Yen

Hungary returned to the Samurai market after a two year absence on Friday to sell the first ever sovereign green bond in the market, which formed part of its ¥62.7bn (€500m) four tranche deal, which the sovereign used to extend its debt curve while also introducing a new investor base to the credit.

Indian Railway Finance Corp has returned to the Japanese market for a $300m-equivalent Samurai loan.

Caisse des Dépôts et Consignations issued its yearly Samurai bond on Thursday, raising ¥20bn ($190m) with a dual tranche.

The Republic of Indonesia returned to the yen market this week for its annual Samurai bond outing, raising ¥100bn ($930m).

Generals, and financial regulators, are always fighting the last war. So it proved when the coronavirus slammed into international markets in mid-March. Many of the tools developed in the 2008 financial crisis were deployed to great effect by central banks. The corners of the financial markets that propagated weakness in 2008 passed the test of 2020. But new risks were thrown up, forcing a new round of improvisation. What lessons will be drawn from the Covid-19 crisis?

Reliance Industries is seeking commitments from banks for a ¥38bn ($351m) Samurai loan in senior syndication. The Indian company’s deal is part of a two-tranche dollar and yen-denominated transaction worth about $1.45bn.

Singapore’s CapitaLand Commercial Trust dove into the yen market this month to sell its inaugural green bond.

National Thermal Power Corp has sent out a request for proposals for an up to $300m-equivalent term loan.

Banque Fédérative du Crédit Mutuel returned for its annual visit to the yen market this week to sell its largest ever Samurai.

An increase in the consumption tax rate will hit Japan’s economy, analysts warn. Alongside a strong yen and global growth fears, this is likely to push the Bank of Japan into further easing measures. With banks creaking under the strain of low rates, Japan’s central bank, under governor Haruhiko Kuroda, will have to concoct a delicate mix of stimuli. Reported by Jasper Cox, ahead of the Bank of Japan’s September meeting

A surge in international bank issuance has carried on almost uninterrupted in the yen market this year, even after the Japanese Financial Services Agency raised the bar on investments in total loss-absorbing capital (TLAC).

An explosion of international issuance in yen is being accompanied by a re-evaluation of traditional routes of access into Japanese capital markets. Euroyen deals and Tokyo Pro-Bonds are rapidly establishing themselves as viable alternatives to the Samurai bond market. Tyler Davies reports.