Japan
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Issuers stormed out of the blocks with a set of deals across the curve this week, with factors including an increase in swap spreads on the short end, a positive feeling towards the US market since Janet Yellen’s statements in March and the start of the Japanese fiscal year all credited. -
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Nomura plans to close most of its equity operations in Europe, shutting down origination, research, sales and equity derivatives. But it will maintain a sales force focussed on bringing Asian products to European clients.
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Falling expectations for Japanese inflation and the dovish turn at the US Federal Reserve sent the yen higher last week. This left USD/JPY at the lowest level since October 2014 going into this week, with only a slight retracement on Thursday bringing solace to Japanese exporters.
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The International Swaps and Derivatives Association (ISDA) used its 31st annual general meeting in Tokyo this week to publish the first in a series of documents to help market participants comply with margin requirements for non-cleared derivatives. It also joined other industry bodies in a clarion call for global regulators to drop dual-sided derivatives trade reporting in favour of an entity-based approach.
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The International Swaps and Derivatives Association and other industry bodies have called on global regulators to drop dual-sided derivatives trade reporting and instead accept an entity-based approach.
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A stream of SSA borrowers entered the primary bond market this week in both euros and dollars. Dual tranche deals were popular as borrowers sought to take size without paying heavy new issue premiums.
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Finland is lining up a three year dollar benchmark for Wednesday, following a stream of issuance on Tuesday that highlighted the strength of the dollar market.
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Bank Nederlandse Gemeenten, FMO, Japan Bank for International Cooperation and the Province of Quebec all hit screens on Monday for forthcoming dollar deals, with bankers remarking that the SSA market could be set for another hectic week.
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Mizuho Financial Group has raised $4bn from a triple-tranche bond to meet its total loss-absorbing capacity (TLAC) requirements. All three Japanese global systemically important banks have now issued such notes this year and market participants said investors and issuers are warming up to the product.
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The Asia DCM market opened to a slew of issuance on Tuesday with Singapore duo Olam International and PSA International, Korea National Oil Corp and Japanese lender Mizuho Financial Group looking to tie up their respective dollar transactions.
