The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Samurai versus formosa: a tale of two bank funding markets

The search for liquidity has driven many bank treasurers to explore greater diversification in their funding programmes.

Gina Orlins, head of long-term funding at Credit Suisse, tells Euromoney that funding from non-US currencies at the bank has grown from between $1 billion to $2 billion pre-crisis to around $6 billion today. 

In the first half of 2015 many banks have turned to the samurai market in Japan and the formosa market in Taiwan in search for funding diversification. But the difference in approach has been quite striking. 

Credit Suisse is one of a number of European banks to have tapped both markets this year, the others being Standard Chartered, Société Générale, Lloyds and Rabobank. 

However, bank issuance in the formosa market has swamped that in the much larger samurai market: $11.9 billion-equivalent to $7.4 billion-equivalent, according to Dealogic. Some 17 banks issued in the former and nine in the latter – not one of the samurai issuers was from the US.

Indeed, the relative activity of the large US banks in the two markets could hardly be more different. Five of the six largest issuers in the formosa market have been US banks, who between them have tapped the market for $5.8 billion this year – roughly half of all issuance. However, they have issued nothing at all in the samurai market. 

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree