Yen

The Republic of Indonesia released further guidance for its four-tranche yen transaction on Wednesday, with pricing expected in a week. The Samurai bond comes around the time the sovereign regained its investment grade status from the last of the three major ratings agencies

S&P has raised Indonesia’s long-term sovereign credit rating to BBB- from BB+ with a stable outlook, on the back of reduced risks to the country’s fiscal metrics. Seven corporates were also upgraded by the agency last Friday.

ONGC Videsh (OVL), the overseas investment arm of Indian state-owned ONGC, has selected three banks for a $500m term loan to replace a bridge from last year. The oil firm is also raising funds in yen, and has picked two Japanese lenders for the financing, said a source.

A feeling of cautious optimism surrounds the Japanese economy, according to minutes from the Bank of Japan’s monetary policy meeting in January. This positive mood is encouraging some to suggest that, under the dramatic reforms of prime minister Shinzo Abe, the country is on the right track.

A managing director in public sector DCM has left Mizuho.

ONGC Videsh (OVL), the overseas investment arm of Indian state-owned oil company ONGC, is tapping the loan market for longer dated debt to replace a bridge raised by one of its subsidiaries.

The leads arranging a syndicated loan of up to $150m for Indiabulls Housing Finance have extended the deadline for commitments.

Electricité de France returned to the yen bond market in style last Friday, as it printed a four-tranche deal that included the longest ever Samurai note and the market’s first green bonds.

Indiabulls Housing Finance has returned to the loans market for an up to $150m facility. The deal is denominated in yen and dollars, and follows a $200m borrowing sealed late last year.

Citic Group has become the first Chinese issuer to tap the Japanese yen market in 16 years, opening the door for borrowers from the mainland to access liquidity in the Samurai market.

In theory, the Bank of Japan’s gargantuan asset buying programme, which forms a central pillar of its quantitative and qualitative easing policy, should transform international capital markets by forcing Japanese investors overseas en masse. But as so often is the case in Japan, theory and practice are very different things.

The Province of Manitoba has printed ¥6bn ($59.3m) of 30 year paper, equalling the province’s longest ever note in the currency.