Over the past year and a half, in direct contrast to the subdued activity of Japanese corporates and institutions in the international capital markets, the trend for non-Japanese borrowers to issue new debt in yen has grown ever more pronounced.
Last year there was a clear move among stronger emerging market sovereigns to enter the samurai market, attracting domestic Japanese buyers with higher yields than those available on maturing domestic investments. Corporate issuers from developed markets also found themselves able to issue sizeable deals.
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