Japan

Intesa Sanpaolo is looking to become the first ever Italian bank to sell a deal in the Tokyo Pro-Bond format, less than two weeks away from a general election in Italy which has made some investors nervous.

The viability of short volatility strategies in derivatives markets was dealt a severe blow this week, after a historic spike in equity volatility torpedoed popular exchange traded notes. Costas Mourselas reports.

Panda bond issuance has so far been dominated by overseas-incorporated Chinese names. That bolsters volumes, but it does little to help the market fulfil its role of boosting RMB internationalisation. Policymakers have the chance to fix it — but only if they are bold enough to let markets play a bigger role.

Data releases by a number of monetary authorities show uneven turnover in RMB-denominated FX transactions around the globe.

Groupe BPCE has become the first European issuer to use an electronic order book in the Samurai market, making it easier for the bank to execute its deal while not putting off investors, according to those on the deal.

Mitsubishi UFJ Financial Group is the latest Japanese bank to market a green bond in euros, with a five year senior trade. Proceeds are earmarked for renewable energy projects.

Crédit Ag’s Sodhi takes global role – Daiwa equity-linked banker exits – Deutsche builds up loans team – Nomura hires DCM banker – Mizuho names CEO – MUFG appoints Philippines head – Russell-Davison joins Amana Bank

Mitsubishi UFJ Financial Group (MUFG) and Mizuho Bank opened the Panda bond market for Japanese issuers on January 12, with both crossing the finish line on the same day.

Mitsubishi UFJ Financial Group (MUFG) has become the first Japanese issuer to tap the Panda bond market, crossing the finishing line on the same day as Mizuho Bank. The issuer focused on attracting local investors in its debut deal, raising Rmb1bn ($154m) from the onshore market.

Groupe BPCE issued ¥116.1bn ($1.04bn) of Samurai notes this week across six tranches, two of which were social bonds. But unlike with many socially responsible deals, the proceeds will go to clients rather than financing projects directly.

Mizuho Bank opened the Japanese Panda bond market on January 12, sharing the title of first issuer in the category with Mitsubishi UFJ Financial Group (MUFG). But instead of aiming for a blockbuster transaction, Mizuho treaded carefully – raising just Rmb500m ($77m) from the debut deal.

Mizuho Financial Group has appointed Tatsufumi Sakai as its new president and group chief executive, succeeding Yasuhiro Sato, who is becoming the bank’s chairman.