Yen bond bankers are hoping for a rebound in cross-border issuance after the looming Golden Week holidays, amid signs that Japanese investors have begun to return to new domestic deals. Only four foreign issuers have sold yen bonds since the start of 2020, in stark contrast to the first quarter last year, when global banks flocked to the yen market to top up their loss-absorbing issuance before a rule change capped Japanese buying in the format. Huge swings in rates and credit spreads in the wake of the coronavirus outbreak have forced some overseas issuers to reconsider their yen funding plans. US medical device company MEDTRONIC, which held non-deal roadshows in Tokyo in January and was rumoured to be targeting a deal in March, has not yet launched an offering. BNP Paribas and BPCE, both frequent Samurai issuers, have recently sold bonds in euros.
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