Turmoil in Japan Credit Reaches Renault’s New Samurai Deal
- Automaker seeking to sell most costly Samurai bond since 2009
- Japanese investors have become more wary of overseas borrowers
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Junk-rated automaker Renault SA is seeking to sell yen notes that may price at the highest coupon in the Samurai bond market since 2009.
Renault was marketing a three-year note at 3.5% on Tuesday, according to a person familiar with the matter. The last time an overseas borrower paid such a high interest rate in the domestic yen bond market was an offering of the same tenor and coupon from Hyundai Steel Co. more than thirteen years ago, data compiled by Bloomberg show.