Global Yen Bond Market Emerges as Oasis Amid Japan Volatility
- Yen bond sales from global firms are most for July since 2018
- Spreads are stable even as rates rise, putting pressure on BOJ
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The market for yen bonds from global firms is hotter than it’s been in years, providing money managers with an oasis as rates volatility soars.
Investors have scooped up yen debt from issuers outside Japan, fueling the busiest July since 2018. Deals have included Canada’s Toronto-Dominion Bank, Korea Investment & Securities Co. and France’s BPCE SA, which priced the biggest institutional offering since 2019 in the Samurai market.