Japan

The Japan Finance Organisation for Municipalities picked banks on Tuesday for a forthcoming dollar deal, while bankers said that the dollar market is likely to shrug off any announcements from a speech by the US Federal Reserve chair later on Tuesday.

Sumitomo Mitsui Finance and Lease Co issued on March 23 ¥5bn ($44.1m) of six month commercial paper with a yield of -0.001%, becoming Japan’s first private company to sell negative yielding debt.

Deutsche Bank has hired Jason Cox as a co-head of equity capital markets for Asia Pacific, as the bank lays out the management structure for the region.

Keihan Electric Railway Co joined on Thursday in the recent spate of Japanese convertible issues sold outside Japan. Like Fuji Machine Manufacturing Co’s deal the previous day, the bond was a debut CB issue, and will be used entirely to finance a share buyback the following day.

Fuji Machine Manufacturing issued a ¥10bn ($89m) convertible bond on Wednesday, selling it outside Japan. Mizuho led the deal, which was priced at the top of the range, eight times oversubscribed.

Japanese convertible bond issuance in the European market has been quiet so far this year, but kicked on sharply on Monday when Suzuki Motor Corp launched a ¥200bn ($1.75bn) deal that one banker said was the largest since 2011.

Nomura’s head of investment banking for Asia ex-Japan is retiring from the bank, one of a number of senior staff who are set to leave the firm, according to internal memos seen by GlobalCapital Asia.

Nomura has announced changes to its senior management team, appointing Steven Ashley and Kentaro Okuda to jointly head its wholesale banking business.

Japanese retail investors will, for the first time, have the chance to invest in the International Finance Corporation's Masala programme after the supranational launched on Tuesday its first Masala Uridashi.

Santander Consumer Finance opened up a new Tokyo Pro-Bond programme worth €10bn on Tuesday, following a similar move from its UK sister borrower last year.

Santander Consumer Finance opened up a new Tokyo Pro-Bond programme worth €10bn on Tuesday, following a similar move from its UK sister borrower last year.

Mitsubishi UFJ Financial Group successfully wrapped up Asia’s first bond that meets total loss-absorbing capacity (TLAC) requirements on Tuesday. By providing a strong benchmark in this new asset class, the transaction is set to encourage more issuance from Japan.