The yen-denominated corporate credit market has become one of the most dynamic sectors of the capital markets. In January this year, Ford raised ¥100 billion ($948 million), the largest ever Euroyen corporate issue. Other international corporate issuers of yen bonds this year have included Procter&Gamble, McDonald’s and DaimlerChrysler. Westpac Banking Group issued in January the First global yen bond for a commercial bank when it raised ¥50 billion. “Up to last summer there were just a few sovereign and supranational names.
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