Japan
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Banco Santander is preparing to sell its non-preferred senior bonds in the public yen market, with pricing expected in early December. -
Berlin Hyp has become the latest FIG issuer to enter the green senior unsecured market in euros, after Sumitomo Mitsui Financial Group (SMFG) and Mizuho Financial Group opened up issuance from Japan earlier this month.
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Sumitomo Mitsui Banking Corp returned to market as it took a combined $4bn amid red-hot funding conditions.
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The Development Bank of Japan has managed to yank the spread in by 8bp for its third sustainability bond on Wednesday, which was still more than three times subscribed.
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Mizuho Financial Group came to the market with a bond financing green projects on Tuesday, becoming the second Japanese bank to do a green euro deal in two weeks.
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Sumitomo Mitsui Financial Group (SMFG) came to the market with a seven year senior unsecured bond on Wednesday to finance green projects, with Mizuho still in the pipeline for a green deal of its own.
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French banks have been frequenting the Samurai market all year, and the latest trade from Banque Fédérative du Crédit Mutuel (BFCM) this week offered Japanese accounts a rare chance to invest in the senior preferred format.
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Japan’s banks have passed the stability test. Now their challenge is to build up profits — a difficult task when considering negative interest rates and ultra-thin lending margins.
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Although the dynamics of the basis swap can make the yen market a volatile source of funding for international borrowers, the arguments for accessing it are compelling.
