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Japan’s major government-backed borrowers issued well-supported international bonds during the fiscal year that ended in March, after putting the previous torrid year behind them. Navigating an increasingly volatile rates environment was not easy, but Japan’s SSAs made transactions successful by prioritising investor communication, transparency, and selling environmental, social and governance linked bonds.
GlobalCapital brought together some of the country’s leading SSA issuers and deal managers for a roundtable in mid-March, to discuss their approach to fundraising in the past year, the likely implications of a change in the Bank of Japan’s monetary policy and the increasingly mainstream nature of ESG bonds.
Japan’s environmental, social and governance bond market took a big leap forward this year when the government issued the world’s first sovereign transition bond, with much success. The journey was long and involved collaboration across ministries, as well as plenty of behind-the-scenes communication with global and domestic investors. But the deal has made the country a clear frontrunner in what is set to be an arduous journey for the world in its transition away from fossil fuels to cleaner energy sources.
GlobalCapital brought together speakers from the Ministry of Finance and Ministry of Economy, Trade and Industry — as well as other issuers, investors and dealmakers — for a roundtable in March to talk about what’s next for Japan’s ESG market and how its transition bond could serve as a template for other countries.
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The UK last syndicated a 10 year deal in May 2020
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World Bank would consider gearing callable capital more if rating agencies allowed
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The bloc's bonds outperformed swaps and France but views still mixed as to the issuer’s true status
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Sergio Herran to swap debt syndication for rates trading
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CDC seizes French agency momentum while IADB takes £500m from new nine year line
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New support from US and others will enable leverage increase, treasurer says
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Spread to swaps lures bank treasuries; sovereign on track to complete 65% of funding by Q3
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French agency capitalises on rare capital market visit
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Supranational takes €5bn in second syndication of April
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Sponsored Raiffeisen Bank International
RBI encourages clients to issue/borrow in sustainable formats
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