Japan
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Corporate, FIG and SSA issuers placed floating rate notes this week, pegged to Euribor, Sonia and Libor. With so many issuers coming to market, bankers are interested to see which other borrowers 'take advantage of the liquidity'.
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Banque Fédérative du Crédit Mutuel returned for its annual visit to the yen market this week to sell its largest ever Samurai.
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Japan’s mature, growth-starved economy has little slack for its banks and corporations to enjoy. Expansion seems possible only through the pursuit of opportunities abroad, and as a result, Japanese borrowers are turning to the international market in unprecedented numbers. The global economy, which has its own problems of slowing growth, brings new challenges and opportunities. Lewis McLellan reports
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An increase in the consumption tax rate will hit Japan’s economy, analysts warn. Alongside a strong yen and global growth fears, this is likely to push the Bank of Japan into further easing measures. With banks creaking under the strain of low rates, Japan’s central bank, under governor Haruhiko Kuroda, will have to concoct a delicate mix of stimuli. Reported by Jasper Cox, ahead of the Bank of Japan’s September meeting
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A surge in international bank issuance has carried on almost uninterrupted in the yen market this year, even after the Japanese Financial Services Agency raised the bar on investments in total loss-absorbing capital (TLAC).
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An explosion of international issuance in yen is being accompanied by a re-evaluation of traditional routes of access into Japanese capital markets. Euroyen deals and Tokyo Pro-Bonds are rapidly establishing themselves as viable alternatives to the Samurai bond market. Tyler Davies reports.
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In this round-up, Japanese firm Daiwa Securities gets the green light to set up a majority-owned brokerage in the Mainland, FTSE Russell does not include Chinese bonds in its indices and NetEase reveals plans to raise pigs.
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Deals set to be issued by the Province of Ontario and Development Bank of Japan on Wednesday attracted good demand, reflecting their higher yield relative to other dollar supra and agency bonds.
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Kommuninvest kicked off the dollar market this week with a $1.25bn blowout, despite it being at record tight levels over Treasuries, according to a banker on the deal. Following on from Kommuninvest’s deal, a wide range of SSAs look to print across the curve, including rare issuer IDB Invest with its five year dollar bond debut.
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SMBC has made two additions to its London desk for syndication origination in structured finance.
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In this round-up, the gap between Japan's and China’s holdings of US Treasuries widened, Moody’s downgraded Hong Kong's outlook and Bank of China Manila branch gained renminbi clearing bank status.
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Indonesian state-owned power company PLN has diversified its funding sources. It debuted in the Samurai market, raising ¥23.2bn ($215m) from three bonds while paying a small premium over its outstanding dollar curve.