Rabobank

Japan’s corporate bond issuers are facing razor-thin pricing in their domestic market, able to get away with thinner spreads than they have pulled off for years. But the new spread environment has not made everyone happy — and bond volumes have tumbled as a result. Matthew Thomas reports.

European banks have been the mainstay of the Samurai market over the last 12 months, and the market has repaid them with loyalty. When European markets were shut during the Greek crisis, Japan stayed open for familiar names, rewarding those who have made the effort to build relationships and a track record. Here, eight issuers and two banks describe their experience.

Vitol held a bank meeting last week to refinance its flagship loans. The Swiss-headquartered firm will not increase the loan from $7.5bn, according to bankers.

NL Financial Investments, the organisation that handles the Dutch state’s shareholdings, has selected eight investment banks as bookrunners and co-lead managers for ABN Amro’s highly anticipated flotation.

August is on course to become 2015’s busiest month for bank medium term note issuance in sterling, as cash rich investors are drawn to positive spreads over quarterly Libor.