Japan

South America sovereign likely to issue fixed rate yen bond in December

French bank brings innovation as Samurai market looks to sever links with Libor

It’s funny how every four years we all become increasingly patriotic and turn experts in niche sports we would otherwise never watch.

Athletes are finally arriving in Tokyo for the long-awaited 2020 Olympics. I am bracing myself for what could be the oddest Olympics I've ever seen.

SoftBank returned to euro and dollar bond markets after a three year absence to issue an eight tranche deal, raising more than $7bn-equivalent from total demand of more than $16bn, and hitting every empty spot in its funding curve at once.

Rating: Baa1/A-/A+

Crédit Agricole issued a callable Samurai bond this week that will reset to a spread over the local government bond curve, as the yen market transitions away from Libor ahead of its cessation later this year.

BNP Paribas sold its first Samurai bond not to reset to Japanese Libor on Friday, ahead of the risk free rate's cessation later this year.

Japanese issuers have embraced green, social and sustainability bonds, offering domestic and international investors a range of deals designed to tackle climate change, gender equality and other problems. But the local investor base is still small — and some issuers have lingering questions about funding costs. GlobalCapital talked to a group of leading market participants about the potential for Japan’s ESG bond market.

Japan’s sustainable bond market, already one of the world’s largest, has grown over the past year — given a boost from social funding needs brought about by Covid-19. Morgan Davis reports.

Japanese issuers have just been through one of the most volatile, unpredictable years in decades. Although the impact of Covid-19 on capital markets was not as violent as the aftermath of the global financial crisis, huge questions about economic growth, trade and asset allocation meant it was arguably a more troubling period for issuers and investors alike. GlobalCapital talked to some of the country’s best-regarded issuers about how they navigated the market.

The Japanese bond market had a blow-out year in 2020, despite the ongoing pandemic and related volatility. With 2021 already characterised by eager borrowers and large acquisition financing activity, DCM bankers are preparing for another record setting year. Morgan Davis reports.