Japan
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Japan’s investors are hungry for yield. The likes of the Government Pension Investment Fund and the country’s regional banks, are going farther afield and widening their scope to include emerging markets as they hunt for returns. Jonathan Breen reports. -
Kate Birchall, the former head of portfolio optimisation and collateral at National Australia Bank, has been chosen by LCH to lead the Asia Pacific operations of its London-based clearing house LCH Limited.
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Japanese issuers are rarely seen in the European corporate bond markets, but electric motor manufacturer Nidec made it two Japanese corporate bond sales in two days, following Japan Tobacco’s multi-tranche deal on Wednesday.
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Japan Tobacco took the rare step of issuing corporate bonds in three different currencies on the same day when it sold its debut euro and sterling bond deals alongside a pair of dollar tranches this week. The unusual move proved to be a successful one however, with each tranche at least three times subscribed.
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Toyota may be a familiar name in the corporate bond markets, but Toyota Motor Finance Netherlands BV stepped out of the shadow of some of its parent company’s better known subsidiaries to issue its first benchmark bond in a major currency.
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Sumitomo Mitsui Trust Bank brought its debut euro deal to the market on Tuesday as it looked to diversify its funding, racking up more than €2.3bn of demand.
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Japanese issuers are not frequently seen in the European corporate bond markets, but this week could have two companies going head to head with benchmark euro transactions. Japan Tobacco will sell its first new issues in Europe, while Toyota is better known to investors on the continent.
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Japan’s Hitachi Capital Corp has added to the recent flurry of issuance in offshore renminbi, bagging Rmb600m ($87m) on Monday from its second CNH transaction in a year.
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Sumitomo Forestry, the Japanese forestry company that specialises in housing, became the first ever issuer of a green convertible bond this week, pricing a ¥10bn ($90m) five year zero coupon note.
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Barclays was looking to sell two tranches of callable senior debt in the yen market this week, following a similar total loss-absorbing capacity (TLAC) eligible offering from HSBC in Japan.
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Asset Value Investors, the UK money manager, is seeking to raise £100m to £200m of capital in an initial public offering in London, to invest in a small portfolio of Japanese stocks and agitate for them to distribute cash to shareholders.
