Yen

CEE trade could include the first social Samurai from any sovereign

Market focusing on rates decisions and potential wave of late-summer primary supply

◆ BMO Kanga gets them hopping outside of Oz ◆ HSBC sells into Japan and beyond ◆ Innovative yen coupon floor

◆ Cross-border yen funding remains open despite volatility elsewhere ◆ HSBC firms up terms on senior Samurai from its Hong Kong bank ◆ BMO marketing senior deal in Australian dollars

◆ Barclays leads reopening of foreign banks' issuance in yen ◆ BFCM unleashes 'rare beast' Kangaroo ◆ Danske stays closer to home in Swedish krona tier two

French bank is a force in covered and overseas unsecured issuance

◆ ¥50bn Euroyen is issuer's first public bond in currency for five years ◆ Wide range of investors buys what was the biggest foreign issuer in yen ◆ Pricing wider than euros, tighter than dollars

In a year dominated by the collapse and takeover of Credit Suisse, financial institutions were keen to re‑establish investor confidence in some of the riskier asset classes. Axa led the way just weeks after the CS rescue with a €1bn subordinated bond. In the autumn, UBS made a bold statement about the stability of Swiss bank capital as it returned to AT1 issuance with two $1.75bn tranches. Elsewhere, banks dealt with tricky conditions and pulled off some skilfully timed transactions, underlining the market’s faith in mainstream currencies and emphasising the appeal of ESG labels

Second foray into Samurai market this year

Up to seven potential tranches will be priced on Thursday

G-SIBs looking at stable yen funding should consider clarifying their senior preferred documentation to expand investor access amid rising funding costs

Almost a year after becoming the first Canadian bank to issue tier two in yen, BNS is back for more