Japan

This week in Keeping Tabs: what scientists still don't know about coronavirus as we grapple with a second wave, ESG index funds outperformed in the first half of the year, and Japan's currency challenge.

Nissan Motor made its debut in the European bond market on Friday with a €2bn deal that investors would have liked larger and differently shaped, just a day after it had issued its first ever foreign currency bond, for $8bn.

Hungary returned to the Samurai market after a two year absence on Friday to sell the first ever sovereign green bond in the market, which formed part of its ¥62.7bn (€500m) four tranche deal, which the sovereign used to extend its debt curve while also introducing a new investor base to the credit.

Japan’s Mizuho Financial Group came to the dollar market with a $2bn trade on Tuesday as it jumped ahead of the September funding rush.

Covered bond issuers were urged to do their toughest covered bond trades in the wake of an outstanding result on Thursday for Sumitomo Mitsui Banking Corporation, which attracted a deeper and broader range of higher quality demand for its first negative yielding structured covered bond than any of its previous deals.

Sumitomo Mitsui Banking Corporation sent a positive signal to hesitant Asian covered bond issuers on Thursday when it was set to price its first negative yielding covered bond, attracting a deeper and broader scale of demand than on any of its previous deals.

Shinzo Abe, Japan’s prime minister, who has decided to retire, will be missed by many bankers.

Nomura has cut jobs in its investment banking business in Europe over the summer, following losses in leveraged finance, as its new chief executive eyes up other regions for growth, writes David Rothnie.

Indian Railway Finance Corp has returned to the Japanese market for a $300m-equivalent Samurai loan.

While bankers in the Northern hemisphere plan well-deserved summer breaks, the Australian and New Zealand dollar markets are set to remain open for business, with some competitive pricing on offer.

A trio of SSA borrowers hit the market for dollar paper this week, testing the waters across the curve and finding investors receptive. Although the top tier names are mostly well funded, demand is still hot for the extra yield offered by the second layer of SSA borrowers.

Caisse des Dépôts et Consignations issued its yearly Samurai bond on Thursday, raising ¥20bn ($190m) with a dual tranche.