Yen
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First AT1 issued by a G-Sib since Credit Suisse’s rescue has limited implications for the global market -
Demand strongest at the short end due to market volatility
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Higher euro and dollar funding costs for banks can make yen a cheaper alternative
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Intesa offers up to five tranches out to 10 years as Rabobank issues private tier two
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Weaker market no bar to riskiest capital for Swedish lender as DNB and LF Bank raise subordinated debt
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Deal provides investor and tenor diversification as well as largest yen funding in past 10 years
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Bank of Nova Scotia deal on Monday would have been tough to execute a day later
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¥33bn note is the first non-US or Canadian dollar tier two deal in five years
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French bank continues to diversify in yen and has almost ¥1.2tr outstanding in the currency
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Berkshire Hathaway and another bank issuer join issuance wave
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Amid global volatility, yen market offers challenging but viable funding diversification, especially to European banks
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Echoes of a Lehman moment prompt more banks to look towards alternative funding in yen. But while the Japanese market remains stable, accessing it is not as easy as it seems
