Japan
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Banks that deal in Yankees, including Nordea, HSBC and BPCE, raised $16bn in new funding as the market reopened with a bang after the Labor Day holiday. -
Sumitomo Mitsui Trust Bank announced a mandate on Monday for its first ever euro-denominated bond. The senior notes will finance green projects. Meanwhile, new issuer Euroclear Bank completed a deal last Friday.
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It is high time that the famously conservative Japanese market started embracing new practices. There are signs that modernisation is afoot.
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More borrowers could look to the Euroyen format as a new funding tool in Japan, after BNP Paribas proved very popular with its offering of non-preferred senior notes this week.
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Goldman hires from IMF — UBS adds to debt origination — Bank Alfalah, CLSA ink pact for Pakistan — Credit Suisse taps Japan CEO — PNB scoops up former HSBC banker
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BNP Paribas is marketing two tranches of non-preferred senior debt in Euroyen format, in what has been an impressive year for the market's supply of debt from foreign banks.
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Credit Suisse has named Makoto Kuwahara as chief executive officer for Japan, effective in November.
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Japan telecoms company SoftBank took another step towards its flotation this week by replacing its intergroup credit with a double-B rated leveraged loan. This followed a high-yield bond sale in April with the same purpose.
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The Republic of the Philippines attracted more investor demand than expected on its return after eight years to the Japanese yen bond market. Its outstanding dollar bonds outperformed in secondary trading as the new deal was being marketed.
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A new dawn has broken for RMB business in Japan, as the country prepares to launch its first RMB clearing bank and a local currency swap line with China. For now bankers are focusing on new renminbi investment quotas, which could mobilise the vast pool of Japanese household assets to tap onshore Chinese securities.
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Sumitomo Mitsui Financial Group came to the market on Tuesday with a senior deal that it originally announced in May. Meanwhile, Investec and Fidelidade were consulting on subordinated deals.
