday, with IDB Invest going for a three year maturity and the Japan International Cooperation Agency making a rare appearance for a 10 year trade.

Japanese duo Mizuho and Nomura both hit the market with new issues on Monday as the primary market re-opened on a positive note following the July 4 holiday weekend.

The Republic of Indonesia returned to the yen market this week for its annual Samurai bond outing, raising ¥100bn ($930m).

After the global eruption of the coronavirus pandemic, issuers such as governments, central banks and companies have been prompted to create new strategies to tackle the negative effects. Banks have also recently begun issuing labelled bonds linked ot their Covid responses.

Crédit Mutuel Arkéa, Deutsche Bank and Mitsubishi UFJ Financial Group this week sourced environmental, social and governance senior funding in euros, amid a shortage of supply in the format.