Salomon Smith Barney’s alliance with Nikko in Japan has been a key to its success over the last two years in the Euro medium term note market. Japanese investors have become large and eager buyers of credit in recent months and they have been takers of large numbers and absolute volumes of EMTN trades, mainly in yen. The EMTN market has changed from one based largely on structure risk – with popular trades ranging from simple interest rate plays such as capped floaters to more esoteric currency and cross-market bets – into a credit market.
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